San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-07-01
WEEKLY FINANCIAL REVIEW.
Specially Reported For the Light"
by Henry Clews Il Co.
NEW YORK, June 80, 1891.

NEW YORK, June 30, 1891.
Wall street is still in an expectant
mood, but the good things hoped for
fail to put in an appearance. There
is little the matter with the condition
the main trouble seems to be in the
lack OF buyers; and why they are not
forthcoming Is not altogether an
agreeable question for contemplation.
1t is ordinarily taken for granted that,
when things on all sides conceded to
be cheap and yetnobody wants them,
the trouble is to be attributed TO the
buyers. And in this case it lie not at
all unreasonable to suppose that
there may be al unnoticed something
tina is preventing people from avail
ing themselves OF profits from a pros
pective improvement in the intrinsic
value of stocks.
A morning journal recites facts to
show that in twelve of the last four
teen years the prices OF stocks adj
vanced after July lst. The following
is copied from its statistics: "In
twelve out of the past fourteen years,
prices advanced subsequent to July
lst. In the statistics following the
average price of twenty active stocks
Is taken as q standard. In 1877, be-
tween June 80 and October Is, there
was an improvement of Is points. In
1878 the improvement did not set in
until August, and extended to only 4
points on October 1st. The banner
year was 1879, when there was an adj
n of % point s from June 80 to No
vember Is. In 1880 the advance be-
tween the same dates was % points
During August and September,
1881, there was an advance of
8 points. During, June, July
and August, 1882, the advance
was Is points. In 1888 the re-
cord Of advances was broken. In
1884 the gain was IL points in July
and August. In July, August, Sep
TENDER, October and November, 1885.
the gain was 20 points. Between
June aud December, 1885, the advance
was IA POINTS. During September
and October, 1887. the gain was 4
points. Between June and October,
1883, the advance was s points. Dur
ing August and September, 1889, the
AV,rhge was advanced aOout 5 points.
The course of prices in 1890 was
10 onward, from May lst, culminat-
ing in the November furry" This
plainly demonstrates that there is q
law in the course of prices which it is
reasonably safe to regard in making
transient investments in stocks.
Considerable surprise is felt at the
continued exports of gold, though
they are on a reduced scale. 1t is not
uncomfortable that, after the extra
ordinary amount OF cash liquidations
this country has lately made, there
q be still outstanding against us an
adverse foreign balance. We must
therefore regard the continued ship
ments as due entirely to special caus-
90. The principal cause appears TO
be that while there Is VI abundance
of exchange being made to meet all
necessary requirements for remittan-
ces, yet a con siderable portion OF the
bills are unavailable in conse-
quence of the credit of the
payers having been ~unfavorably
affected by the prevailing financial
distrust in Great Britain and ON the
Continent. This causes a scarcity of
negotiable exchange, and the result
Is that We are remitting gold at n
time when the balance of our account
with the rest of the world is In our
favor. While this causes an unset
thing dram upon our cash resources,
there is the satisfaction that it r
sespondingly augments the amount
of gold to be returned hither at a
later stage
Taking the situation as a whole, L
regard il as favorable to an ultimately
higher range of prices; but, at the
same time, the immediate fu ture
seems TO warrant nothing eyond
moderate purchases On tho raids for
small profits.