Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-11-07
Review Of the Market.


Mr.. Henry Clews in his "Weekly Financial
Review" issued today, says:
The course Of business at the stock ex-
change for the past week calls for little COM
ment beyond noting that it has been on q par,
as respects dullness and stasnancy, with the
several weeks next preceding. Something of
the dullness may be attributed to the election
excitement and to the holiday attending it, but it
would be difficult to make the market more life
less than it has been of late. Last week advance
in the Bank Of England rate and the recent
report that Russia had prohibited the export Of
an cereals have had no perccptible effect
London finance is subjected to a new and by
no means Insignificant strain by the outbreak
OF what appears to be o serious form of revolu-
zion in Brazil. To this must be added the distur-
bance Of bank reserves in western Europe likely
70 arise from the remittance to Russia of the
proceeds OF the recent loan negotiated in Paris.
Under these circumstances the great banks Of
Europe are likely to clutch their gold with
special tenacity-a condition Of things any
thing but conducive to confidence in securi-
ties and especially those OF the spec ulative class
30 far these facts and prospects have had no
eject upon American securities in the foreign
markets, Taking the foreign situation as
whole, however, 1t is more suggestive OF future
trouble than OF support to this market, and
this is factor which encourages the hesitancy
now evident among our leading operators
Among the domestic factors which are at the
moment acting unfsvnratly on the market
are the comparatively numerous new issues of
bonds for improvement purposes and for
equipment. which, while their object may be
entirely justifabie, yet carry an unfavorable
implication as to the financial condition Of the
companies issuing them--it having been the
usage, with well-to-do companies, to provide
Tor such requirements out OF surplus earnings.
In view OF the various factors above referred
to, coming as they do upon a market which has
been doomed up to an advance averaging
eleven points on the active stocks it is not sur
prising that there shonld be disposition to
halt and allow these influences to have .he ef-
feet to which their weight entities them. No
doubt that effect would have come ere this had
It not been for the extraordinary influences
that have operated in the opposite direction.
A more legitimate and positive ''bull' argu-
ment could not exist than the unprecedented
magnitude Of our crops, the fair prices they
are destined to realize, the overwhelming rail-
road traffic which they must create and the
general national prosperity they must
produce. The striking change in the
course OF our foreign commerce, due to this
cause, is a very important factor in favor Of the
market and will be felt later on. Our imports
for September-owing to the large supplies i'm
ported in that month of 1890 in anticipation of
the new tarif-show decrease of Sl4, 400. 900
compared with last year. while in consequence
Of the shipments from the new crops the ex-
ports show an increase Of Ga, 600, 900. This is
the beginning of a course of the foreign ex-
changes which is destined to continue to bring
gtld TO New York and create an ease in money
which can hardly fail to produce favorable re-
suits in stock exchange values later on. For the
moment, however, the attitude Of waiting BELTS
the market, and spectators must be satisfied
with the profits that come from daily quick
turns