The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-01-16
MARKED RECOVERY.
Steady Rise In the Price of Securities
Dnnks ibating Extreme Caution
and Forsce an Early Alum
dance of Money.

NV YORK. Jan l5.--Thc Improvement
noted in our review Of last week has been
followed bv another week OF marked re-
tovery On the Stock Exchange there has
been a steady rise in the price Of securi-
ties. with bat few and slight reactions.
The bear element has becn less az
yre,syc and appears Ia conccde that it
affords little iuduccment to attack al the
current range OF values. This change
seems to lac due 10 Il conviction that the
weak spots in the market have been
probed to the bottom, and that the ele-
m.nts of rccupcration are stronger than
they have appeared to be-an inn
?rcs.ion which is strengthened by a
prominent stock house having unexpect-
edIy resumed payments in full during the
week and renewed operations in the Sc
eur!ilcs upon which their cmbarrassments
arose. The shrinkaec of failures down to
about their usual volume is accepted as
very direct evidence that in trade circles
shalr' are fast returning to a normal con-
dnon, and that the INJURY to the CONNER
clh class arising from the crisis has not
been 40 radical as to very seriously inter-
ieFe with the spring trade. Again, we
nave evidently reached an advanced stage
oi recovery IN credit ,circies. Banks
ara
AehIiNG THEIR LA1E ENTpEMh CAUTION,
ana ioresee a probable early abundance
Of money, which is inducing them to give
more encouragement TO borrowers. Their
attitude toward Wall street is more lib
o'a'' ana there Is no difficulty in getting
mcne! on tour to eight months, upon good
Vo''a'efaI', at 81. 80 e per cent; which re-
moves tho late important obstacle to stock
houses encouraging large operations.
j" Is mainly from reasons of the above
character that prices have been steadily
creeping ~ during the last two weeks.
ne improvement has extended to corpor-
.'' "ohc' as well as TO stocks. a few
0'eN aso' the prices OF large mass of
. n''', bonds ranged at figures that
A o1Iu yea about per cent 10 the buyer;
x,. SUBSEQUENT rise has put them upon .
80 e'"' 'aslS. This recovery in mort
s's' investments has laid the foundation
,to A. q corresponding Improvement in the
,,uO" OF The same corporations; which,
,..,;.s mas As vet, been only partially
So; .', "''V therefore leaves legitimate
TX" ior future advance.
In. a"' nee" reasonable to regard the
Wv, e recover! OF prices as permanent. bar
,,a ~ ''h.pofary reactions from .bear" at
tie rise would probably halt at
from rna '1ot appreciate advance, partly
inano .sa''1ii'g that aud partly from bear"
,,,. mi We doubt whether in such
rl.,. "''' large reaction would occur.
"sre saver! decided
'0Nh OF CONFIDENCE IN CURRENT
W., VALUES,
,nd.. "oIio be likely to bring out BUYERS
in Az! Decline of one to three no;nts
An. Ana 1t IS no, 10 be Overlooked that p we ars
i cided s'ns closely towards u very de-
j The 6,,i -s LIZ n the money market. After
n. h.'', aa'l OF January the reserves in
/ million Almost invariably rise several
tion,l r. ana a., If this year proves excep-
in II. ~ Inc custom, it is likely TO be
q for tho ~. Oh larger increase than usual
d In mo nv Jason that All excessive strineency
,rc .vney IS always quickly followed 5y m
& IN illust,,, i"e London this week affords
! duction n, ON OF that principle in the rs
4 VI 'he Bank Of EngIend's rate