Telegram-herald., 1891-06-29
GOOD Things BOPEDFOR
Wall Street Not Getting Them 90
Fast as Expected.
IlREEI VOW Has An EXCESS OFSIOCE
Dt~tsstfes of stock Advances for the
Fast toartess Nears-Conrinued Ex-
posss-FisAasiai DistFusg IN
tho Continent

NEw YoRK, June 2s.-Wail-st is still
In al expeetant mood, but the good
things hoped for fail to put in an ap-
pearanee. There Is little the matter
with the condition.: the main trouble
appears to be in the lack of buyers; and
why they are not forthcoming is not
altogether an agreeable question for
contemplation. Ii is ordinarily taken
for granted that, when things are on
al sides conceded to be cheap and yet
nobody wants them, the trouble IS 10 be
attributed To the buyers And IN this
case IL IS not At all unreasonable to
suppose that there may be an unnot-
iced something that is preventing peo-
pie from availIng themselves OF profits
from prospective Improvement IN the
intrinsic value OF stocks. When II IS
considered that. no more than eight
months ago. Wali-st was visited by u
cyclone that swept away every vestage
OF speculative marquis and left many
operators without the means OF recov-
erIng the wherewIth 10 operate, 10 does
seem rather sanguIne to expect that
already the places OF these disabled
operators should have been re-
filled by new contingent of
we'll equipped buyers. Ordinarily, the
bond market IS regarded as affording
a good criterion OF what may be ex-
pected IN the share market; and 1t Is
sound reasoning, wneu we find nobody
wanting unexcepuonable mortgages
yielding To } per cent on their market
value, 10 conclude that there Is n scar
city of funds seeking investment; and
the reasons that make money scarce Tor
investment are likely To make II still
more so for speculation. THIS obstacle
To buying Is more important when, as
In the presentcase, 1t applies not only
to our own market but also TO the for
eign markets that deal IN our securities.
Aud 10 l. further TO be considered that
tile market is still struggling against
An Extra supply of stock.
which was IN part sent here pending
last Falls break in the foreign mar
kets and in part contributed by the
large local realizing on both investment
and speculative holdings at about the
same time.
Ii Is moreover to be considered that
the summer and tall months are almost
without exception attended with an ad-
vance IN prices. A morning journal
recItes facts to show that in twelve of
the last fourteen years the prices Of
stocks advanced after July /. The
following is copied from It's statistics:
AIN twelve out OF the past fourteen
years, prices advanced subsequent TO
July /. In the statistics following the
average prlce of twenty active stocks IS
a L..
June 80 and October 10, there was an
Improvement of fifteen points. In 1873
the improvement did not set IN until
August, and extended to only four
points on October /. The banner year
was 1879. when there WAS an advance
of twenty-three points from June 80 to
November 10. In 1850 the adj
vance between the same dates
was twenty-five points. During
August and September, 1851, there was
81 advance of points. During June,
July and August, 1882, the advance
was Is points. In 1883 the record of
advances was broken. In 1884 the
gain was l3 points in July and August.
In July, August, September, October
and November, 1855, the gam was 20
points. Between June and December,
isS6, the advance was l3 points. Dur.
ing September and October, 1887, the
gain was points. Between June and
October, 1888, tho advance was 8 points.
During August and September, 1889,
the average was advanced about
points. The course of prices III 1896
was downward from May /, culminat-
ing IN
The November Furry"
This plainly demonstrates that there IL
a law IN the course OF prices which II il
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 educed scale. 1t is conceiv.
able that, after the extraordinary
amount of cash bquIdations this coun.
try has lately made, there can be still
outstanding against us an adverse for
eign balance. We must therefore re-
gard the continued shipments as due
entirely to special causes. Inc princi-
pal cause appears to be that while there
n an abundance of exchange being
made TO meet all necessary require
uents for remittances. yet q consider
able portion of the bills are unavailable
i'm consequence of the credit of the
PAYERS having been unfsvorably affect
ed by the prevailing financial distrust
In Great Britain and on the Continent.
This causes q scarcity of negotiable ex-
change. and the result IL that we are
renting gold at time when the bal
ance of our account with the rest OF
the world is in our favor. While tins
causes an unsettling drain upon our
cash resources, there "a the satisfaction
that u corrsspondlngly augments the
amount of gold to be returned hither
at = later stage
Taking the situation ss whole, re.
gard il as favorable TO An ultimately
higher range Of prices; but, at the
same time, tho immediate future seems
to warrant nothing beyond moderate
purchases on the RAIDS for small profits.
HENRY CLEws.