Telegram-herald. ([Grand Rapids, Mich.) 18??-1892, 1891-10-12
HENRY CLIWS' OPINION
His Weekly Summary OF the
Worlds Financial Affairs.
STOCKS ARE DULL AND lISTLESS
Prospects 81 Large shipments Of Geld to
be Received Fren Earope-The Home
Mosstsry situation n Favorable
and Money win be Piestifui.

NEW YORK, October l0.-The course
OF values upon the Stock Exchange
during the past week has been in close
accordance with what was Indicated in
these sdvlces three weeks ago. The
rise has been checked; profits have
been turned into cash and recessions of
varying Importance followed. Beyond
the breaks in Missouri Pacific 4 Rock
Island. there have been no fresh cause
OF weakness, save the withdrawal of
London support. Nevertheless, the
market has been dull and Iistless. On
the one side. there is an almost inn
penetrable hulwark OF confidence in
the future, which makes every holder
OF stocks, iarg and small, obstinate in
the refusal to sell. The natural re-
suit Is stsgnation. The market has lit
eraily been bulled TO death; and roth
ing short OF shaking up of some uort
Will hit 1t out OF present conditions.
Unless the leaders soon bestir them
selves the opportunities for an active
bull market during the next few
months will be materially modified.
For the last few DAYS transactions
have been left almost entirely to
traders, who made little impression
upon values. 1t is probable, then, that
present inactivity If continued will lead
to somewhat lower prices. Those who
| have taken profits are already anxious
| for decline which would admit of
new buying and afford the basis of a
further raise later on. My opinion is
| that the activity of the market would
be more benefited in the end by fair
decline rather than an advance; and,
with speculative forces divided as they
now are, the outlook is certainly more
| favorable to fall than rise. At the
same time the exceedingly strong un-
dertone of the market cannot be over
looked; and, until events shape them
selves more definitely. we may expect
good trading market in which quick
turns are preferable to long holding.
The Situation Abroad
London appears to be somewhat
uncertain factor, chiefly because of the
monetary situation there. 1t is posi-
| BILE that we will have drawn from S35.-
600. 900 to $40, 100000 of gold from Eu-
rope by the close of next December.
We have already taken about SlJ000,-
600 during the season. The Bank of
England Is disposed tn resist this move
ment In degree, and much of the de-
mand will fall upon Paris, which is for.
tunately we'll prepared to meet it. 1t
10 also to be remembered that the fail
ure of crops in Europe will cause there
stagnatiOn of trade and discourage
speculation. thereby lessening the de-
mand for money. Political. financial
and monetary affairs in Europe are all
| - ~.
ton. Hence, it is impossible to accu-
rately forecast their outcome; so that.
however superior the inducements of
American securities to foreigners. it is
quite within the range of possibilities
that they may not be able to avail
themselves of such advantages as freeiv
as we expect. In other words, it will
not do 10 count to strongly upon for
eign support in event of further rise.
The home monetary situation satisfac-
tory. THIS weeks bank statement will be
made on rising averages, and ought
therefore to be favorable one. Owing
to the prudent treasury management
and expansion in the circulation, to-
gether with plentiful gold imports and
the strong position of the associated
banks, there IS little prospect of ex-
treme stringency in money. Enough
and to. spare seems probable for crop
and trade requirements, though the de-
mand from the latter quarter may sub.
sequently become urgent enough to
stiifen rates and so affect speculation.
Earnings continue to show handsome
gains, both net and gross; and. al
together. the railroad future is as
bright rs it we'll could he.
HENRY CLEws.