The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-08-05
NEW PHASES DEVELOPED
The Varied Course of Speculation on
the New York Stock
Exchange.
A Bold Dash By the Bears Causes
a Break in the
List.
Are the General Conditions of the Market
Compatible With the Maintenance
of Current Prices F?

NEW YORK, Aug. 4.-The last %circular. is
sued by the banking firm Of Henry Clews d
Co., bearing date Aug. 1, says: The course
of speculation at the stock exchange has
developed some new phases. Wearied of
the protracted dullness. the "besrs" made
a bold dash On the "bull'' position on Mon
day, with the result of a break of one to five
points in the speculative list. The day fol-
lowing reprisals were forthcoming from the
bulls" with the advantage of a recovery
of the previous days lost ground. The vic
tors, however, at the same time lost what
ever strength the previously oversold con-
d1tlon OF the market had conferred on their
side, and a fresh selling movement ON
Thursday produced a relapse in prices to
about tho level touched under MONDAYS at
tack. During the remainder of the week.
the contest was kept up with diminishing
interest, but with the balance of advantage
inclininR to the "bears." These operations
were confined mostly to the room trad
ers," among whom the disposition to sell
decidedly preponderates. The "bulr' ele-
ment is dormant for the time being. re-
garding tho situation as ~unpropitious at
the moment for active operations, but at
the same time retaining confidence in their
position and appear both ready and able to
interpose effectively against any 70 ON at
lem pts to seriously depress prices.
This partial revival of activity will dc
good as a test of the disposition and true
condition of the market, and was probably
started as q feeler in prospect of futura
contemplated plans. Some, however, seem
to think that the present stage is not favor
able to the development of any radical
movement in either one direction or the
other. The ''bulls'' certainly do not fnd
in the situation of the moment any points
strongly favorinR a rise; and yet supposed
possibilities of an improvement in this
spirit Of affairs at a later stage seem to en-
courage many of them to hold to their
stocks consciously. The "bears," while
disposed to make the most of the spirit OF
hesitancy hat is now holding everything in
suspense on both sides of the Atlantic, vet
now that many ines of stocks are held by
determined parties and are cautious abont
venturing on extensive commitment on
the shot" side, and thus both sides to
speculation evenly counterbalance each
other for q moment, which acts as a safety
valve to the situstion.
So much for what appears to be the cur
rent market estimate of affairs in Wall
street. My own judgment is not entirely
to the Same effect. The immediate practi-
cal question IL not whether the current
market value of stocks reflects their real
intrinsic value, but whether the general
conditions new affecting the market are
compatible with the maintenance of cur
rent prices. And on that question nv
Judgment inclines to the negative. In the
first place. the patience and endurance o
holders of stock have been tested to Close
lupon the breaking point, and there is no re-
cooperating element within ready sight. In
the next place the bear element is becom-
ing holder, and We have not seen what
could b accomplished by tue large profess