Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-30
Henry Clews' Circular.

New YORK June 27-Wall street is still
in an eXpectant mood, but the good things
hoped for fail to put in an appearance.
There is little the matter with the condi-
tion; the main trouble appears to be in the
lack of buyers, and why they are not
Forthcoming is not altogether an agreea-
BILE question for contemplation. 1t is ordi-
harily taken for granted that, when things
are on all sides conceded TO be cheap and
Vet nobody wants them, the trouble is to
be attributed to the buyers. And in this
case it is not at all unreasonable to sup
pose that there may be an unnoticed
something that is preventing people from
availiug themselves of profits from pros
pective improvement in the intrinsic value
of stocks When it is considered that, no
more than eight months ago, Wall street
was visited by cyclone that swept away
every vestige of speculative margins and
left many operators without the means of
recovering the wherewith to operate, it
does seem rather sanguine to expect that
already the places of these disabled opera
tors should have been retilled by new
contingent of well-equipped buyers. Ordi-
aarily, the bond market is regarded as af-
fording a good criterion of what may be
expected in the share market; and 1t Is
sound reasoning, when we lind nobody
wanting uneXceptionable mortgages yield
ing TO ) per cent on their market value,
seeking investment; and the reasons that
make money scarce for investment are
likely to make it still more so for Specu-
lation. This obstacle to buying is the more
Important when, as in the present case, it
applies not only to our own market, but
also TO the foreign markets that deal in
our securities. And it is further to be
considered that the market is still strug
Cling against an extra supply of stock,
which was in part sent here pending last
falls break in the foreign markets and in
part contributed by the large local realizing
on both investment and speculative holdings
at about the same time.
These factors are not cited as amounting
TO a really insurmountable obstacle to any
advance in prices in the comparatively
early future, but rather as largely explain
ing the past and present quiet of the market
and as suggesting reasons for moderate ex-
pectations for possibly some time to come.
1t would be mistake to infer from them
that the promised abundant harvest, the
comparative ease in money, the relatively
strong condition of the bank reserves, and
the probable return of large amounts of
gold from Europe within the next three
months, will have no effect upon the de-
mand for stocks during the summer and
tall months Such contributions to the
national wealth and TO the operations of
trade as must come from an extraordinary
harvest cannot fail to materially augment
the funds seeking investment and to swell
the floating balances that constitute an i'm
portant part of the resources that con-
tribute TO transient speculation. 1t is not
Impossible that these achievements may
suffice TO compensate for the loss OF specu-
lative means above referred to.
It is moreover TO be considered that the
summer and fall months are almost without
exception attended with an advance in