The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-08-02
clEWS, CONCLUSIONS.

NEW YORK. Aug. Henry Clews, in
his weekly review of the stock market
SAYS:
''The present temper of the market con-
firms our advices of a week ago. In spite
o. dulluess and excessive heat, prices were
we'll maintained and exhibited persistent
advancing tendency. Briefly stated, the
reasons that justify confidence in the
market are as follows: C) There will be
no silver bill this session; (2D there will be
no treasury deficit; (3) there will be no
anti-option bill; a. there will be no tight
money; o. there will be no further large
gold exports after this week; (6) congress
is about TO adjourn; "a railroad earnings
are still very encouraging, considering the
heavy returns of last year with which they
are now comparing; (S) traffic Is ample
and there are smaller induce
ments than usual for cutting
rates: (0 recent trade combinations ana
larger resulting profits are beginning TO
inspire big capitalists with greater conn-
dence. rs reflected in present movements
of the '.industrials;" Q0) general business
IS sound, failures being few and the VOL
ume of business large in spite or com
plants, some branches of manufacturing
being especially active; and many OF our
best cotton, silk and woolen mills can
show a vast Improvement over this time
last year; I'D the coal combination gives
of stocks, and is doubtless the basis OF an
extended speculation which may or may
not prove successful. These eleven reasons
include the chief influences favoring
better market.
"On the other hand. there are elements
which, in the opinion of many, are ad-
verse to any Improvement These may be
summarized as follows: % The presiden-
tial campaigu; (2) smaller crops than last
year; 81 probable decreased aggregate
earnings for present year as compared the
last; "a possibility of a decline in our
breadstuffs exports next season; 90 labor
strikes; 6) restricted public buying, and
(O the disruption of the Western Traffic
association. The Importance attached to
each of these drawbacks will vary with the
individual In my Judgment they will be
greatly overbalanced by the irst-men-
toned considerations. As for the presi-
Dental election, that is likely to be
conducted with less acrimony than
usual. It seems highly probable
that the contest will center upon
one or two issues of an economic charac-
ter: so that the bitterness of sectlonallSm
and personalities seems likely to be kept
in the background. When we remember,
too. that we have larger population each
year to be fed clothed, housed and
warmed, we shall probably conclude that,
after ell, there is no good reason for an
tiCipatlng any actual curGalimenb OF con-
sumption Or production as result of the
elections. Next, concerning smaller crops.
in view Of last years over production, this
will in some respects be an advantage in
stead of n drawback. There will certainly
| be wheat and cotton enough left over to
more than compensate for this years
smaller yield. Moreover, Europe's
| necessities will be smaller this year
than last; and if the smaller crops of this
year result in better prices to the farmer,
they will prove benefit in disguise. The
! labor strikes, it must be conceded, are q
| serious question, the most serious of any
| that are to be econfrontedimmediate Law
! and order are however being successfully J
preserved; and unfortunately for labor its
cause has lost greatly in public sympathy
through recent lawless developments i'll
| Pennsylvania and Idaho. The fact thai
there is only moderate public buying al
the moment is of little significance. Up
ward movements are invariably started by
speculative leaders or combined move
ments OF some sort. The public enters a.
| buyers afterwards. and may sustain ol
proloug rising market, but never inaugu
| rate il. :"