The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1892-01-19
HENRY CLEW S.
Gives his Views About Stocks and
the Like in Wall Street.
THE MARKET is HOPEFUL AND
Stocks are steady by MIR. Ctews
Advises CautioB-Prices Must be
Adjusted Approximately to the
Intrinsic Value of the Properties-
Speculative Prices Must Give way.

NEW YORK, Jan. l6.-The past
week in wall street may be regarded
as sort OF test period. 1t has scored
large advance in prices, and opera
tors have sold quite heavily to realize
profits. During the previous week
also there had been considerable real
izing, and the probability is that
during the two weeks, an important
proportion of the stocks held by the
influential promoters of rhe boom
passed into new hands.
So far, che present condition Of the
market may be considered hopeful
one. What are the probabilities as to
it's future course? In answering that
question we shall aim to indicate what
the tendency is, rather than the ex-
tent to which it may be expected to
run. Something must depend upon
the disposition of the commission
houses, who can and do materially in
huence the volume of their customers
operations. For long period, the
business of these houses has ranged
much below its average amount; and
it is therefore to be expected that they
will encourage transactions up to the
limit of prudence, rather than
discourage them. They are the more
likely to pursue that course because
the condition and prospects of the
money market insure their ability to
borrow upon average collAterals to any
extent they may need Another con-
dItion turns upon the ability of out
siders to provide the necessary mar
glns,-the most essential factor of all.
| The spirit and results of the trade of
1891 may seem to discourage the sup
position that there is much surplus
earning brought over from last year
available for this purpose; and there
is no doubt some truth in this; but
it is necessary to- keep in mind the
very rapid growth of business in this
country so that although last years
rate of profit may have been lower
than the average, yet 1T is quite posi-
BILE that the actual sum may even ex.
coed that of past periods when the
transactions at the Stock Exchange
largely exceeded their now current
volume. So far as the experience of
the past two weeks of the new year
goes, it does not suggest any lack OF
means on the part of outside opera
tors; and we incline to think that, il
a strong speculative feeling should
arise, no inability of that kind will
check it. So far as the intrinsic
merits of stocks may effect the future,
there Is but one possible inference.
The crops have already settled that
question, The largely increased earn
ings and the improving dividens OF
the last three months are but the be-
ginning of year OF railroad traffic sur
passing all precedent. The augmented
| business of the roads is an indication
of what may be expected in the va
rious industries, and especially those
most dependent upon agriculture, sc
that as the year progresses the means
available for investment and specula'
ton will steadily increase. The
liquidation of farmers loans, which
will increase as the season advances
will release large amounts of capital
much of which must find its way tC
Wall street, either for permanent in
vestment or for transient speculation
1t may be said that already prices
of stocks have advanced sufficiently