Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-01-09
Review Of the Market.

Henry Clew's Weekly Financial Review, issued
today. says: The first week of the new year ex-
hibits the general activity in the stock market
that our recent weekly advices have fore
Swallowed The transactions on the exchange
have doubled the volume prevailing during the
quiet OF several preceding weeks, and symp-
toms seem to favor the preponderant opinion
that a campaign of unusual activity has set in
which is likely to be continued throughout the
year.
Thus far the buying has come mainly from
investors and the class of large operators who
are Immediately interested in railroad and
other corporate properties DESTROYS OF creating
a market for dispcsing of a portion of their
large holdings. Speculative orders from local
outsiders and from the interior, however,
are beginning to come in. but have not vet
become conspicuously large.
Opinions differ as to the results Of the past
year business OF the country. some maintain
ing that neither manufacturers nor merchants
have made their usual profits while others
hold that the quiet Of business has been due
mainly to conservatism following the crisis of
1880 and that, after all, the business of 1891
has left nearly an average rate of profit. On
this question more than upon any other con-
dition depends the future course OF the stock
market. and the current month will solve the
problem.
1t is especially important to keep in view
the fact that new and important group Of
stocks will from this time come into promi-
nence through the forwarding of the corn
crop. The Department of Agriculture esti-
mates the out-turn Of that crop at 2. O6O 900 900
bushels, which is the largest but one ever
realized. 1t is the last crop to come into
market, and is now beginning to be moved
The securities Of the roads dependent upon
this grain have, in a degree sympathized with
the Improvement in the finances of the roads
serving the wheat belt. but there is still a
liberal margin for further advance to come
from the future reports OF actual increase of
traffic and this lengthening Of the list of roads
showing large increases can hardly .ail to
have the effect of advancing prices later
Coincident with our unprecedented crops
the wheat crop being now officially reported
at 6l2 OOO, 100 bushels) there is a general def
cheney in Europe, and the Russian export 10
now wholly cut of, while Russia herself may
have tc import. 1t is therefore quite possible
that our years export of wheat and four may
reach zoe, 0OO. 600 bushels an our corn ship
ments may show q similar ratio of increase
This mears = very important increase in the
grain tonnage OF the trunk roads connecting
with the west; and at the same time, the full
occupation OF the rolling stock of those roads
is calculated to maintain rates Of freight. The
home situation, therefore, includes elements
calculated to stimulate a future advance in
stocks beyond what has been 30 far realized;
but, as the present tone Of the market is con-
servatively publish" rather than highly SAN
guine. prudent operators are likely to realize
upon the profits of the late advance in the
hope of buying back upon reactions: and We
commend that policy for the moment to our
friendA