San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-02-10
FINANCIAL REPORT.
[Rnported for the LIGHT by Henry Clews
& Co.

[Rnported for the LIGHT by Henry Clews
x Co.
NEW YORK, Feb. 6, 1892.
During the past week, the course OF
business at the Stock Exchange has
been quiet, Irregular, and, on the
whole, towards lower prices. The
market has, for the moment, fallen
into the hands of the professional
traders, among whom, as usual, the
"bear" temper predominates. The
outside public and the larger "bull"
operators seem willing that matters
should take this course for q while.
They have realized handsome profits
on the January advance; and, in the
absence of any very pronounced "bull"
feeling at the present stage, they
deem it good tactit . to withhold their
support aud permit the "bears" to
knock several points off prices and
then take IN new lines for a fresh ad-
vance. Under these Gil cumstsncts,
the "hesrsn are allowed o fair chance
at selling down the market, and both
sides may in turn have an opportuni-
ty Tor profitable run of speculation;
which, as the temper of the market
now stands, is perhaps the most
wholesome course affairs could take;
although it may be attended with u
transIently unwelcome quiet among
the commission houses.
There is no sufficient reason for
constituting this change OF temper as
meaning that the speculative feeling
has collapsed, or that prices are des-
tined to any important reaction. 1t
means simply that the spirit of specu-
lation, at the moment, i'll conserva-
tive, and that the "bull" leaders, APP
preciating this, deem it wiser TO
encourage an undulating advance,
with it's ups and downs, rather than
to force prices in the dir, ctiou of
straight upward line. In the mean
time, there is no surrender of the
general conviction that prices must
ultimately go higher and possibly
much higher; but it is conceded that
months may elspse before that ten
dency eliminates; and, among specu-
lative leaders, ii is preferred that the
campaign should be so prolonged.
The extraordinary ease in the loan
market can hardly possibly fail to
produce an active, If not excited, spec
ulation. When an extreme ease in
money comes concurrently with 3
general depression in business. 1T may
fail to develop speculation; but when
As is the case at present-it hap
pens along with large crops and
healthy state Of affairs at large, 1T al
most Inevitably carries along with it
a general rise in the value of securi-
ties as we'll as of other investments.
There are two especially potent none
tary influences at present acting as
lever on the market.
The only dark spots in the home
situation are the depression of busi-
ness and the backwardness OF pay
ments at the south and the dizziness
of trade on the Pacific coast; both of
which are mainly the consequence of
undue expansions Of speculations or
over creations of corporate capital in
the respective sections. These causes
are injuriously affecting tine railroads
of those groups of states; but the
market, while discriminating against
the securities thus directly affected,
does not mistakenly infer that all
others should suffer in sympathy.
Our inference from the foregoing
factors is that the market is destined
to higher range of prices as the
year progresses, but that the Gull
lnination is likely to be reached by q
series or ups and downs,-pOssibly q
prolonged one-and that therefore it
is not safe to sell "short" stock after
the re cent decline, but wise for the
moment to buy on the drops and
realize quick profits.