The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1892-02-02
REMARKABLE SHOWING
Of the New York Stock Ex-
change.
WALL STREET RECORD BROKEN

month of the current year stock ex
change records have been broken in two
respects During one week the transac-
tons in railway bonds footed up over
s., 900, 900 par value, being the largest
amount traded in within a similar period
in the history of the exchange. The
dealings this week though very large,
did not reach that figure, but a greater
number of issues were never dealt in.
The weekly bond table contains the
titles of over 300 different issues.
The two occurrences mean, if any
thing, that investors are active in Wall
street if the public Spectator is not.
Statistics of the bond department show
that the security market is resting upon
a solid brsis; indeed upon the best foun-
dalton possible. Looking over the stock
list it is worth noting that throughout
the month, and especially during this
week, issues usually classed as invest
ments have received unusual attention.
The non-dividend and low priced shares
have fully held their own, but have not
done more than that. Thus in this de-
roborative evidence of what is perfectly
plain in the bond market. Every invest
ment house bears testimony to some eff
feet, so it is probably safe to say that
millions of dollars of securities which
have been awaiting market for months,
in some cases for years, in the strong
boxes of the bankers, have at last been
distributed.
The public is none the worst off for
this operation. 1t has money TO invest
and has only awaited revival of conf
dence to select investments. This is one
reason why money is so easy IN Wall
street. A vast volume of securities that
had to be carried in various ways has
been digested. and the money formerly
used to carry them is now piling up UNI
til new opportunities for new enterprises
present themselves. 1t would not be in
ferred from the foregoing that the pro-
cess of distribution and absorption has
been completed; but important progress
has been made i'll the matter. There are
still plenty of good securities for sale,
and there is no question that there is a
SONel lbl vi Vic Otlltl
hand, the speculative situation is not al
together satisfactory to those interested.
While the daily volume of trading in
stocks IS decided improvement upon
the average of few months ago, it is
not yet large enough to satisfy Wall
street and its speculative elements. The
criticism is properly made that very
In, 11rnYNprfiA,, of tl,a 1aolit,c
are professional. The condition of affairs
will undoubtedly change for the better
in due time.
1t is impossible that investment Sc
curities should be absorbed ON the scale
that they have been for the last six
weeks or two months, and the money
market continue on low level without
affecting the market value of even the
rubbish listed at the stock exchange.
That portion of the speculative com
munity which is looking for an old
fashioned boom in the stock market may
be doomed to disappointment, and for
this reason, granted that the conditions
are in the main favorable to an inn
proved market for securities, the fact
remains that the corps of speculative
giants who made Wall street what it
was a decade or so ago are no more. One
or two of them survive, but the game
seems to have attractions for them no
longer. There are some shrewd, daring
and wealthy operators in the market
today, but they form no such array as
the late Mr. Vanderbilt, Mr.. Gould, the
lafa M oh nffa "a N ho1 i
others whose names are familiar to
everyone. 1t should be taken into con-
sideration, too, that the field of opera
tons is much broader than it was ten
years ago. In consequence of these
changed conditions the street may have
to lower its standard or its predictions
of bull market. Much higher prices
may be obtained, but it will be by easy
stages and by the operation of natural
causes rather than by herculean manip-
ulation. Patience, therefore, may prove
to be the most important element of
success in Wall street during the com
ing year.
The history of the week in Wall street
has been shaped chiefly by the termina-
ton of the Chilean affair. In anticipa-
ton of hostilities spectators sold their
stocks, and in many cases went short of
them. AS it became apparent that peace
was assured the shorts were covered and
the professional element went long of
stocks. Having effected that change of
base the local talent found no one to
take stocks off their hands at the level
of prices they themselves had estab-
lished, and they have therefore been
throwing them over again during the