San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1895-06-28

Reported for the Light by Henry
Clews a Co.


of continued expectancy on the
Stock Exchange. No loss OF con-
fidence in the ultimate additional
Improvement of the market could
be observed; but large operators
have wisely waited to ascertain
the permanency of the May rise
Simple prudence dictated a policy
o f this sort, in order to determine
how far the expectations which
that rise anticipated had been full
filed Another cause of diminished
activity was the.return of Mr.. Nor
gan from Europe, upon whose &C
ton several very important reor-
ganization schemes depend.
Naturally the absence of informa.
ton regarding his policy in these
matters restricted speculation.
Aside from these influences the
stock market presents an exceed
ingly strong front. Early expecta-
tions have been amply justified. and
our industries are stepping forward
in a manner that shows the move
ment has merely started and not
eliminated. Six weeks ago only
the bold few were venturesome
enough to predict that the turning
point had been reached; now every
body is convinced of the fact, and
the professional croaker is quieted.
The chief obstacle to further ad.
vance has been the cessation of
London buying, which is attribute.
Bile to natural causes. First, the
immense sum of over 100 millions
of securities, which the syndicate
and its followers placed abroad,
temporarily satisfied those markets;
and, in spite of the ready demand
for good investments on the other
side, bankers are likely to be more
sparing of their takings until pres.
ent holdings have been disposed of
Spectators in London are chiefly
occupied with the Kaffir bubble,
which, should it burst, would cause
fresh outburst of British Indignation
about the wicked promoter; and,
until this diversion has lost its
force, London operators are quite
likely to limit their dealings in
Americans. Another obstacle to
foreign buying is the stubborn
prejudice of the financial press on
the other side, which has power
full influence among the mass of in
vestors. Those journals are woful-
ly behind in their appreciation of
the changed condition of affairs
here. Their positions are based
upon the scandals formerly attached
to American railroad management
and the distrust of our monetary
standard. They are almost stupid
ly ignorant of the fact that these
matters now belong to the past,
and that we are to have a reform
in railroad management as we'll as
in currency matters. Europe is
slow to understand that the sound
money crusade is sure to result in
an overwhelming defeat of the
dishonest silver inhationists. Our
own great capitalists aud bankers
appreciate this fact; for, coupled
with business revival, its means a
restoration of credit as we'll as
earning power; it means that ere
long American railroad securities
will rank among the best in the
opinion of foreign investors, and
that values must advance accord
ingly. London bankers show by
their actions that they understand
the new conditions, and the English
and German financial writers can.
not afford to much longer mislead
their readers.
Crop reports are more favorable
than few weeks ago. There is
every prospect for bountiful corn
crop, which is of chief Importance
to the railroads. The injury to
wheat is likely to compensated for
by better prices. General trade
continues to improve, and there is
every prospect of of a brisk fall
trade when the time arrives for its
commencement. The iron trade,
one of the best commercial barom-
eters, is in excellent condition; val
ues rising and orders increasing; in
fact, before long buyers will be
compelled to rush in their orders if
they to- anticipate higher prices.