Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-08-10
A uLMws LErrEis.


uuFt tutfhv ttiH - ff"
ment Of tho last three months. These
bounds and slumps arc symptoma attic OF
tho temper II the market and OF the
kind Of ilaeuecs that are affecting IL;
and 1t may be well to undcrstend their
cause. They do not imply any real
dlstrust inrthe sDundncss OF values. nor
in the reality OF the recovery In The
general conditions that determine
prices, nor do they mean that there If
anywhere any settled misgiying as to
the prospect Of IN ultimate still greater
advance in prices. AL this is taken
for granted almost everywhere; ever
tho ..bsarsr are bears only for the
moment, and are extremely cautious
about not letting their .shorts" run
too long Why Is # then that. instead
OF a continuous rise, we have had 0
two or three weeks Of rise fJllvwed by
a period Of realizing aud partial re
actionP Why is The Wall Stree
weather fItful and eusiy, instead Of q
st, ATTY forcing breeze! rhe following
l.. ctors may be taken ~ an answer:
N.) Because the operators bave a ,,
vet .n'irely got rid of the habit Of ner-
gous eau lon inspired by the disorders
II the last fcpr years q Because
the 81 uation. though one vt heal;h,,
tendencies, is yet a very com plioated
one. Though VIC are visibly aid suro-
ly fndiog our way cut Of the dsrange
.meuls that set ia. with 1898, yet man,
probIems-political. financial. indus
trial and oia!-'re still de-
manding settlement, but are fer from
having reached that point. '(3 b..
cause, although business at large il
fast returning towards q normal Activ
i,y, yet there is still some m!sgiyinp
as to what a revival Of activity 10 al
our vast productive and IN
all our manufacturing plant mag
mean. The question remains 10 b
settled by expsrisLce-whether we a
fully depend upon finding a market or
markets equal to our productive ca
pacity; and, II not, what is TO be the
effect upon commercial values! The
fact that the undonbted commerci ]
revival has not yet been attended with
the RS, la prices usual under such Cir
cunstances naturally gives point to
this question a The recent unfav
orable crop weather has suggested the
pcsslb lily II some drawback upon the
grand harvest prospects tha, have Sc
excited the national expectations,
which caus,s some pessimlstic people
to discount the promised farming pros
perity and the inevitable increase 10
the busin,s SIS Of the railroads (5)
Bec,use, though there Is moth
ing in our foreign relations to suggest
impending danger, yet the annexa'i y
of Hawaii. the reopening OF The selling
question, the delicate possibilities con
nected with the Klondike gold excite
msnt, and the stage Of exhaustion and
desperation which the Cuban situation
is assuming in Madrid, are all new
ell, msnts that yield occasional encour-
cement to the '.bear" ride of the
mariet. 90 Because the mnrke'
lacks some clements that are need III
10 a sustained and continuously rising
market. After such a long depression,
The mercantile and professional CLASSES
no accumulated prof 8 to employ
speculriion, much less TO use 10 bona
ida Investments. And ever the more
important class, who are accustomed
employ a large mount of floating
in connection with the changing
ortunes OF corporate securities, have
-ss than the usual amour. Of resource
or engaging 10 such operations. And
y because the London and other for
Ign markets are showing a vacillaiing
disposition toward our securities s, and.
q fact, for. the momen'. ct lelst, ere
to sell than 10 buy them.
These may be regarded as the CHIEF
easons why prices in Wall street are
dvancing by somewhatcsuti Us steps,
!, the face OF fundamental conditions,
'hich,. under other circumstances,
'ould have caused an excited bay
~ movement, and a larger ad-
ance 10 prices. Ia no one OF
DIFF rent factors Is there
nythiDg TO warrant any serious mis-
And putting them together,
10 most sanguine bear would not re
ard them as wsrrantIng . serious at
ok on the market. Their INST COM
med effect 10 sufficient. however, to
the saDguine bullish mood of
market aud make 1t possitl, to get
ocks back at a concession swher
,erators choose to realize prof,s. |
is senss. the market is an easy ard
fe m 10 operate On; the buyer is
re OF 3 rise, and he may take bis .
oft with a reasonable prospect Ct Z
ing able to buy in at lower pricss
ais gradual process Of rise cannot,
continue forever. Those
DO are following 1t are making very /,
profits; those prob are being 7
invested il increased holdings; and {
as the demand is expanding to al 8
which will, at Q later stage,
to compel a probably more con
nous and larger advance IN price
rcughout the entire list. At the ?
ment, 1t seems IS though we have Q
u seen the end Of the present re {
/ 81, and are read7 for another up !
nd movement. HENRY cLEss :