The morning news., 1897-08-30
BANKER CLEws, VIEWS.
Resume and Forecast as Seen From
wall street.

wall street.
New York, Aug. 2S.-The securities
markets continue TO follow the zigzag
course which we have foreshadowed as
likely to characterize the current of oper-
ations throughout the summer and into
the fall months. 1t could not well be
otherwise. There Is no force equal TO the
task of moving uninterruptedly upward
the great mass of securities now resting
upon the market or liable to be forthcom-
ing under a large advance in prices. Every
practical hnancer knows that TO largely
raise the prices of the $4,000, 00,0O0 of Sc
curities represented on the New YORK
Stock Exchange must be the work OF
much more than a month or two. 1t is
process that encounters variety OF
counter actions. 1t must be accompanied
with steady growth of confidence in the
causes that are enhancing values and, II
it goes fastea than that process, it Will
have TO contend with the obstacle Of real
izing by the investing class. In the pres
ent case, the rise has been based upon
hopes rather than accomplished facts and
though the hopes are unqueStionably well
founded, yet they have not the same in
spiriting force as realities. 1t Is no small
experiment i'm Wall street maneuvering
to try what can be done in the handling
of such an enormous mass Of securities as
is now registered on the New YOrw Stock
Exchange. The operations cover, more or
less, the following kinds and amounts of
securities, listed on the exchange in De-
cember, 1896:
Bonds Stocks.
Railroad issues . $3.50, ,463 sos $3,287, 752, 79i
L. S. government. M,575,4l2 ..............
Foreign govt ..... 3,0000O ..............
State securities -. i'll ,NR93l .............
Bank stocks .....'.........n.. Co., Q22,70O
Miscellaneous and
special lists ..... 37 ,O29 4S3 4236S2, 80
Gas and electric. lb6 400 10
Trust companies ............... 100000
Coal and iron COM
panies ........................,. OlVJO
City surface rail-
roads .......................... 1859, 500
Express companies ........... 4SWO,O00
Land companies ......-...... 2I3O5,4O
Telegraph com
panies. etc .................. 1882, ,125
City and county
issues ......+...-... l15,o9O,3t5 ..'..'.....s..
Total issues ....$5.376, ssl, ,7lO 1929 16l, ,292
Grand total ....................$ .$96lO,G5.VOz
1t Is not easy to compute the amount OF
money required as margins to support an
excited speculation covering this huge
mass Of values And we can discover
only through the experiment Of experience
what amount Of such funds is within
reach, after the disturbing and disastrous
conditions that have prevailed for the
last four years. Then, the bears" we
have always with us. and their power -
increased i'm proportion as prices rise; and
as the market brOadcns the weak spots
increase and the points inviting attack
multiply. We cite these considerations
to show that the work Of carrying up
prices generally 10 the much higher fig
ures to which they are destined must oc-
cupy many months rather than the few
weeks which oVcr-sanguine operators
have allowed for the performance. We
may expect the course OF the market 20
be that OF rising zigzag: first an advance
and then a reaction which wipes out part
Of II; then a stil higher rise followed by
"A partial relapse; and so on until the
market eliminates In a tOp-heavy condi-
ton and topples over Of It's own weight.
II would not be surprising II this pro-
cess Of elevation takes the next twelve
months for It's completion. The most sue
cessfIl WAY OF dealing on "A market Of
this character e. 10 take moderate profits,
and buy in again upon The next drop.
AZ the present time, the market is held
IN check by the summer absence OF an inn
portant class Of operators, and yet tho dal-
lv transactions average about Bl01
shares. There is stlll sufficient uncertainty
about tho corn crop 90 ot courage tho
'bcars" 10 indulge In Wild stories of dis
astcr 10 that grain, which influence people
who know nothing about the facts. The
pcssmlst element nnd satisfaction also iu
the continued sales of London on this mar
kot. resulting from the growing frmncaf
lu the money market there
and the apprehension Of shipments
of gold to Ncw York. These roillzluRs.
however produce no serious impression on
prices here. though they contribute to-
wards doferfinr the beginning of gold Inn
ports. ON the other hand, London orders
10 buy are beginning to appear which In
dIcafe % coWlrs turn of the lido ln tie
London market Tho foIloWiug from the
London Timea-uevcr very friendly 90 our
inVr tmentsaiH .lrnihcunt
MANY holders are becoming anxious 20
operate ln 'AmcrieanH now thlt thfIr
prices have rlFcn and chat Ho many fir-
msuta seem likely 40 work ln their favor
during the next few months Prudent
people Hrr. of course. aware that toe rsl-
dent hfalfn of fhr American government
iu Hholtf fHn nurHfIun Uf currency reform
b0dr Ii f0r fhn United fflffs ln fhr dls.
fHnf fufur0. huf ru.ru.Hfurs 11 n1f trouble
fHHmHfI.fH HNHHU M.HH WII hannah IH