Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1897-08-25
FINANCIAL OUTLOOK.


The partial reaction of the stock mar
ket during the week has not been entirely
unnatural, says the Weekly Financial Re
view issued by the banking house of
Henry Clews q Co., IS Wall street, New
Yoak City.
The weather and the crop conditions of
the last two weeks have afforded motive
for pessimists and timid operators taking
in sail. The "bears" have exaggerated
the tenor of these reports, and have made
bold ventures on the barest possibility
that there may be some abatement from
the fulillment of the great prospects
that have contributed to the late advance
In prices. So long as it is not wholly
impossible that there may be some dis
appointment in the corn crop and bet
ter result of the foreign harvests than has
been expected, It ray be prudent to give
the "bears" plenty Of rope, as the best
means of protecting the interests of the
"bulls;" indeed, it seems likely that the
next upward squirt will be mainly slim
ulated by the oyerselling of the prophets
of crop disasters. few more days will
settle these uncertainties; but there will
still remain those who prefer to postpone
until the frost line has been passed. So
that, on the whole, it is not improbable
that we may have to face brief period
of vacillation probably eliminating In
short" interest large enough to give an
other good upward turn to prices.
1t is not easy to fully explain the tenn
per of the London market for our securi-
ties. II is still sending stocks home, and
it would seem that the supply held for
speculative account must be approaching
exhaustion. After such a striking dem on
stration of the strength of the home
market and of the certainty of still high
err prices in the future, it is not suppos
able that this realizing arises from lack
of confidence in our market. Sentiment
seems to have much to do with the move
ment. England has, at the moment, som
rather emphatic grievances against Us
The tariff is a bitter pill, the more so be-
cause it throws wet blanket upon al
active revival in the trade of the United
kingdom. The postponement by con
gress of action on the currency question
has no doubt Intensified the English dis
trust of our finance at its most sensitive
and positive point, Secretary Sherman
recent blunt utterances, coming after thu
famous Cleveland Venezuela message
seem to have deeply reused the ire of thu
London Spectator and the English PEG
Pile, and so seric usly does the English
man appear to have taken these matter
to heart that conceivably he thinks i
prudent to give American securities tn
cold shoulder. Whatever cause may b.
assigned for the British neglect of GU
securities, the fact has little or no per
ceptible effect upon the New York mar
ket.
The London press is reluctant to con
cede that there is any near prospect o
the shipment of gold to this country. W
are told that our payments for interes
and dividends, the remittances made o
account of citizens travelling abroad, tn
payments to be made on account c
Q securities now coming home and for th
y sugar and wool purchased in anticipatio
J. of the new tariff, will about offse
t Europe's unusually large purchases i
Q the United States. No knowledge, how
n ever, is shown of the fact that the indeb
{ edness accruipg on these several a.
Q counts-including the large anticipation
2 importations--ha already been settle
: for, and that onr importations are shoy
n ing large falling off, while our expor
n are greatly exceeding the extraordinal
y dimensions of a year ago. Present ind
It cations favor the prospect of the impo
9 tation of gold setting in before the clo
. of the present month and running on I'M
an unusual aggregate.