The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-10-06
THE CONDITION OF THE STOCK
MARKET.

A few weeks ago there was a good
deal of excitement in the wheat mar
ket and those who were affected by II,
whether or not participants in the
movement, were inclined to the idea
that boom ike that II wheat was
going TO begin in everything. But it
did net, While there has been q strong
reaction; at present the general bust
ness situation may be described as one
Of waiting and doubt. This is clearly
indicated in Henry Clews' letter of the
2nd inst. Mr. Clews says there are
sound reasons for this conservative
attitude" He says there is no dispute
about the change in business conditions
having very largely increased the value
Of securities; nor is it questioned, he
says. that the earnings of the rail-
roads are likely ultimately to reach a
point at which even higher than cur
rent average quotations would be jus
tilted. While he says all this, he is
very cautious in what he has 10 say
as TO the future, for he feels the field
of prediction is a most dangerous one.
He thinks that ii does not follow that
it may be undertaken to realize. at
the present beginning stage o. ma
ticnal revival" the effect hoped for as
the outcome Of fuller developments OF
the recovery. In such cases he thinks
that too much is taken fer granted. CT
this there is no doubt. Also it is not
to be overlooked" he says, that there
are some important contingencies in the
future to which securities Mocld be
very sensitive. The Cuban question IS
entering upon a new phase, and we
cannot foresee what part our govern
ment may be called upon to play in it.
The mysterious action of the British
government in respect TO silver and the
apparent Willingness Of France to nego-
tiate with US for some expansion of sill
Yer coinage, or for free coinage. are
suggestive of a possible revival of
scme distrust upon that very sensitive
question. Ten weeks hence congress
Wiz reasSemble, and it is not impos-
sible that it may afford disappoint-
ment of the hopes entertained by the
influential friends of sound money.
These are possibilities which do not
encourage prudent men to discount
many months in advance the most san
guine calculations Of the future"
This is probably the view generally
held by those who make study of the
stock markets; and it shows that the
business revival while real, is not re-
garded as perfectly stable yet. The
Herald has pointed out repeatedly that
the meeting of congress was sure to
nave a very material effect upon bust
ness conditions, especially so far as the
money question is concerned. As the
time for the meeting of congress ap-
proaches this is being realized by many
who seemed to ignore the influence Of
congress on financial and business mat
tiers. If President Mckinley shall ask
for the power TO appoint monetary
commission or recommend any radical
financial legislation, the country will
forthwith discover that the money
question is not settled and that The
verdict Of November 3, 1886, is not final.
IN closing his letter Mr. Clews says:
The downward movement has pro-
duced on these twenty-one active
etccks, speculative and investment, a
decline ranging from TO 1034 points
ard averaging 51s points. Since the
10Th. prices have dropped / TO 2 points
further; SO than. at the close OF the