The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-11-26
SPECULATION Dull NTH ThE BULLS
AND BEARS,
AvAlanrhe Of Stocks Thrown On the Market
nadLittic Effect aud rfIcss Aie
firm,

ranks Of td,har "bullh" or bears" ANA
business In inalray cpnnn"d to hrlof pro-
nsraIonal urnH. taHct upon the varying
whlms OF tho moment. Tbs market dit-
furH huwoycr. from itH condition Of two
OF three weeks asu, IN thsh u aiaearS 70
hnvr r,acht,i a solid boitnm 90 10 values,
rtcrr arc no psaHimistH with courage
enouph to attempt large drprcplonHi ana
saunlly me- ''nfiis" WIN think the nli'h.
tl1n promising Ia rnuE"llc maniphl".
tom Tor a pronounced rp". The cuhan
idea having largely lost tlH force. the
wunr. and tbs Nebraska rulfoai d~'lH
son having again been postponed, there
IN lcss material FOR tho creation ~ aen-
ssitions. aini 0prrstorH are driven tn pny
more attention To- current factors rrat.
,ng 10 conditions which dirrctly ancct
thu earning value Of securities. which
II a nni-rfih hymptnm In th" situation
an facta uf ihns nature are generally
making a gnu-t showing and yet have
been hong dluteraiNi,,i ar not suniarrlly
appreciated Tbs result 81 tlhu rhangr
a. greater discrimination II purrlmaos
srl~ctiunA b,ang NOR regulated by tho
merits N tli- several securities than by
mere sensations This h distinct gpin
IN tho morale of tho market calculated
60 oncourpsn oannd~nre and to produce
norc rational regulation or ,alues
Thrrr r. hoNvvrr. OH" ttcsor which is
u-rr-tiy rNrrting q Erouiof Influence
upon The market than any other. pr,
hhpa more than all others combined h'it
which Ia comparatively little regarded
The amount ~ anckn thrown upon the
market IN the r~vst grrnt liquidation
n probably murh greater than has boon
generally supposed T'h. aaicH wrr- not
merely frnin tho ordinary floating supply
t-inE rarriod gn tho market Since Tho
Ersa, breakdown ~ is7l AMI r"niine thc
silver cSoit-m-ng. the f1cnds ~ nail.
runda awi other corporations had found
II necessary tn pruit,a their interests
through buying tltr stocks wihch We're
coming In 1ans~ volume upon the market
values through tho three yvurr NJ sup.
pressed crisis w,puld have b-rn murb
more serious than II proved 20 b- Those
arcumulRtions must i,aVr b~,n Immense
aitd for ,lias r'-aAon. tho holicrH ~ tho
stocks WV the moro rrady tn seize the
mrs, opportunity To r0alirr. The an.
suinc outside element saw w thc rccoy.
ury ~ snnd~nrw and frad- u Legitimate
taslH for Errat rise IN pticss and on
thai Impulse they bought without stint
or tsbr They overlooked this yuv, un
rera, accumulation, ami tir in hovcs
~ oorpnrato capitalist, hnd fccn emp
tied On tho market ~ the highest rang.
OF prices This has l-sD the great ,'on.
trolling faslor In tho markyf since the
bogsunlng NJ Octolsr and frw of the
rank and NE ~ operators have MOTTO, Il
a. Herein llct thv answer 60 the auo-.
Nlon so many trr asidnE WY does no.
uuch "a Rvn-rnny wcll.rituatcd market
rt0o, from thc great fan "a prices" rh.,
reply 18th" supply of stock pn tho mar.
kct has b"~n immcl~ty iucr,lr,,i and
recovery Ia pricra ,uls fnr corres-
pondins increase IN buying capacity and
carrying alality Il takes tIlnc TO dlerst
and distrihut- tms lurgc sudden addition
90 the Huaung aupply at securities. and
10 collect thc nc"dfm now set ~ buyers
II h q significant rtr, that this ava.
hreh" hnn not produced more serious
rn""N on pricra than have actually o..
rurrrd, This met plainly tmpica rrcat
confidence In ,ulucs and a lprg,, pur.
chasing ability in The market II is 10
br remembered that tho break In price.
va" stimulated by tho large fnii outflow
Of currency to The interior ana tho con.
acqu0m cheek upon the ability Of the
banks 10 extend trrlr loans upon stock
"ollmtcrnla That rstrnint ~ now ahai.
ing The money is coming hack rlpldlv
and at tho opening Of the new vcur
th' hanks viii again hc nuodc,l with
'oanhme r"TourNT, When that point
taa bccn rcach,sl the market will have
been subjected to long and testing
trinl of ta strength; n now sot OF buyers
win br brought Into tho market by the
fce'llng TINT conditions seem to warrant
q new upward movement IN prices: and
nc adverse conditions being fortheom.
inr-thc 'ogic or the January situation
Viii seem 10 favor vigorous 'bulr' cam
pnign. II IL not Impossible than this tcn-
d"ncy may he appreciated In advance
and It's outcome partially antlclpatC,l
next month.
The next considerable tl,mcnt affecting
the market viii bc the assembling OF con.
gress with Its attendant rccommcnda.
lions nom thc president and his sccrc-
t0rieS. So far M can he seen at preccnt
there Is llutho probability that any seri.
GUS disturbing measures viii he intro.
duccd. II may not be easy TO kop both
houses within pOclfc limits in respect 10
CIbN; but there seems ITO he little room
Tor doubt that tn, president viii use his
utmost Influence 10 prevent that uues-
tion from drifting Into phhse that
would disturb public confidence through
deranging our relations with Spain. Tie
would be strongly hlckcd by the busI-
ness sentiment Of tho country in taking
such a course; and the lingo legislators
may he restrained from exo,Nses by the
discovery thht there Ia no longer any
political capital 10 be made out of this
question, but Nther public dsfavor.
In public estimation by far the most
important matter to occupy the atten-
tion Of congress Is currency reform. AsI
yet. however Wall Street has not gen
sTally viewed st ~ question bearing
very directly upon lthe market for secur-
tiles. This apparent neglect cannot be
due to oversight OF tho fact that the
quality Of securities depends upon the
quality Of the money In which they are
payable; perhaps the explanation Is rath-
or that tho Exchange frWternity have