Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1897-05-05
FINANCIAL REVIEW.

"Dullness and steadiness of prices have
been the characteristics of business in
Wall street during the past week." says
the advance proof of the Weekly Finan-
cial Review issued by the banking house
of Henry Clews q Co, IS Wall street,
New York City. The situation is gener-
ally regarded as hopeful and holders of
secureties show no disposition to sell;
but on the one hand there is n variety of
uncertainties overhanging the market
such as the Greco-Turkish war, the
cloudy outlook for the grain and cotton
crops, the starting of gold exports and
the restraint of certain industries pend
ing tariff legislation-while on the other
hand, there is an absence of any decisive
factors tending toward higher prices; and
the net result is neutral situation of
quiet but confident waiting for some in
auential "bull" happening that will start
up a buying movement, the "bears"
meanwhile contenting themselves with
brief and cautious turns.
The exciting news from the seat of war
has been, on the whole, conducive to
strength in the financial markets. The
effects here are dependent upon the tenn
per of the markets of London, Paris, and
Berlin; and, at those centers, it is taken
for granted that the disasters which have
befallen the Greeks must result in a
speedy conclusion of the war upon basis
which will afford more satisfactory guar
antees for future harmony in the politics
of eastern Europe than have hitherto ex-
listed. The effect of such an expectation
is to keep the foreign bourses steady;
which is about all that can be expected
until these expectations become accomp-
lished facts; when very material recov-
cry in the value of national securities
would naturally be forthcoming. There
appears to be dearth of new enterprises
seeking capital i'll Europe; and negotia-
tors and investors, impressed by the re-
Operative tendencies developing in the
United States are waiting for peace as the
occasion for fresh Investments in our Sc
curlties. As matters stand, at the present
moment, this is the factor upon which a
revival of activity on this market is more
likely to depend than on any other intlu-
ence in sight.
The general condition of the country
must, with fair allowance for special in
cidental circumstances, be regarded as
presenting hopeful outlook. or course
until the new tariff bill is disposed of,
manufactures must be, to some extent,
held in check, and imports may be ex'
pected to be large. These conditions are
abnormal and produce some temporary
arrangements and good deal of grumb-
ling, but, when the tariff takes effect, the
imports will moderate and there will be a
sudden increase of activity in the indus
tries to compensate for the now post
poned production. In the meantime, the
retail trade appears to be, for the most
part, in healthy condition; and the job
bling trades therefore cannot have much
reason to complain, except about the OBJ
staoles to arranging for the supplies for
the fall trade.
The crops are in an uncertain position.
The heavy rains have been unfav orable to
the growth of wheat; but the stage has not
been passed at which fine weather might
convert the feeble plant into fair crop.
Cotton is in an uncertain position. The
floods have placed much acreage beyond
the possibility of planting this season,
bat, on the other hand, the less flooded
lands have received manuring from
the floods which will contribute to fine
growth.