The morning news., 1897-08-16
BANKER CLEWS' VIEWS.
Resume and Forecast of the Market
From wall street.

New York. Aug. H.-The readers of our
weekly advices will not need to be re-
minded of our continuously repeated fore
shadowlngs of a great upward movement
in the market for securities. We have now
the realization of our forecastings, and
upon a scale surprising TO even the most
sanguine observers. For the last two
weeks, the transactions on the exchange
have exceeded in volume the most active
operations in the eighties, and yet the
movement is clearly only in it's beginnings.
The market appears to have come all at
once to a sold conviction that the recov-
cry predicted in both trade and finance is
A positive reality and not the mere hope
Of sanguine optimsts; and with this con-
viction comes in an entirely new state OF
things. in which the marking-up OF all
kinds Of securities becomes inevitable. one
of the most striking features of this new
situation is the breadth of the buying
movement. Everything is regarded as
safe purchase; and the consequence Is that
from 100 10 13O different securities are now
dealt I'm on the exchange in the same day
a. fact certainly unparalleled in the his
tory OF Wall street sDeculatiOns This
exhibition Of breadth may perhaps be at
tributed principally to the fact that, since
1890 or chiefly during the great depression,
the stock exchange has added no less than
81 $50, 100000 Of new securities to its list
exclusive Of the reissues Of old which
have amounted to $.S35 100000.
This very large Increase In the variety
and amount Of securities subject to hand
ling Is deserving Of attention. One oD-
vious effect is 10 afford increased attrac-
tions to both investors and spectators.
The amount OF investments now repre-
Aftu
probably far exceeds that dealt In on any
bourse Of the world, possibly excepting
that OF London Now that Il Is subject to
a great awakening OF interest and 10 a
large recovery IN values, this market
must make its influence felt as it never
has before, and must appeal 20 foreign
investors with an effect hitherto unknown.
TO move this great mass Of securities.
however makes correspindingly increas-
ed demand upon floating capital, whether
for the purposes Of purchase or OF mar
gins on speculative accounts. II remains
90 De- seen 10 what extent such funds VIII
he forthcoming. Upon that condition
much must depend az to the future course
of the market. Certainly, there must be
eornc corrcap0ulcnce between the amount
of means available and the sum Of sccurl-
ties 10 Doe moved ln the present situa-
lion. that o. especially true. For the case
a. not one iu which some special or re-
rtrlctod sat OF securities are Offering
frnntinr inducements Tor purchase. n "
"a case in which nearly everything on the
.rrhanre liFt may De regarded ns an oK-
crptionnlly profitable purchase. 10 iF, ln
this aense. an opportunity for investment
ana speculative profits such as has never
before occurred in the history Of the exc
change. whether We consider the breadth
~ tho supply or tna relative loWneas N
uf'eof.
In proportion nH transactions are widely
dinuafd over che ilnf. there viii he lees
Intensity of activity and forcing 0f prices
on certain rfcuntff. That would tend 10
moderate tnf upward movement huf NJ
90 Hmr limo fa rrp'0nH lf and fhe rf-