Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1897-06-29
The FINANCIAL OUTLOOK.

1.-THE marked improvement in the tone
of the securities market that set in with
the beginning of this month continues to
be we'll sustained" says the Weekly
Financial Review issued by the banking
house of Henry Clews & 90. of 35 Wall
street, New York City. 1t has spread
quite generally throughout the list and
goes on steadily from day to day without
any i'm portant check from selling and
with little disposition to realize profits.
Some operators have desired reaction,
in order to lay in stocks, and have used
their influence for that purpose, but with
| little effect, as the market Immediately
RECEIVERS from the slight reactions caused
by "bull" sales made for this object.
One significant feature of the market is
the moderation of the amount of trans
actions as compared with the buoyanoy
of prices. The inference is that the buy
ing is not stimulated 80 much by the
operations of local professional oper-
ators as by outside buying and by in
vestment purchasers, the buying by the
latter of dividend-paying shares being
quite marked. Indeed, the advance has
come before the professionals we're quite
prepared for it, and they have to get in
as best they may. During the week,
London has been 80 absorbed by the
jubilee as to have been an absent factor.
It remains to be seen how that market
will next week take to the higher range
of prices that has been established during
the interim.
1t is generally understood fact that
the business feeling in the interior has
reached more advanced stage in the
process of recovery than is the case at
this centre; and it is owing to this fact
that outside operators have got into the
market in advance of our local operators.
Wall street has yet to appreciate the ex-
tent to which business affairs in the coun-
try at large have already progressed
toward normal conditions. While, here,
we are still watching old symptoms and
nursing the timidities begotten of bygone
dangers and waiting for promised legis-
lation that is to work wonders of one
kind or another, the interior cities are
beginning to deal with the vast accumu
lated wants of consumption that have
remained unsatisfed for the last four
years. Wall street sees in the current rise
in prices little more than the effect of the
near approach of the passage of the tariff
bill, and cautiously assumes that, when
that comes, there will be an extensive
realizing on the anticipatory purchases
now being made. There may be some
such reaction to limited extent; but it
will be found that there still remains a
sound basis for buying. The recovery
of confidence that has already appeared
in the interior will receive fresh impetus
from the new tariff; and the probability
tions will then receive fresh impetus,
carrying up prices to still higher range.
All indications warrant the belief that the
present rise is the beginning of steady
continuous return towards normal level
of values. For four years Investments
have been subject to the control Of an
extraordinary concurrence of alarms, &C.
cidents and disturbing political excite
ments. Those influences have now about
exhausted their force; the paralysis of
distrust they have produced is disappear
ing, and the spirit of trade and enterprise
is resuming it's wonted natural tone. We
are exchanging our pessimistic dreams
for hopeful realities, and in few more
months the whole machinery of trade ard
finance will again be in active operation.