The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1897-12-04
SPECULATIVE MARKET.
1t Is Dull at Present but With Healthy
UndertOne.

1t Is Dull at Present but With a Healthy
UndertOne.
The circular OF Henry Clews says under date of
New York, November 27: The market for Sc
cUrities retains the same general features we
have had 10 note for recent weeks except that the
volHme of transactions has fallen still lower Out
side speculative operations have become almost
insignificant and transactions are mainly con-
fined TO operations for fractional profits by room
traders there is, however, class of Conserva-
tive operator, who discriminatory follow closely
good features in particular stocks which. gives n
certain degree OF healthy interest TO the market.
The purely specula i've stocks, however are
neglected, owing to the prevailing disposition TO
svOid risky ventures.
.l'he purely speculative spirit is at low ebb
and very naturally so. such a reaction as we have
lately experienced makes the most sangune sober
and tinid- All great and su iden rises are largely
simulated by tue feebler and ess experienced
operators Their confidence rises in proportion as
prices advance, End when the more prudent have
realized AT q profit and the whole weight of the
nrarSet rests these lighter supports, they rush
from the extreme OF sanguine expectation to that
ofutteF disappointment and distIust; and, worse
still. their means are dispersed and they are no
longtr.a bu Ting factor in the market.
alt is years since SO many OF this class of
operators were on the marke; as during the re
cen{ rise; ihev we're the main element IN the ad-
vance, and their absence inaoiity now constl-
tutes p mar. cause Of the prevai.ings tagnancy.
y matter now cheap STOCKS may De AT the pres
ent range of values nor how lar-e the earnings OF
the rail- Dads, nor how encouraging the condition
and: general outlook of business in eresis nor
all this amounts TO little iOugas the market
lAcks the v.uguard II the mass Of SanguIne minor
oIrefators " no a wavs take the lead in starting
bOoms: he IAr4er opera ors await their lead, be-
Cause thev value their cooperation and do lot
care to 0uy until they see in the markets class
on HON they may be abe TO sell out.
with the large mass of stocks placed on the
rDaTkrt during he recent izings OF railroad
caPg alsts The larger operators likely to stand
aIoCf Until they see some new elements OF Specu-
la.ive vitality D the marlet With them good
conditions not The. only prerequisite buying;
they want the cO-ope a. ion of q class who Will
heip them in advancing prices Apparently. there
ar :f:w now remaini IN the marker of nose
who: performed that service during the late rise
a new set OF outside buyers Is needed and it is a
matter Of cont ,cture as 10 when that contingent
may be eXpec ed in the field
TO permanent Investors, the market presents
probably about as low a range OF prices we are
likely. to see fog some time. such to defer
PURCHASES Wou be TO face a probaoil ~ that, at
la.er age: higher prices wi have TO b. paid.
Speculative purchases, If made on drops ford a
fir chance foc m derate gains ON the principle of
small prefsS and quicI returns. Such operations
are d ,;ter suited to the present position of the
market than large purchases and long holdings"