The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-08-29
Frequent ReaIitiugS Made Rather
Than Big Deals.
PEsSlMIsrS TAKING IN SAIL
loudon rrsSS ReuSJapt TO CopteGr hat
There Is Prospect If Sbipmeat Of
Gold to This CouutrV

b New York. August I-,Sp5cial coyrc>
rcndeGce OF 1hc Asioriaul-rhc partia
reaction in the stock markc, durlng n,
week has not been en.ircly unnatural
Il had been preceded by \ large atvaac,
covering an unpNacoLeated range " is,
suvS, Operators were therefore carrying
an amount of stock far In excess OF
anything experienced for many years pas,
IA condition. which tended 20 expos,
holders 10 attack. The "byNrs." AFTER i
long abstinence, were huAg,rlng Tor a
meal. and not few bulls" were wllllng
10 take their handsome profits while
others who had already done 50 wer,
quite willing TO see. Il not to help. q re-
action. At the same Kline, there Is a
class OF conservative bulls who. while
believing that the market Is destined FOR
4 greater rise, yet eNpec; It TO come step
by step ami through course Of fire.
Quent cautious realzings. THIS class
have some influence upon Wall street
opinion. and they are likely TO Sc, an
effective precedent OF taking fair profits.
which will have its result In chasteufag
an over-sanguine temper. Another factor
which tends TO encourage these frequent
realiEings comes from the great breadth
Of the market WIKI such an enlarged
assortment OF issues as the list now pre-
| se1JS. there are always stocks which
! have no had the average rise: and. when
| prices weaken. those who have pronts
| and buy those neglected shares. In brief,
/ q seems 70 be a rule in stock operations
I that. when the market IS broad one,
/ prices advance more by a zig-Elg move
men, than In a continuous straish. line.
The weather and crop conditions OF
the last TWO weeks have afforded a mo-
tive for pesSimists and timid operators
taking in sail The bears have eXNastr-
aied the tenor Of these reports, and have
made bold ventures On the harest posi-
bihty hat there may De fuldllmsnt Of
the great prospects have been conribu-
ted 10 the late advance In prices. So long
as it is not wholly impossible that there
may b. some disappointment In the cors
crop and a better result OF the foreign
harvests than has besu expected. i; may
be prudent 20 give the bears plenty OF
rope. as the best means OF Protec lng
the interests OF the bulls; indeed. II
seems likely that the next upward spurt
will be mainly stimulated by the over
selling Of the prophets Of crop disasters.
\ few days more will settle these un-
cer.ainties: but there will still remain
those who prefer TO postpone until the
frost line has been passed. So that on
the whole. 1t is not improbable hat We
may have to face brief period OF vac
iIadon. probably eliminating in short
interest large enough TO give another
good upward turn to prices.
Il IS not easy to fully explain the tenn
per OF the London market for our Sc
curtties Il is still sending stocks home
and &, would seem that the supply held
for speculative account mus; he APP
preaching exhaustion After such a suik- |
ing demonstration OF the strength OF the |
home market and OF the certainty Of
sun higher prices in the future, Il is not |
supposable that this realizing arises from |
lack OF confidence IN our market s~n,i- |
ment seems to have much 20 do with the |
movement. E-gland has. at this mo- |
ment, Some rather emphatic grievances |
against US. The tariff is bitter pill, the |
more so because it throws wet blanket |
upon an active revival in the trade OF /
the United Kingdom. The posponement |
by congress Of action on the currency .
question has no doubt intensified the |
English distrust Of our finance a. ts
most sensitive and positive point. secre-
tary Sherman's recent blunt ut,erances,
coming after the famous Cleveland Vene-
zuela message, seem to have deeply
reused the ire Of the London speculator
and The English people, and 90 seriously
does the Eagllshman appear 10 have
taken these matters 70 heart that con-
ceiyably he thinks it prudent TO give
American securities the cold shoulder.
whatever cause may be assigned for |
the British neglect Of our securities, the |
fac, has lisle or 10 perceptible effect |
upon the New York market.
The London press Is reluctant 20 con-
cede that there IS any near prospect OF
the shipmen, Of gold to this country. We
are told tha, our payments for intores,
and dividends. the remittances made on
account Of citizens travelling abroad, the
payments 20 be made On account Of se-
curItle5 now coming home and FOR the |
sugar and wool purchased IN anticipa-
tlon Of the new tariff, win about offset
Europe's unusually large purchases IN |
the Unit II States. No knowledge, how
ever is shown Of the fact that the in
accruing On these several nc
counts-includlnP the large a,iticipatory |
already been settled
for, and that our lrnportatiOns are show
ing large falling Of, while our exports
are greatly exceeding the extraordinary
dimensions Of year ago. Present indi-
cations favor the prospect Of the impor-
tation Of gold setting IN before the close
of the present month and running on
into an unusual aggregate.
HENRY CLEWS.