The times., 1897-08-15
ws saws in his weekly letter.

clews says in his weekly letter:
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 to 80 different securities are
now dealt in on the exchange in the same
day-a fact Certainly unparalleled In the
history Of Wall street sIecula tions. This
exhibition OF breadth may perhaps be at
trihuted principally to the fact that, since
] $50. OF chiefly during the great iepres-
sion, the stock exchange has added no less
than S1,7S0 000 eco CT new securities TO
its list exclusive Of the reissues of old,
which have amounted to 81 ,S6 j, 900 000).
This very large increase in the variety
and amount OF securities subject 10 handling
is deserving OF attention. One obvious ef-
feet is TO afford increased attractions to
bothinvestOrs and Spectators. Theamount
OF Investments now represented ON the New
York stock Exchange probably far eX-
ceedS that dealt in on any bourse Of the
world, possibly excepting that OF London.
Now that ii is subject TO a great awaken
ing Of interest and 70 large recovery in
value, this market must nlake its infIu
ence felt as il never has before, and must
appeal to foreign investors with an effect
hitherto unknown. To move this great
mass of securities, however, makes cor
respondiugly increased demand upon float
ing capital whether for the purposes Of
purchase or of margins OH speculative ac-
counts 1t remains 10 be seen TO what ex-
tent such funds win be forthcoming
Upon thar condition much must depend
as to the future course of the market
Certainly. there must be some coIresp pom
dence between the amount OF means avail
I, bic and the sum of securities TO be moved
IN the present situation, that is especially
true. For the case is not one in which some
special or restricted set OF securities are
offering tempting inducements for pur-
chase: II is a case in which nearly every
thing on the Exchange list may De regard
cd as an exceptionally profitable purchase.
1t Is, in this sense, an opportunity for in
vestment and speculative profits such as
has never before occurred in the history of
the Exchange, whether we Consider the
breadth of the supply or the relative low
ness Of prices.
In proportions as transactions are widely
dffused over the list, there win be less in
tenstty Of activity and forcing OF prices
on certain securities That wonId tend to
same time to prolong it, and the result would
lie that tie maximum range of prices would
be reached at a Later stage do not ven
ture any prophecy on this point Yet the
way in which the market $ now acting
seems to Indicate a tendency in this di-
rection
THE whole commercial aud financial drift
OF the country is moving parallel with the
recovery in the investment markets The
railroad earnings tell the whole story of
business revival. The interior roads are
showing increases OF earnings ranging from
. Co 90 per cent; and yet the improvement
is only in its beginnings. Some doubt has
come over the corn crop in certain sec
tions; but the wheat yield may be safely
calculated at 500 100000 bushels. The
| movement of iron ore at the West is un =
precetlentedin in quantity; which shows what
may be expected from the trade that
/ serves as the barometer for all other trades.
| THIS is the view taken by every big
| anu little critic of the market from the
outlook that the Republican Mckinley pros
| perity people get. 1t is undoubtedly right
| to the extent that advances must come
when the whole speculative public is buy
! ing. Anybody Will agree with this: the
only difference of opinion comes in an
| alyZing the reasons for this buying, and
| in looking for i ts end and what is to come
| after