The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-30
views of Henry CIevvs.

In reviewing the situation in Wall street,
Henry Clews says: The securities mar
kets continue to follow the ZigZag course
which we have foreshadowed as likely to
characterize the current of operations
throughout the summer and into the fall
months. 1t could not we'll be otherwise.
There is no force equal to the task of NOV
ing uninterruptedly upward the great mass
of securities now resting upon the market
or liable to be forthcoming under large
advance in prices. Every practical finan-
Ger knows that to largely raise the prices
of the $40 0OO 100000 of securities represented
on the New York Stock Exchange must
be the work of much more than month
or two. 1t is process that encounters
variety of contradictions. 1t must be ac-
companied with a steady growth OF con-
fidence in the causes that are enhancing
values; and if it goes faster than that
process it will have to contend with the
obstacle of realizing by the investing class;
In the present case the rise has been based
upon hopes rather than accomplished facts;
and though the hopes are unqueStlonaply
we'll founded. yet they have not ne same
inspiriting force as realities. II Is no sLndll
experiment in Wall street maneuVering to
try what can be done in the handling or
such an enormous mass of securities as is
now registered on the New York Stock tx
change The operations cover, more or
less, the following kinds and amounts of
securities. listed on the exchange IN De-
oeiiioei' i0'O' Bonds Stocks.
Railroad issues ....$3. S5l ass, 505 $3,2S'o72'Sl
L. S. government. 9Olol5,4lZ ..........''
Foreign government 3,VUO,OOO ......'.'.''
STATE Bane s sfGckE 49,. -V-'''. eOo227o zoo
Miscellaneous and 1900 -. oo ooo 49,.
special lists ........ 3iLO29,4oS 40, ~ 10y
Gas and electric ............ 1oS' 499 ~
Trust companies 49,. ............ 100000
Coal and iron COM m ,oo -oo
panies 49,. ........ ..........'. So'lVVo"
lily rSad dc surface iaii . 42.6995 800
$500, co,ona MOS ... As 600 900
Land companies ..........'. z''"Vo4 VV
lT ne Sies etc .... 1892 125
City and county is -oo o-o
sues .........'. 1oo'oV'''' '''''''''''
,,.a, ;s,,,oa s5 276 Ss1. 10 $4299 161 292
GUand Total ...... SO, SIG. 023 O02
eft is not easy to compute the amount
of money required as margins TO support
an excited speculation covering tnlS nuse
mass of values And we can observer ,, Uhdy
through the experiment of experience what
amount of such funds is within reach, after
the disturbing and disastrous conditions
that have prevailed for the last TOUR years
Then the bears we have always with us,
and their power is increased IN proportion
as prices rise; and as the market proauehs
the weak spots increase and the points IN
viting attack multiply. We cite these con-
siderations to show that the work OF car
rying up prices generally to the much hlgh-
er figures to which they are destined must
occupy many months rather than tie Few
weeks which oversanguine operators nave
allowed for the performance we may Elk
pect the course of the market to be that
of a rising ZgZag; first an advance ana
then reaction which wipes out part OF II;
then a still higher rise followed by par
tal relapse and so on until the market
eliminates in a top-heavy condition and
topples over of its own weight. 1t would
not be surprising if this process of eleva-
ton takes the next twelve months for its
completion. The most successful way OF
dealing on market of this character is
to take moderate profits and buy in again
upon the next drop.
AT the present time the market is held
in check by the summer absence of an i'm
portant class of operators, and yet the
daily transactions average about 43O0 900
shares. There is still sufficient uncertainty
about the corn crop to encourage the bears
to indulge in wild stories of disaster TO
that grain. which influence people who
know nothing about the facts. The pes
simist element find satisfaction also in the
continued sales of London on this market,
resulting from the growing firmness in the
money market there and the apprehension
of shipments of gold to New York. These
realizings however. produce no serious i'm
preston on prices here, though they con-
tribute towards deferring the beginning of
gold imports On the other hand London
orders to buy are heg min to o., appear,
the London market.
The market has yet to receive it's main
stimulus cit has risen so far upon antici-
pations When we witness the realization
in uniform large increases of earnings
among the railroads; when the swelling of
on dollar wheat has told its tale in the dis
tributing markets; when the increased de-
mand for goods begins to advance CONNER
cial values, when our enormous cotton crop
reaches the stage of marketing and when
another large surplus of exports over i'm
ports brings a free importation of gold.
then we shall have the force of things seen
in place of the hope of things unseen, and
Wall street will witness such a harvest as
ii has not seen for many years past A few
weeks more will land us in that stage of
the great recovery. which, however is not
to be expected to exhaust the upward ten
dency of prices
Saturdays Bank CIearinGs.
At St. Louis-Clearings. 81. 1856 1872; balances
$622 13l.
At MISUNDERSTANDING. sl97 $685. balances.
Af Cincinnati-C Iearings 81 4n4 $50