The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-06-16
A Financial Review

Henry Clews has the following to say
in his New York financial review, just to
hand:
Stock exchange interests are in transit
tional state. AS indicated in our advces
of week ago. the larger operators have
lately been doing considerable in the way
OF realizing of profits on the standard
stocks, and that process seems to have
now reached its results in generally
lower range of prices for that grade of Sc
curties. The fancy and lower grade of
stocks, however, which have received little
attention and stood at relatively low prices
during the manipulation of the better class,
are now coming in for their turn in the
game and are being actively dealt in, with
some considerable advances. This is COM
mon routine in Wall street campaigns and
the only question in this instance is, how
long this movement in the cheap list may
continue and how far their prices will be
further advanced?
1t may prove to be of some Importance
that relatively high range of prices is
being reached at the time when operators
are. contemplating their summer vacation,
ana when speculative accounts are apt to
be closed for two or three months. Ord-
narlly high range of prices at this stage
Of the year would be apt to be conducive
to realizing and some reaction in prices.
But present conditions are not entirely or
binary. The "bull'' feeling still runs high
the market is fundamentally strong, and
1t is sustained by an expectation of series
OF successes by our army and navy that
will bring the great boon of peace al COM
paratlvely early day The drift of the war
chimes in with the preponderant "bul''
sentiment, and the two forces working to-
gether may easily keep up the activity of
the stock market through the summer
months.
The high-priced stocks which for some
time past have led the upward movement
have risen beyond a range to make them
inviting to buy for an additional up-turn.
There is no Disgusting the fact that many
OF the large operators through whose eff
forts prices have recently been advanced,
have sold out, and are now more interested
in making lower prices than higher ones to
enable them to load up again
The prospect of an early issue of war
bonds does not escape the attention of OPP
orators; but it excites no misgivngs as
to the course of the stock market. With
such an extraordinary accumulation of
bonds are not likely to perceptibly affect
the ease In the loan market. The treasury
may be trusted not to lock up the proceeds
of its borrowings, but, as usual under like
conditions, it will deposit the receipts in
the national banks until they need to be
drawn against in the ordinary course of the
governments disbursements, and thus the
currency will maintain its normal activity
of movement. Nor is the creation of a large
sum of new investments likely to have any
serious effect upon the prices of stocks.
A considerable portion of the new loan APP
pears likely to go to other countries. and
those taken at home will go to financial in
situations and to q class of investors who
are not accustomend to put their means
into corporate stocks. 1t is quite likely that
the large offers for the bonds and the rela-
lively high prices they will bring may
strengthen the financial markets at large.