The evening times., 1899-06-17
cLEws' REVIEW OF TRADE.
Present Conditions Call for Modera-
tiOn and Circumspecti0n.

Present Conditions Call for MOdefa-
tiOn and Circumspecti0n.
New York. June 17.-Henry Clews, in his
weekly financial review, issued today. says:
During the past week, there has been
some recovery in the tone of business on
the Stock Exchange. The Improvement
appears to have been mainly due to the en-
couragement to buying consequent on the
previous drop in prices; the transactions,
however, have not been large, and the
second half OF the week was marked by a
disposition to realize on the few days ad-
vances, with some consequent yielding in
prices. There are plenty of strong believ-
ers in the intrinsic strength Of the mar
ket; but they are cautions against over
loading under certain circumstances in the
situation which are of an unusual nature
and the influence of which cannot be ex-
actly measured.
Undoubtedly, the position is one that
calls for moderation and circumspection
1t is true that the general conditions of ma
tional prosperity which gave rise to the
great advance early in the year still re-
main in their full force and the impression
they produced still has its influence. But
in speculation, IL is impossible to make
the maximum range OF prices perpetual no
matter how much conditions may seem to
favor; and 1t may easily be found that, in
the present position, further decline in
prices will be needed in order to restore
really active buying and fully recuperate
the bull spirit.
AT an earlier stage of the campaign, 1t
was mainly a question of how much the
value OF securities had been enhanced by
the great burst OF national prosperity.
That question was answered by an un-
equaled rise in prices; and now the Ques-
tion has come to be-how far values should
be affected by the important changes in
the supply of securities on the market?
1t is doubtful whether sufficient attention
has been given to the extent to which Sc
curities have been returned from Europe
within late months. One of the morning
papers has made careful enquiries among
seven principal arbitrage houses. as 20 the
extent of that movement from the begin
ming of 1898 to the end of last month. The
lowest estimate OF the market value of the
stocks and bonds returned within that
period, less the amount exported, was
1925, 100000 (nep. and the highest $780,
10000 (neD, the average OF the estimates
showing a net reflux to the amount OF
about s360,000,0OO. This movement,
think, will create some surprise by its ex-
tent and. though only an estimate, yet
figures come from those who have done
arly all the transactions and they there
fore should approach accuracy.
1T is certainly factor of some real i'm
portance that securities. valued at their
market price, at 1850, ,000, 600 have come
upon the market within the last seventeen
months; and the importance of the fact be-
comes all the greater when it is consid-
cred that the Government has within the
same time placed 5000, 1000 900 of its bonds
on the market, making a total new supply
of $3.50, ,O00. 900. The extraordinary plethora
of money in the banks has facilitated the
carrying Of these securities; but it cannot
be assumed that they have yet been digest
ed and found resting place as permanent
investments"