The evening times., 1899-09-02
PROSPERITY AND STOCKS.
Henry CIews' Analysis of the Market
SituatiOu.

NEW YORK. Sept. 2.-Henry Clews, in
his letter issued today, says of financial
conditions that this market is Of course
sensitive to foreign affairs and must always
remain so in these days of close COM
merciaI and financial interdependence; yet
were war to happen between England and
the Transyaal il would find this country
far better able to take care of its finances
than usual; and no one anticipates that
any flood of American securities could be
returned TO US, for the simple reason that
the available supply over there has been
so greatly reduced by shipments TO the
United States during the last two or three
years. Any important declines in London
would bring out eager buying on this side
of the Atlantic.
The general tone of the local market
continues good. Confidence in broader
and more active market during the au-
tuml is almost universal. This of course
is based upon the extraordinary wave OF
prosperity which extends over the whole
country, and which as yet shows no signs
of having spent its force. The iron and
kindred industries are making a wonderful
record; our whole history fails to show
a parallel. Raw materials, such as pig
iron, "copper" and tin. show advances from
Finished products of course show no such
rise: but in many instances price is a sec
ondary condition with buyers; delivery be-
ing the main want. So far, high prices
do not seem TO have checked business and
there has been a remarkable absence of
speculative buying. Later on these condi-
tions must check purchases and defer re-
pairs, improvements, and new enterprises
until values recede to a normal basis; but
hsE EHn -f Ef,...
reached Until il approaches we are not
likely TO witness any important recession
in the stock market.
Railroad earnings continue making sat-
isfactory gains, giving rise to all sorts of
hopes regarding increased dividends Some
of these are likely 10 meet with disappo.n NJ
ment; for present conditions mean increas-
ed costs in operating that will materially
modify unreasonable expectations. lit
tie skepticism regarding dividend rumors
will do no harm. Some of the best railroad
stocks are held at prices that offer slight
chances for further profits. AS already in
timated in these advices, however, there
are a number of low-priced issues of re-
organized properties which had been more
or less neglected and which must show
large appreciation as they approach from
a nom dividend 10 a dividend pavlng basis
The market is likely to have the support
of big operators for some weezS 10 come;
and these return from summer resorts
dealings will be resumed with greater ac-
tivity. Comparatively little attention is
being paid TO crop reports IT is certain,
However, that we shall have Sufficient
wheat and corn for home and foreign
wants; and that our farmers will obtain
reasonably good prices for their crops.
Prosperity is shining upon the fields of
the West as well as upon the mills OF the
Fast.
Bank statement is not likely to be a good
one, nor is there likely to be any increase
in the bank reserves during the month of
| September, for the reason that it is the
principal crop-moving month of the year,
and money, therefore, is more liable to
be drawn from this centre than returned
to il from the various sections of the coun-
| try. What will make the bank statement
worse than otherwise is the payment which
was made to the Government by the City
Bank for the purchase of the Custom
House, the amount being S3,265.00