The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-16
oLEws' VIEWS.
Wall Street Bankers Opinion OF
the Financial outlook.

NEW Ohk, NOV. l4.-Ine course OF tn0
stock market during tho past week has been
Of character 70 show that, in spite of tho
late dullness, 1t still retains elements OF
vitality which only need the touch OF the
right influences to develop them into lively
activity. The trading of late has been al
most exclusively confined to room profess
sionals, and the persistent stagnancy
tempted the "bearsn into large over selling,
wilhelm London also the pessimists appear to
nave simultaneously fallen into the same
trap, the short sales having in both cases
been encouraged by the magnified accounts
OF the effects OF the recent banking failures
IN Berlin and OF rumored financial dangers
In Paris. When later cables cut down
these European exaggerations to their
proper dimensions, 1t was found that n
mole hill had been magnifed into a noun
tain, and both here aud in London there
was rush among tho "bearsi t. cover
their contracts. The "bullsn were on the
alert, and their opponents have paid
penalty for their temerity which Is likely
TO teach them lesson OF future caution
The promptness with which the situation
was turned against the "bearn side shows
that, although few influential leaders are at
presen fairly In the market, yet they are
close on the edge and maintain sharp out
look for opportunities. To this extent, the
dealings of the past week may be fairly
construed as indicating that selling is be-
coming more hazardous and that the dis
position to buy is beginning to gain.
But while these tests show that the pre-
ponderant feeling OF the market Is with the
bulls" aud that In toe maueuverings for
position preparatory TO the coming CAM
paign the bears" have been put at a rather
serious disadvantage, yet too much must not
be inferred from these symptoms. The re-
suit is a hopeful one for the ultimate future,
but not one that justifes immediate iudis-
oriminate buying. AT present, there IS
unquestionably healthy confidence at the
bottom OF the market, sufficient to protect
prices against important drops; but condi-
tions have not yet ripened into anything
like sanguine buying tone. The events
that may be depended upon to produce such
feeling are not yet due Tor some weeks,
aud it is never either wise or profita-
BILE to anticipate conditions too
far In advance. The result OF such
precipitancy Is always to weary and dis
courage holders, 30 that when the condi-
tons hoped for arrive there is no spirit OF
boom" while holders sell out precipitately
before there is any chance of bringing In an
outside interest, and what might have been
boom" becomes a mere transient squirt,
failure from precipitanoy. Evidently it
Ia the desire of the influential leaders In
speculation to avert such u profitless result
VI SOhNAbACAo WhiSb PAOluAoo W pEOuuCb hh u
later stage an active upward movement,
and they prefer TO restrain the rising tone
until it ultimately asserts itself with the
power OF pent-up force that can be no
longer controlled. That is wise and good
management; 80 far as IL succeeds the pros
poets of the future are frightened; and it is
to the interest of those holding stocks and
those contemplating buying to work in
harmony with this drift.
The failure of the old aud Influential, but.
very venturesome, Maverick bank, through
speculative alliances, was sharp shock 60
confidence, and the consequent withdra wal
of some millions Of money TO Boston caused
considerable changing of loans, with the ef-
feot OF temporary disturbance of therates
for call money. Later in the week 10 was
discovered that the resources of the bank
were not nearly so seriously impaired as
was at first supposed, which had the effect
OF mitigating the unfavorable impression
and restoring the composure Of the money
market. At the same time this event, COM
ing so closely upon the Developments in the
case OF the keystone Bank and the large de-
falcation In q New Orleans bank, hasrudely
shaken whatever coDfidencoin banking may
have arisen from the check on mismanage-
mont provided through official examine
tions. Unless such inspections can be made
more searching they will be regarded as
being as much a snare as protection.
At the moment there Is a distinct revival
OF distrust in European finances. Although
there is some abatement of this outflow Of
gold to this country, yet IL is felt that, with
the inevitable further extraordinary ex-
ports of our grain, this change can be only
temporary. The absence of any improve
ment in the situation OF Argentine finances,
the progress of political dlsintegration In
Brazil and the possible development of un-
favorable conditions In Chilean finance, all
coming upon a very sensitive state of
finance In the European centers, are events
calculated to create distrust and apprehen-
sion. Beyond this the chronic fears for The
maintenance of peace between the great
powers are aggravated TO the point of
acuteness by variety Of symptoms which
show that next spring may too possibly
bring events that will shake the Euro
pean continent TO its center. In such
state of things it would be almost utopian
to put the restoration of confidence across
the Atlantic among the probabilities, If not
the possibilities. of the near future. The
question-how do these prospects bear upon
American securitiesl-has two sides. On
the one hand. the foreign situation is di-
rectly calculated 10 produce a deep distrust
OF European government securities and q
corresponding preference for the better
class of our investments. and this
preference is unmistakably apparent iE the
fact that Americans" have been for some
time the strongest securities in the foreign
markets and that their strength In London
is powerful support to New York prices
But, on the other hand, while all this may
be natural enough so long as there is only
apprehension of coming trouble in Europe.
yet can we calculate upon continuance of
this favorable condition in the event of the
catastrophies now only feared be-
coming actual9 The first eff
feet of widespread trouble would
be a general realizing; and, in that event,
the very fact OF our securities being less ex-
posed to depreciation than others would be
one reason for their being sent home, while
another. equally potent, would be found in
the desire to get our gold. Under these cir
cumstanoes, however helpful to our market
the present attitude OF the foreign markets
may be, that Is feature which cannot be
implicitly depended upon as likely to be
continued indefinitely. Prudent watchers
here are therefore continually straining
their eyes TO detect rising cloud in the
eastern horizon, and they cannot be ediverted
from their nervous outlook so long as they
know how much storm material is ferment-
ing below Jhe financial and political horizon.
The foreign situation, however, is but one
Of many factors affecting the future, and IL
is comparatively small one viewed as an
offset against the great exhilarating in
fiuences arising from the extraordinary
wealth OF our crops.
Russians Visit De Chartres,
PARIS, Nov. 15.-The Grand Duke Alexis
and the Duke OF Leuentenberg have paid q