The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-04-27
a BOOMING MARKET.
Stocks Beginning TO Move Upward
ana Business showing More Life.

ana Business showing More Life.
NEw YoRK, April 26.-At last, the antici-
patod "bulln campaign in the stock market,
says Banker Henry Clews, appears TO have
fairly set in. For several weeks past there
has been a more or less general feeling that
the prices OF securities were ranging below
tneir intrinsic value; but various crcum-
stances have ariseR ono after another TO
prevent that conviction from developing in
10 concerted movement for a rise. First
there was the distrust entailed by tho after
effects OF the panic of last fall. Then, that
lack Of confidence was intensified and pro-
longed by tho dangerous position OF banks
and bankers at tho European centres,
growing out of tho financial complica-
tions in Brazil and IN the Argentine Re
public, which even at present has not en-
tirey disappeared. Next, this condition of
European huanoes has induced the national
banks of England and the Continent TO
strengthen their position, as far as possible,
by the accumulation Of specie; which has
caused app ehensions Of a drain upon our
stock OF tue precious metals, and ha, act
ually caused about $1,000 900 OF gold 20 he
shipped from this port within the last five
weeks, corrospondingly reducing the re-
serves Of the New York banks. And,
again, during the current month, we have
had 10 meet the return OF securities from
London, the usual Withdrawals OF currency
to the country banks, aud the selling OF
large amounts OF certain prominent stocks
for reasons not understood.
Iu spite Of these depressing influences so
persistently maintained, the market value
Of securities has been steadily maintained (;
and now that tho causes Of depression have
disappeared or lost their influence, the con-
cluslon is very general that the time has
come for legitimate bull" market. There
is more, however, than the di diappearance of
unfavorable conditions. New conditions Of
more than usually encouraging nature
have come into play. The country has the
promise OF u harvest OF moro than ordinary
abuLd dance, concurrently with poor crops Ia
other Countries, which suggests the proba-
biity Of a large export of cereals at high
prices. This means a year Of unusual pros
perlty for the agricultural west and
consequent laoge traffic for the rail-
ronds. 10 is also becoming evident
that last years. cotton crop has been
estimated far below It's actual extent 80
that very unusual surplus may have to be
carried over into the next season, which
implies prosperity at the south also. An
| exceptionally good harvest will mean the
| liquidation of farm mortgages, the proceeds
OF " hioh may DO expected TO seek employ
ment in securities which find their market
IN Wall street. Already these prospects are
Of trade at large. The merchandise markets
generally are doing a healthy and steadily
| Increasing business, and the iron trade 1.-THE
| best barometer of business) shows a marked
| Improvement In demand for all its products.
A set Of conditions like these is legti-
mntely calculated 10 have favorable
| effect upon the prices of securities. That
| would ordinarily be the effect even were
| prices relatively higher; but when prices
range moderately low, rs they do at present
continued advance movement becomes
! almost Irresistible. We hnve now q clear
| prospect before us extending over a long
| period. Such crises as happened last fall
| come but once in ton years, and there's
| fore set-backs OF that character are
not to be reckoned as among the pos
sibllities Of the next few years. Tho weak
spots in the financial machinery have been
te3ted and repaired, and for some years TO
come we may expect a steady expansion OF
| business at large upon "a vigorous and sound
basis. 1t is, therefore, reasonably iufer.
| able that any investments made upon the
| present valuation Of securities viii be re-
warded by a rise in price. This prospect
appeals not only to purchasers of transient
holding, but equally to permanent invest
| ors, and the current buying comes in nc
| small measure from the latter class.
For these reasons, ] regard the present
| improved spirit OF the market as the begin
ming Of buying movement that is likely t.
10 contnued--with the usual intervals oi
| huctuation-until higher range Of values
is reached The obstructive tactics Of the
room traders are matter Of small amount
against such "bull" feeling as Is now set.
ting in, and the small "bsars" already ex-
hibit a conservative caution. The "outside'
| element, so long absent, has taken possession
| Of the market with a force that warns
room" operators 10 stand aside until the
buying movement has exposed itself by
eXcesses