The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-12-21
BANKER CL Ews' VIEWS
What He Has to Say About the Finen-
cial Outlook From Wall Street.

cial Outlook From Wall Street.
New York, Dec. 10.-The stock market
is following tho course which our late ad-
vices have foreshadowed as likely to be ex-
perienced during the closing weeks OF the
year. Although almost every condition
and influence favors the value of 80 surities,
the speculative business is very moderate,
and on the surface affairs have the appear
ance Of holiday. This Is easily enough ex-
piained when IL is remembered that oper-
ators are always disposed to post
pone transactions in the near pros
pect Of Christmas festivities. Under
the surface, however, the feels
ing does not at ell correspond to this out.
ward expression. Under a quiet exterior
there is the throbbing OF great expectations
and impanence for the beginning of the
promised active campaign. The exceptions
10 tnls rule are an unhappy minority
among the room-traders, who have put
themselves In a condition to be very un-
comfortably squeezed on 'shortp contracts
and are eagerly watching for an opportunity
to escape from their dilemma. Should they
much longer defer covering their sales 10 Is
NOS unlikely they may enjoy the honor of
being conspicuous contributors to the open
Ing or a campaign that win afford them
mournful evidence OF their late pessimistic
blunders
1t is said that the unexpected always
happens; 1t would be disappointing il the
converse were equally true, that the ex-
peoted never happens; for there has rarely
been a more general agreement Of opinion
as to the probable course OF the market.
The commission houses are unanimous In
IN their expectation Of general rise in
prices; and 1t would be diflcult to find any
reasons worth considering for anticipating
anything different. One Of the best features
OF the market is the self-re Itraint of the
larger operators. Although having quietly
laid-up stocks. yet they hold back from
active operations until the effects Of the
large crops become moro general and more
conspicuous, and until the setting-in of
the influences that usually attend
the large January disbursements of interest
ana dividends Among the current good
symptoms ara the increasing demand for
railroad bonds and the consequent rise In
their value; the good buying Of the gram
gers and the dividend-payers generally; the
continued rise In the VanderbAts under ru-
mors OF extra dividends; the renewal OF
confidence in Rock Island, and the more
active buying Of Northern Pacific which
has 80 long been weak spot In the market.
Bank Of England day reflected an improv-
ing condition of affairs at London. the
bank reserve showing gain and suggesting
an early reduction Of the rate az intarest
oil OF which Implies some da0ree OF rscovI
cry at the continental oentars
There has been a lack of diaturb,no no.
litical news from Europe during the veal
with the small exception Of the iittle afFeir
between France and Bulgaria, which will
probably prove to be harmless rionla
Whatever differences NAV lie beneath the
surface of European politics. A seems 10
suit the purpose of ali parties 20 conosal
their belligerenoy so long as thew oan-
not afford to indulge 1t. and espe.
cially the two powers supposed 10 be
most disposed to make trouble. For the
moment new and interesting experiment
occupies continental statesmen-an ATTEMPT
to bind certain nations to peace through
bonds of commercial interest. aud TO coerca
others into order through punitive trade
Determinations. There is some reason TO
hope that Germany's new game Of trade
treaties may at least temporarily put a
check upon hostile tendencies: and this hone
is worth something as a means OF restoring
financial confidence on the continent. New
ertheless, for the time being. there ia no ma
terial change In the tone of the foreign mar.
kets in respect TO American investments.
We are now verglnR ON the BEGINNING Of
the forwarding of the large corn crop. which
will bring 70 an important Qruup of rail