The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-08-03
BANKER CLBws' VIEWS.
What Ee Has to Say About the Finan-
Cial Outlook.


oial Outlook.
/ NEW YORK, Aug. THE course of spec
uatiol at the stock exchange has developed
some new phases. Wearied Of the protrauted
dulness, the "bears" made bold dash on
the "buil" position on Monday, with the re-
suit Of a break of l to points in the specu-
lative list The day following reprisals vera
forthcoming from the "buls, " with the ad-
vantage OF recovery Of the previous DAYS
lost ground. The victors, however, at the
same time lost Whatever strength the
previously OversOld condition OF the
market had conferred on their
side, and fresh selling movement on
| thursday produced q relapse In prices to
about the level touched under MONDAYS at
tack. During the remainder Of the week
the contest was Kept up with diminishing
! interest, but with the balance Of advantage
inclining to the "bears.n These operations
were confined mostly TO the "room traders"
among whom the disposition to sell decid-
! edly preponderateS. The bull" element Is
dormant for the time being, regarding the
situation as unpropitious at the moment for
active operations, but at the same time re-
tanning confidence in their position, and APP
pear both ready and able to interpose ef-
fectivey against any room attempts to Sc
| riously depress prices
| This partial revival of activity will do
good as test of the disposition and true
condition of the market, and was probably
started as feeler in prospect OF future oon-
templated plans. Some, however, seem to
think that the present stage is not favorable
10 the development OF any radical move
ment In either one direction or the other.
The bulls certainly do not find in the
situation of the moment any points strongly
favoring rise; and yet supposed pos
slbilitte3 of an improvement in the
spirit OF affairs at later stage
seem to encourage many OF them to hold TO
their st cks tenaciously. The bears
while disposed to make the nj 5st Of the spirit
OF hesitancy that is now holding everything
in suspense on both sides the Atlantic. vet
know that many lines of stocks are held by
determined parties and are cautious about
venturing on extensive commitments on the
short" side; aud thus both sides to spect-
lation evenly counterbaance each other for
she moment, which acts as "A safety valve
| TO the situation,
80 much for what appears TO be the our
rent market estimate OF affairs in Wall
street. My own judgment ia not entirely
| TO the same effect. The immediate praoti-
cal question is not whether the current
market value of stocks reflects their real
intrinsic value, but whether the general
conditions now affecting the market are
compatible with the maintenance of current
prices And on that question my judgment
inclines to the negative. In the first place.
the patience aud endurance of holders of
stocks have been tested to close upon the
breaking point. and there is no reeupera-
ting element within ready sight
In the next place, the "bearr
element Is becoming bolder, and we have
not yet seen what could he accomplished by
the large professional sellers who attack
the market by sales Of tens of thousands OF
IGiNa A 4.
the prospects OF the corn crop have become
beclouded by the protracted cold weather in
the corn belt, coming upon the lateness of
the crop. This is very important matter
as affecting not only the tonnage of the
railroads, but also the results Of the harvest
to the farming interest and to all CONNER
cially dependent thereon. And again,
the SYMPTOMS in political circles indicate that
| the silver question, so far from having
been finally disposed of by last session of
congress, IS likely to be forced into the
coming presidential election as one Of its
most conspicuous issues, than which moth
ing could be more threatening to at least
the foreign estimates OF such Of our irvest-
ments as are not specially gold-bearing
| Yet further, it cannot be regarded as cef-
tain whether we have ceased 20 be liable Co
| export gold, no less than two millions hav-
ing been sent out last week, with posi-
bility that. in the event of new trouble at
the European capitals. new drains might be
made upon us. Nor is it to be over
looked that, although no new financial
| disasters are occurring abroad and cali
money there is superabundant, yet money
on time is put out with extreme caution,
owing to q vague fear that further troubles
may arise some time during the next few
weeks. And finally, although call loans
rule very low here and the reserves of the
New York banks are about three times the
amount they wore at this date in 1890 or
| 1889. yet IN the absence Of anv ability of
the treasury to afford help to the market If
needed, that factor is not sufficient to afford
certain protection against stringency as the
fall advances
These are not assuring circumstance
They have not yet been allowed to have
their full effect upon prices, although they
are largely responsible for the past utter
stagnation Of the stock market: and it would
be folly to assume that they cannot have a
depressing effect on prices now or at later
stage.