The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-12-07
sANKss CLEws' VIEWS.
What . Wall street Man Has TO Say
OF the Financia. situation.

What = Wall street Man Has to Say
OF the Financial situation.
Nxw YORK, Disc 5.-Again a week OF
marked dullneSs and some weakness of
prices On the stock exchange. And yet,
along with this. there are no conditions
that can be considered suf-
Gent to account for this state Of
things The London market, which in
certain sense may be said TO be a branch of
ours, has shown q healthful and, according
70 dispatches even cheerful" tone, and
is only waiting for the signal from this
side to start up an active "bulln movement
aud yet this attitude has no encouraging
effect on New York. The Bank of England
is rapidly increasing its reserve and is ex-
pected to soon reduce its rate Of discount to
8 or 3 per cent. The continental bourses
ha re shown a marked recovery Of conf
dence; and at Paris, Berlin, Madrid and
Vienna there is no longer any apprehension
OF financial trouble. Following the visit OF
NJ. de Giers to the governments of France,
Germany and Italy there is cessation of
disquieting political rumors. and hopes are
entertained that some way has been found
of establishing, at least for the time being.
more harmonious relations among the
divided powers.
All this improvement in the financial and
political affairs Of Europe, it would seem,
ought TO be attended with some response in
the markets; and in the foreign markets
there really has been a marked recovery
in the prices of nearly all securities except
American; but they have remained station
ary, because New York has been neither
active nor buoyant On this side the At
lantic the influential factors have been
favorable to securities, whether viewed
from aa investment or a speculative stand
point. The banks are still increasing their
ploy their funds on time engagements. New
enterprises are being floated, and appar-
emily with success. The railroads show in
crossing earnings, both gross and net; and
yet they have received only comparatively
small percentage of the years agricultural
product. The fall trade, which has been
held back by the exceptional mildness OF
the season, now shows clear symptoms of a
very active demand for goods for the re-
mainder OF the season; and accounts from
the interior leave no room to doubt that all
the reviving effects of our great crops That
have been hoped for are to be forthcoming.
What reasons then are to be assigned for
the partially reactionary spirit that just now
prevails in the stock marketl On the sur
face, nothin z can be discovered beyond the
failure Of Field Lindley, Wiechers & Co..
and that, IL must be admitted, is an event
which, if not from its intrinsic Importance,
yet from its possible involvement Of mem
bers OF the exchange, and its connections
with the sensitive issues OF the Union
Pacific, as well as from its sensational
features, was calculated to arrest buying, if
not also to encourage selling. The occurrence
was a godsend to the bears" who had
largely oversold the market and needed
pretense for attacking prices; and their
consequent activity, together with THE
check upon buying, has been perhaps the
main element in producing the disappoint-
ing market Of the past week.
A stage of the year has now been reached
when in spite Of favorable conditions the
market is not usually responsive to move
ments for advancing prices. In three weeks
we shall be in the midst Of the diverting up
influences of the chief holidays of the year.
The period of taking stock, making annual
accounts, providing for interest settle
ments and making variety of annual
lquidations is not the time for
initiating q speculative campaign; aud
therefore, Whatever may be thought
of the legitimacy Of a rise in stock veiues
corresponding to the many-stded stimulus
that now bears upon the stock market, IL Is
not to be supposed that any important move
nent of that character is likely to appear
until near the close of the year or at the
beginning of 1892. During that interval we
may possibly witness some irregulariuy in
the market. The "bears" will need 60 exert
all their skill and power to extricate them
selves from their large 'short" commit
ments; and such temporary successes as
they may have will afford oppor-
tunities for buying. On the
other hand, it seems quite pree-
able that outside happenings may prepon-
| derate on the favorable side. The inprov-
ing tendency OF affairs In the interior and
In Europe, the effect of the crops upon rail-
road earnings, the growth Of ease in money.
and the return of gold from Europe are in
fluences that are likely to continue TO
further develop throughout December
which may be expected to steadily prepare
the way for a later movement toward
higher prices, which it seems to be very
generally conceded would then be legiti-
mately due and likely to occur.