The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-06-13
BANKER CLBWs' VIEWS.
The Financial Outlook as Seen From
Wall Street.

The Financial Outlook as Seen From
Wall Street.
NEW YORK, June 11.-Business at the
stock exchange continues to drift without
any fixed direction. One day the "bears"
are in control; the next the "bulls" turn to
account the shorts" contracted by their
opponents; and thus see-saw movement is
kept up without much change In the gen.
eral range of prices. Both sides are waiting
for something to turn up; but
that something proves to be of
such small influence as to barely
provide the days salt of the room operators.
Among the long list of securities represented
on the board, there are some half-dozen
which are subject to special transient con-
ditions, such as Chicago. Burlington and
Quincy, st. Paul, Rock Island, Louisville
and Nashville, Reading and Northern
Pacific preferred, and these absorb all the
interest of operators and furnish nine.
tenths OF the current transactions.
This lassitude is not due to any lack of
confidence, nor of either means or DISPOSE
ton to operate. II it were the ''bears"
would not show their present caution about
overselling the market. The mildness of
| the "bear" tactics is evidence of the in
| trinstc strength Of the general situation and
OF the reserved power OF the bulls" At
the moment the policy of the latter seems
| to be TO give ample rope to the bears" with
a view to catching them on short contracts,
| but their contemplated victims are willy
and on the alert and although the market
| is freely oversold, no "cornering" has been
| found possible. There can be no doubt that
the various proceedings in the courts
| against the Reading combination and the
strong commercial feeling against that cor
| poration and industrial monopolies gener-
| ally has introduced an unsettled feeling
respecting wide range of interests which
have sought to protect themselves through
neutralizing natural competition. This
| feature is not likely to be soon eradicated,
| for it is the echo OF a broad and powerful
drift OF public opinion, which is likely to
| eliminate In exciting political issues and in
legislation which may affect many hun
dreds Of millions OF corporate capital repre-
| sented on the stock exchange. The present
attitude of Wall street toward this factor of
the situation is expeotant rather than posi-
tive, but it is likely togradually gain in i'm
portance rather than decline. The Rock Isl
and amalgamation, the large financial opera
| ton of the Atchison and Topeka, and the
still unsettled fate of the Richmond Termi-
| nal are matters that affect quite wide
range OF securities and keep large aggre-
gate of Investments in the dubious position of
"open questions" These things help to keep
Wall street 10 waiting posture in which it
has now for some time held itself. The
failure of the New Oriental Bank OF Lon
don, with about 1856, 100000 of liabilities,
though it has not yet had any conspicuous
effect on this market, simply because the
| supply of our securities in London happens
to be at the moment exceptionally light, is
not without its indirect insgnificance. The
failure is attributed principally TO the de-
| cline in silver, and IS therefore very SUCCESS
tive as to the extent to which the position
of silver may have affected other British
banks and also the weighty Manches-
n sNaall zI,.,A
upon the great silver-using countries
of Asia. If it should turn
out that the fall in silver is really the cause
of this failure, the fact must be construed as
throwing really startling light upon the
extent to which eastern tradsand finance
has been injured from the great monetary
i depreciation in that quarter of the world !;
and, coming at the moment when the inter-
national conference is about to assemble for
considering that question, it is calculated to
bespeak a much more serious consideration
of the proposals for International free coin.
age than that policy might otherwise
receive. To that extent, this suspension of
the Oriental issuggestive of CLEAN of hope
for the future of silver in this country
while, as matters now look, it does not
threaten to injuriously affect our securities
abroad, for in London the western and east
ern departments Of investment are very dis
! tinctlY separated.
| The foregoing must be classed as second
airy factors influencing the tone of the
market, and all that need be said Of them
is that, while they keep a considerable
amount of securities in suspense. yet their
combined effect can hardly be considered as
at all controlling. The chief interest centers
in the still undetermined prospects of the
crops. 1t is difficult to form any even ap-
proximate estimate of the probable
outcome of any Of the agricultural
crops. This stage of uncertainty affords an
| fsNN--. ,t..vs
contradictory reports are furnished to pro-
mote the ends of the operators. As to cot
ton, some information is forthcoming de.
serving Of consideration. The report of the
department OF agriculture estimates the
acreage as 1879 per cent. below that of last
| year. which suggests q more hopeful pros
pect for the south than has been entertained.
The governments weekly crop bulletin
! reports the condition of this crop as dis
tinctly good IN every state but Arkansas
AS to the prospects of cereals, the
past weeks weather has somewhat improved
the outlook. Reports suggest no doubt as to
the chances for spring wheat Winter
wheat is doing better in large sections, bit
from some points the reports indicate hurry
from excessive rains and moisture; on the
whole, however, 1t is still premature to
venture on any comparative figures though
a fair crop cannot be said to rank outside
the probabilities. With respect to corn the
chief uncertainty seems to be about the ex-
tent of the acreage, with c0nsi 1erable prob
ability that it may fall materially below
that of last year. The past week has shown
a general return of fine growing weather
throughout the cereal belt, which, if con-
tinued, may finally bring good results out
of a protractsd bleak prospect.
So long as these crop conditions remain
; uncertain Wall street may be expected TO
continue timid. Fluctuations will be fire.
quent, if not important, and they are what
| nj i'm OF IN fhair
deals rather than to buy for permanent
t holding.
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