The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-23

We have omitted from this comparison
the stocks of the coal roads and coal COM
pantes, because they have been for ced up 10
fancy prices by notably artificial arrange
ments. But the twenty-one active railroad
stocks here cited show that, instead of their
being helped by the rosperous influences
that have benefited trade at large through
out the past ear. they were selling at the
close OF le92 at an average of nine points
below opening figures Of the year. This
fact largely explains the firmness with
which stocks have been and are still held
and, at the same time, IL affords reason
why prices should be expected to rule
higher.
The strengthening tone OF the stock mar
Ret Il also helped by the appearances that
the export movement in gold will soon ex-
haust; itself and the "street" is disposed TO
the opinion that we have about reached the
elimination of the extraordinary shipments
OF that metal. Four important circum-
stances seem to distinctly favor that view.
ID The probability Of the government sus-
pending purchases Of silver fAvors the ces-
sation OF the return Of our securities from
Europe and may quite possibly create new
demand for them from English investors.
Indeed, for some weeks past this
tendency has been quite conspicu-
largely exceeded the amounts returned. q
The dangerously unsettled state uf French
politics and the remarkable declarations of
the German chancellor in giving his rea-
IONS for an enlargement of the imperial
army, are both calculated to uusettle con-
fidence in wide range OF European in est
ments, which would naturally have the eff
feet OF improving the demand for Ameri-
can securities. ~ Again; the prospect
OF the reduction OF duties upon a wide range
or our imports is calculated to restrict
our foreign purchases of such articles until
the change in the duties takes effect, which
will probably not be earlier than eighteen
months hence. This tendency will be likely
TO give us healthier condition Of our for
eign trade balance through 1898 than ex-
ltted In 1892 ~ And again, the accumula-
tons OF gold in Europe within the past
year have been so large that it Is hardly
likely the movement will be further en-
couraged. The seven great national banks
OF Europe now hold Sl00,0 900 900 more gold
than they did a year ako, of which only
81, OOO, 600 has gone toward the monetary
preparations of Austria Hungary, showing
thai these institutions are carrying very
unusually large cash balances, and consid-
ering that prevailing rates of interest are
exceptionally low and that business is ev-
erywhere depressed and home investments
In a measure disoredited. 1t seems more rea-
sonable to expect that these idle funds will
seek outside employment than that they
will be Intentionally augmented.
Concurrently with these probabilities of
a more favorable course OF the gold move-
ment, after next Saturdays shipments,
there is the usual large reiux of currency
from the interior incident to this season of
the year. The prospect thus favors an ease
in the local money market from this time
forward, and the fact is producing q dis
position among lenders to put out their
funds more freely on time loans, which is
calculated to encourage the upward
tendency in the prices for securities.
Thus the leading factors affecting the
stock market appear to be distinctly favor
able to an improvement in values, and
purchases of good stocks at current prices
are likely to yield profit, but, in view of
uncertainties that nevertheless attend the
situation, we advise taking profits OCCASION
ally on the pronounced bulges, so as to be
in position to buy in again on tina setbacks.