The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-15
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

New York, Oct 13.-The stock market
as yet shows no signs of violent change
either for better or worse, notwithstand-
ing the professionals" are likely to re-
main in control, in the absence of fresh
features calculated to attract a substan-
tial demand from the public. The in
dustrlal properties continue to absorb
more than their share of attention, and
still form the disturbing element in the
market, inasmuch as they are destroyers
of confidence, and are causing other Sc
curities to suffer unnecessarily, and with
out special reason. There are but few
unfavorable situations, however, out of
which do not come some good result,
and this one is not likely to be an ex-
cepton, as in the end il will tend toward
a revulsion of feeling which will place the
industrials in the background, and spec
ulative favoritism will once more be with
the good railroad stocks The movement
has been worked" for nearly all it is
worth in connection with the former class
of securities, and the tremendous losses
which outsiders have suffered as a result
of insiders manipulation are undoubted-
ly going to prove a lesson not easily for
gotten, and one which will naturally turn
the current of speculation away from
manipulated stocks and toward secur-
ties the movements of which are gov
erned by natural causes and not by the
Vaccinations of a few men. The stu
alton of the railroads is encouraging as
far as the outlook is concerned, and al
though their present condition is not all
that could be desired or may be expected
later on, it is at least a guarantee of bet
ter things to come; and earnings are good
when the general condition of business
throughout the country is considered
1t must be remembered that railroad
returns now are being compared with
those of a particularly prosperous period
when the bulk of the worlds fair bust
ness was being done. When they are
compared with the ordinary traffic re-
turns, the showing is not so poor after
all; and with the habits of economy now
being so well learned, the prospect for
a marked Improvement in net receipts is
good when the general business situation
begins to mend with more rapidity, as
soon it will. The Granger" stocks have
suffered for long time on the prospect
of small corn crop this year; but this
idea has undoubtedly been carried too
far, as present Indications certainly point
to the prospect of considerably larger
yield than at first expected. The Wash
ington agricultural report issued on the
10th instant, shows that wheat and corn
had Increased over their estimate of
last month and information from private
sources from almost every direction is
to the effect that the crops this year are
! much underestlmated by the government
| All these form another reason why an i'm
| proyement may be looked for later on,
! for when a stock or class Of stocks is
! unduly depressed, a reaction is natural
| when the cause for the depression is
removed or discovered to be principally
the result OF error. II has always been
! n practical impOssibilty to induce the
public to buy stocks when they are away
| down; but after the range Of prices has
| advanced TO considerable extent, out
/ siders begin TO buy.
The thing TO do s to purchase while
/ It can be done at low prices and before a
! growing demand has advanced values
] This ought 20 be a good time TO buy prop
! critics which enjoy confidence with the
/ idea of putting them away and holding
! them for few months at least, by which
| time the prices for all good securities
| will in all probability reach a much
| higher level London, though for some
| time past having shown a much more
/ marked degree of confidence in American
railways, is at present doing a little luui-
! dation, as a result principally Of the
| slight fear Of political disturbances.
/ Should this continue, IT may result In a
| moderate shipment Of gold from this side.
| unless there should spring mp an Increased
demand abroad for our grain and cotton.
THE strength in the sterling exchange
market has naturally entered into the
] situation to a certain extent as an un-
! favorable factor; but with the present
superabundance Of money and low rates
therefor Il should cause no uneasiness.
! The bears, however are disposed to make
/ the most OF ~ 20 deprcss prices; their
raids will furnish excellent opportunities
/ TO pick up cheap stocks for quick and
/ profitable turns, and thereby Do "a bless
/ ing IN disguise for thoeo who avail Of
such opportunities,