The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-04
BANKER CLEwS VIEWS.
The Financial Outlook aS seen From
wall street.

~ All street.
New York, Nov. a-General liquidation
on the stock exchange has carried prices
to a still lower level than last week.
Trade and Industrial prospects are salts
factory. except in a few isolated cases.
where Improvement was too rapid, and
railroad earnings continue 10 make more
encouraging gains; but for the time being
these factors are overlooked in the
Street" The chief drawback appears
to be lack of buying Inducements. This
may be accounted for by the strength
OF foreign exchange, by foreign sales OF
stocks, Dy DISAPPOINTMENT concerning the
expected Reading plan, and by the irreg-
uiarities among the lnuustrals, an Of
which combine to give the bear traders
an excellent opportunity Tor covering
short contracts. 1t would seem as II
these considerations had been amply dis
counted by the decline OF 0 TO 10 points
which has taken place in the active
stocks, but until the market receives
some strong new upward stimulus OPP
erations TOR n rise VIII have TO be con-
serNauNely made IN spite OF many raw
orable prospects. So Iar as the foreign
exchange market is considered, it must
be remembered that the supply OF com
inercial bills has been considerably re-
duced 10y the small and backward cotton
movement. Cotton, however must soon
go outward more freely, and as liberal
engagements Tor exports OF wheat dur
ing November and December have been
made, these ought to be a better supply
of bills from both of these sources later
on
Conditions in Europe are strongly sug-
gestVe OF caution IN speculative opera
uOns. The great 'kafiir excitement has
reached the stage at distrust; which
means the stage of realizing, Of desperate
eApedlents IN manipulation, ana OF the be-
glnnlngs or collapse. Paris has been on
me verge of debacle; but the rout is
sad to nave been stayed by the interVen-
ton of the Rothschilds-a story which
seems improbable, but, nevertheless, ap-
pears to have had its effect upon the mer-
curial nerve of the bourse for at least the
time being. The London branch OF the
speculation seems to have been held in
check by the leaders, who, by their pecu-
liar system of controlling the AFFAIRS of
the companies have no uoubt considera-
bic power over the market up to a certain
point. But it is not supposable that they
win be willing or able 10 take any cOnsid
cradle amount of stock from their dupes
at the current grossly inflated prices. No
doubt they Will experiment in checking
the decline in order to ascertain what it,
may cost to keep the fall in check; but
they would naturally use any success in
such efforts to unload their own holdings;
which would only make the ultimate
breakup the more complete London,
therefore, is held in the suspense OF prep
aration for disastrous break down. This
anticipation and discounting Of the inev-
liable will measurably mitigate the force
of the disaster when IL arrives, and ii Is
also to be taken into account that as the
ordinary holders Of the Kafirs are prin-
cipally persons of small means and the
shares have not found a Judgment in the
collaterals of reputable banks, the dis
turbance will not seriously affect the ar
fairs of important financial institutions
Still, conservative people are always timid
in the prospect of an exciting disturbance,
and therefore London is in a mood to real
iZe even upon securities of substantial;
quality, and is sending home quite a
considerable amount of American stocks.
When the Kadr disturbance has subsiG-
ed however, it Is not unlikely that We
may find a material Improvement In the
demand for our investments,
Added TO these adverse factors there
still remains the absence of any practical
steps toward bringing the treasury and
the banks into concert for their mutual
support, and the pCssi bilfty of the treasury
| having to make another fifty millions loan
! seems to increase rather than diminish.
| The prospect of congress doing anything
to improve THE situation of the treasury
exc5tes no relieving expectations but
rather the opposite, The hope INDUCED
in a few weeks ago THAT the foreign ex-
mitting mportatiOns of gold has been dis
appointed. On the contrary, the rates for
sterling bills are so close upon the spe-
cie-shipping point that the gold may so
out at any time.
The foregoing are factors Of too sub
stantial nature 10 be disregarded. They
are already having their effect. The cu-
ropean bourses are all weak and during
the week London has sent to New York
The situation, therefore, is one that sug-
gests caution in stock operations, and
the spirit of the market is at the moment
! conservative.