The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-25
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall street.

New York, Nov. 24.-The stock market
has been in an unsettled and unsatisfac-
tory condition. 1t showed an altogether
exceptional lack of responsiveness to eth
er favorable or unfavorable conditions.
Even the trunk line agreement and Sec
rotary Carlisle's strong sound money
speech at the Chamber of Commerce din
ner fell fiat. Under ordinary circumstan-
ces these events would have strengthened
confidence, and quickly reflected them
selves upon the Stock Exchange. On the
other hand, unfaVOrable DEVELOPMENTS had
very little effect. Gold exports, foreign
liquidation, and Attorney General Han
cocks decision against the trusts WHre
all important adverse factors, but their
influence upon prices in each instance
was much less than anticipated. This
inertia can only be explained by the unfa-
vorable conditions having been very fully
discounted in the late decline; yet while
these adverse conditions remain, or until
their abatement is clearly in sight, the
market leaders are not likely to shut Off
the supply of cheap stocks which weak
or timid holders continue to offer.
1t is very certain that stocks have been
going into strong hands during the last
few weeks and are now controlled by
those who are able to raise them TO a
higher level when circumstances and dis
position combine to favor. This week
the market has lacked buying power.
London has been a steady seller of our
securities, not alone because of political
disturbances, and dlStrust of our finances,
but largely because OF forced LIQUIDATION.
A panic in Katfirs has happily been avert
ed by heroic methods; but liquidation,
though slower and less severe, must be
faced nevertheless; and in such emergen-
cies the better class of securities are al
ways sacrificed to help the weaker, sim
ply because their sale involves the small
er loss. The renewal Of gold shipments
from here to Europe, at time when the
current is almost invariably in the oppo-
site direction, is also a very natural OBJ
stacle to a rising market. Indeed the
81 VsrQI
sustained in a market entirely free from
any support whatever. DiStrust on this
account is likely to remain, and will in
crease, unless steps are taken to relieve
the treasury from embarrassing conse-
quences. 1t does not yet appear whether
help will first come from bond issue
or from restoration of former relations
between the banks and the treasury where
by the latter was assured of gold in
come. A bond issue is already a fore
gone conclusion, and its occurrence VIII
create no uneasinesS in financial circles.
Possibly, it may do good in a negative
fashion by emphasizing the urgency of
currency reform Meantime, railroad
earnings continue to make encouraging
gains, especially in the west and north
west, where the heavy grain movement
is stimulating both traffic and general
business. In the southwest the back
ward movement of cotton is causing de-
ficiencies in earnings, but as the cotton
must soon go forward, better results may
be anticipated in due season. 1t follows
also that as soon as cotton and wheat go
to Europe with more freedom, as they in
evitably must, the exchange market will
meet with much relief.
The business situation is satisfactory.
There is less activity than a few weeks
ago, which is to be expected in the clos
ing months of the year. In several sta
pie markets where prices of production
had been advanced too rapidly, there is
a reactionary tendency, which in the end
will encourage fresh buying and give con-
fidence in the future a more substantial
basis. In few days congress Will open,
but the session promises to be less dis
turbing than its predecessors. In all prob
ability currency reform will be a lead
ing issue. The outlook for 1896 is as bright
and hopeful as could be hoped for within
reason. OF the immediate future there is
some doubt Values are low, and many
stocks are selling at attractive prices;
but until the financial atmosphere grows
clearer we advise buying only on the de-
clines and taking profits on fair rallies.