The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-11-16

BANKER CLEWS' VIEWS.
The Financial Outlook as Seen From
Wall Street.

wall street..
New York, Nov. 14-So far, the response
of the Wall street markets to the outcome
of the election has been moderate and
conservative. There has been an import
ant rise in the prices OF securities, but it
cannot be regarded as either excessive or
sufficient; on the contrary, it has fallen
far short of what may be expected after
the contraction of business incident to
the close of the year. and when the ef-
fects of the great deliVerance appear in
the evident expansion of the national bus
mess. At present, the securities market
is influenced simply by prospects; and
the prospects are estimated from a con-
servative standpoint; but when the fruits
of confidence have ripened we shall see
a very different scale of prices for stocks
from that OF to-day Such rises in prices
as have already occurred have been large
ly the result of buying for investment,
which has taken permanently out of the
market a large total of stock and bonds.
The spirit of speculation has not been
fairly awakened; but when Wall street
sees the realized results of a great COM
mercial revival, present prices win APP
pear low as compared with those that
will then be reached.
1t would be a moderate estimate to say
that the securities represented on the New
York Stock Exchange have increased in
value by 500 100000 within the
last two weeks; and it would
be equally safe to conclude
that this is a very petty proportion of the
increase in the real value of those invest
ments which will appear when all The
results Of the new situation come to be
realized before the public eye.
1t is not difficult to form some concep-
Of ma qrnf nf nd oil
revival now setting in. Within one week
after election. 307 industrial establish
ments are reported as having resumed
work after a long suspension of produc-
ton, and 217 works have increased their
output or their working force; and it is
quite likely that the number of such cases
not reported is equal to that reported.
Among the industries resuming opera
lions are 81 iron works, % clothing es-
adjustments p woollen mills, u cotton
factories, u carpet mills and Is glass
ware and pottery furnaces. The prompt
ness of this resumption is striking evl-
dence of the thoroughness of the restora-
ton of confidence consequent upon the
election, while it shows the extent of the
paralysis Of business created by the ap-
prehension of free coinage.
At the moment, there is a partial halt
in the upward movement of prices of
stocks. After several days of advance.
this was to be expected. Some are willing
to take profits; others prefer to mildly
bear" the market in order to get in at
lower prices; some are waiting to see
the market put to a further test before
buying; London has been seller to the
the extent of some $4,000 shares during the
week, apparently to realize its handsome
profits, but bought again Friday and some
selling was precipitated on Thursday and
Friday by rumors from Washington of
complications with Spain; while foreign
exchange is showing firmer tone. These
tests, however, have only demonstrated
the strength of the market; for every
yielding of about half a point brings out
good buying. The undertone OF the mar
ket is essentially strong and the feeling
is general that, after a temporary halt
and further test of its staying quality,
prices will take a fresh upward bound