The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-23
THE MORNING NEWS: MONDAY, AUGUST %, 1897

factor which tends to encourage these fire.
quent realizings comes from the great
breadth of the market. With such an en-
larged assortment of issues as the list now
presents, there are always stocks which
have not had the average rise; and, when
prices weaken, those who have profits on
their holdings are ready TO take them and
buy those neglected shares. In brief, it
seems TO be a rule in stock operations that,
when the market is broad one, prices adj
vance more by zigzag movement than in
a continuous straight line.
The weather and the crop conditions of
the last two weeks have afforded a mo-
tive for pessimists and timid operators
taking in sail. The bears have eXag-
gerated the tenor of these reports, and
have made bold ventures on the barest
possibility that there may be some abate-
ment from the fulhHment of the great
prospects that have contributed to the late
advance in prices. SO long as II is not
wholly impossible that there may be some
disappointment in the corn crop and
better result of the foreign harvests than
has been expected, il may be prudent 10
give the bears" plenty of rope. as the
best means of protecting the interests of
the bulls indeed, it seems likely that
the next upward squirt win be mainly
stimulated by the overseeing of the pro-
phets of crop disasters. A few more days
viii settle these uncertainties; but there
viii still remain those who prefer to post
pone until the frost line has been passed.
So that, on the whole, it is not improb-
able that We may have to face a brief
period of vacillation, probably culminat-
ing in a short" interest large enough to
give another good upward turn to prices.
1t is not easy to fully explain the tenn
per of the London market for our securi-
ties. II is still sending stocks home, and
it would seem that the supply held for
hp
exhaustion. After such a striking demon
stration of the strength of the home mar
ket and of the certainty of still higher
prices in the future, it is not supposable
that this realizing arises from lack of
confidence in our market. Sentiment
seems to have much to do with the move
ment. England has at the moment, some
rather emphatic grievances against US.
The tariff is a bitter pill, the more SO
because it throws wet blanket upon an
active revival in the trade of the United
Kingdom. The postponement by congress
of action on the currency question has no
doubt intensified the English distrust of
our finance at its most sensitive and posi-
tive point. Secretary Sherman's recent
blunt utterances. coming after the famous
Cleveland Venezuela message, seems to
have deeply aroused the ire of the Lon
don speculator and the English people,
and so seriously does the Englishman APP
pear to have taken these matters to heart
that conceivably he thinks it prudent to
give American securities the cold Shout
der. Whatever cause may be assigned for
the British neglect of our securities the
fact has little or no perceptbe effect upon
the New York market.
The London press is reluctant to concede
that there is any near prospect of the
shipment of gold to this country. We are
told that our payments for interest and
dividends the remittances made on ac-
count of citizens travelling abroad, the
payments to be made on account of Sc
curities now coming home and for the
sugar and wool purchased in anticipation
of the new tariff. will about offset Eu-
ropes unusually large purchases in the
United States. No knowledge however,
is shown Of the fact that the Indebtedness
accruing on these several accounts-in-
GLIDING the large anticipatory importa-
tiOns-has already been settled for, and
that our importations are showing
large falling Off while our exports are
greatly exceeding the extraordinary di-
mansions of a year ago. Present indica-
lions favor the prospect of the importa-
ton of gold setting in before the close of
the present month and running on into
an unusual aggregate.