The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-15
BANKER CLEWs' VIEWS.
Wall street From a Financial Point
of View.

of View.
New York, Nov. 13.-During the past
week, the stock exchange market has con-
tinued unsettled; but nevertheless has ex-
hlbited an improved tone and a partial
recovery in prices The Respondent and
semi-panicly feeling has disappeared, and
the downward pressure appears to have
exhausted its force. This Improvement
has come in an entirely natural way, The
reduced range of prices has been regarded
as low compared with the condition of the
country, the large earnings of the rail
roads and the prospects of future traffic
There has been a general feeling that, at
some later stage, there must be a re-
action which, with an easy money market,
may carry values approximately near to
the level of those of September; and this
has brought buying orders into the mar
ket, which have produced a rise of fully
two points on most of the active stocks.
The purchases have not been on large
scale; but the fact that such an advance
has resulted from such moderate buying
is evidence of the intrinsic strength of the
market.
In some respects, conditions affecting the
securities market have improved. The vel
low fever has almost died out at all points
which will have the effect of reviving busi-
nesF in localities at which 1t has been
suspended for some weeks and of trans
ferring to the railroads large quantities of
freight which have been held I'm quaran-
tine. The roads connecting with the gran
ger states still show large increases Of
earnings Notwithstanding that the farm
ers are holding back their grain in the
hope of higher prices. Advices from the
west Indicate the prospect of an eXtraordi-
do 1UrlpIl-
tural states, as the farmers will then be
in receipt of the whole proceeds of their
crops. The fall in the price of anthracite
coal has been construed as an unfavora-
BILE factor on Wall street and was the
cause of some selling. 1t does not mean,
however, that there has been any failure
in the demand for coal. but rather that
the producers have taken a too sanguine
view of the prospective consumption and
run into an excessive output. Nor rs 1t
considered how much benefit this reduc-
ton In the cost of power brings to the
Industries and the railroads. The coun-
try can never be hurt by reasonably cheap
coal. London has been, during the week,
a free buyer of our stocks, and also sell
Ter: but its purchases are estimated to
have exceeded its sales by about 10000
shares.
The following is a synopsis In brief Of
the situation: The forces working for an
Improvement IN inc llHdltldl Sltu1tlOtl al =
substantial. Those in the opposite dlrec
ton are mainly sentimental. The basis
of the recent advance in railroad securi-
ties is still in existence, of which the rail-
road earnings are the evidence. 1 venture
the prediction that the coming spring bus
mess of this country will be the largest on
record. A better understanding between
this government and that of Spain, which
is very perceptible, will make war rumors
of materially less Importance hereafter.
The decision of the supreme court in the
Alabama railroad case was not only inn
portant as a decision, but also In showing
a more favorable attitude to railroads; the
recent decision of the appellate court In
this state, which Weakened the Lexow at
tack under the trust law. on the anthra-
cite coal properties; the London change of
front in becoming more favorable to Amer
lean securities; and the continuation of the
large exports, especially of wheat-al
these factors combined furnish a strong
backing to the side of confidence, and take
the sharp edge off the bears weapons,
which have lately been irresponsible ru-
mors. The market has already suffered
a very heavy decline, and will soon have a
fair advance as natural reaction at least.