The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-04

DAYS or weeks, but must wait upon the
cooperation of the conservative pun seh-
timent which, in the long run, always con-
trolls the course of values. Inc large
profits made in the first three months OF
the advance encouraged a class OF mex
perenced outside operators TO pie up
their holdings through using their prohts
as margins, thereby producing a danger
Gus imitation which could only result IN a
violent reaction.
In this way it has come to pass that
large amount of stocks have passed INTO
comparatively weak hands. Operators OF
larger means and more cautious methods
have thereby been to certain extent kept
out of the market. They were unwilling
to buy at the high figures created by en-
thusiastic bulls unable TO Withstand re-
dictionary influences, and preferred either
to maintain a passive attitude or TO en-
courage a pressure that would reach STOP
orders or exhaust margins. In this they
have been encouraged by the policy of the
banks in keeping down their local loans
In order to meet the large demands Tor
money from the interior, and also by d.
rect pressure brought to bear upon GER
tain professional operators who had intia-
ted prices by recklessly extravaganza pur-
chases
The downward movement has produced
on these twenty-one active stocks, specu-
latlVe anu investment d 1NNiihS
from 2 to 1924 points and averaging 5l2
points Since the 18th, prices have dropped
/ to 2 points further; so that, at the close
of the week figures averaged about per
cent. lower than on Sept IT, The selling
has undoubtedly been large by certain IN
f1uential professional operators, ana the
mass of small holders have done consid-
cradle realizing, under bear reports of ex-
tensive selling by capitalists, which ru-
mors however have been explicitly and
openly denied by certain Of those holders
Considering the pressure applied by the
bears not only through short sales but also
through demoralizing canards, and also the
largeness of the realizings on long STOCK
by bull operators, it is remarkable that tpe
fall in prices has not been greater, and
the fact mustSbe taken as evidence or
the great intrinsic strength of the market
and the readiness of buyers TO take stocks
az current prices. Upon a market backed
by such extraordinarily strong conditions
as now exist, fall of points is not an
unimportant concession. and it may prove
to be as much as bear efforts can at pres
ent accomplish Still, as we have already
minated, this is not a season of the year
favorable to enthusiastic bulling move
ments: and for the present and possibly
throughout this month, ii will be pru-
dent policy for buyers TO be satisfied with
small profits.
Until next month, we may reasonably
expect an irregular market; and, under
such conditions, it is always most profita-
BILE to sell on strictly moderate advances
and buy on the drops.
The London market shows an increasing
disposition to take a speculative interest
in our securities, but the weakness OF
the last few days has discouraged buying
transactions. The Bank of England has
made no further advance in it's rate of
discount; which has produced a better
feeling in the foreign speculative mar
kets Germany is taking more interest in
our railroad issues, and some considerable
buying orders have been received from
Berlin, though in some cases at prices too
low to be executed; but these transactions
are done in such a quiet way that they
produce less impression than their i'm
portance merits.