The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-09-06

In every case but one of these thirty
stocks there have been an advance in
prices. The average rise has been about
81 points. On eight stocks the advance
has been below points, and 16 stocks
between and 10 points Considering the
great excitement, in the market, and the
magnitude of the transactions the rise
thus far reaa lsed can hardly be regarded
as very extraordinary. 1t is certainly far
from sufflcing to restore values TO the nor
MAJ level that existed before the great de-
preston set in; and very far from cores
ponding to the great restoration of agri-
culture, of industry and of commerce up
on which the country has now entered.
This brief comparison shows that great
recuperation is now in process. The adj
Vances that have been realized, however
make it the easier to resist the rising ten
dency; and hence each fresh rise is sharply
contested by the bears. During the past
week they have been courageous sellers,
but have had to. pay for their temerity
1t is not unlikely that the bulls may
have to do a good deal of hard fighting
to hold the first average rise of 10 points,
but they are made strong by their past
profits and the whole drift Of outside con-
dtions is continuously contributing to
their success. They have also had TO con-
tend against a large influx of foreign
stock. The supply from London has prob
ably reached not less than $15,O000OO in
cash value for the last few weeks, and
more may yet have to come; but these
supplies have had little other effect than
TO induce short sales which only add
strength to the market
1T would probably be a mistake to cal
culate upon London forsal1ing its selling
policy The Bank OF England stands in
an exposed position. II has been steadily
losing gold and now holds only 100000
against f46.OOOOO0 a year ago; and yet 1t
l. So. ttrffI IA
drawas TO Austria and Russia, to say
nothing of the possibility of its having
to contribute tho countries which are en-
barrassed by short crops and will have
to import unusual quantities of cereals
Under these conditions, the bank and those
largely dependent upon IL are using their
influence to prevent spectators from buy
ing our stocks and to induce them 10 real
ize at the current high prices. This mo
tive Is likely 10 continue operative for
some considerable time to Gomez and We
may, therefore, expect no participation by
London in the current upward specula-
ton.
At the moment our relations with Spain
are AGAIN beginning to attract some at
tenton. There Is a very general impress
sion that the administration is consider
irg how it may do something for the Gu
bans; hut exactly what that something
may be IS by no means clear. stage.
however, has been reached at which some
effort seems likely TO be forthcoming The
President is now in possession of the facts
ascerta;ncd by Gen. Lee; and il Is un ,c-
stood that Gen. Woodford is charged with
special proposals to be submitted to the
Spanish government while press dis
patches kave reported that he has al
ready sounded the disposition of certain
EJropeaps powers toward Spain. 1t is
t. Ia assumed that Hlr Mckinley wilt
,I...,. .,s,1 "a
Offering piovocations to Spain; but he
trcads upon delicate ground and it is not
inDcss bic that impending negotiations
With Maria may evoke some uneasineas
sn rhis side of the Atlantic. This is
contingency to which cautious financiers
are paying some Difference.
Tine course of operations during the past
week las been irregular. Although there
have been no noteworthy adverse develop
u.nts ane the drift of external hopeful
cchdticns shows no abatement, yet the
bears" exhibit q great deal of energy
ana direct their attacks with much skill.
The 'bu IS" find no difficulty in success
fglly manipulating such specialties as they
take ~ her d, but, pending those opera
lions. the "Eears" assault shi rs for the
tire being neglected, and so keep the mar
ket IN ferment not conducive to gem
eral advance. This Is always a feature
in a market of great breadth like the
present, and calls for circumspection In
the selection Of stocks in which to make
transient Investments.
Trade movements show no abatement Of
their universally hopeful aspect. In the
merchandise markets, the increased de-
mand is producing a steady advance in
prices The iron trade continues to gain
in activity, and the rise in values is ex-
tending over the whole range of metallic
products. The wooden factories are clear
ing off their mast Accommodations Of atocl<a
and conservauvely increasing their out