The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-22
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall street.

New York. Nov. 2O.-The Wall street
markets show little change from the late
comparative dullness and irregularity of
prices Current events do not suffice TO stir
speculation to activity in the ranks of
either bulls" or bears" and business in
mainly. confined to brief professional
turns, based upon the varying whims of
the moment.
There Is, however, one factor which is
secretly exerting a greater influence upon
the market than any other, perhaps more
than all others combined. but which is
comparatively little regarded. The
amount of stocks thrown upon the market
in the recent great liquidation is probably
much greater than has been generally sup
posed. The sales were not merely from
the ordinary floating supply being carried
on the market Since the great breakdown
of 1898 and pending the silver excitement
the friends of railroads and other corpora
tions had found 1t necessary to protect
their interests through buying the stocks
which were coming In large volume upon
the market. But for those purchases, the
effect on values through the three years
of suppressed crisis would have been much
Accommodations must have been immense;
and, for that reason, the holders of the
stocks were the more ready to seize the
first opportunity 10 realize.
The sanguine outside element saw, in
the recovery of confidence and trade,
legitimate basis for great rise in prices
and on that impulse they bought without
stint or fear They overlooked this vast
unseen accumulation, and before they
awoke to a perception of its existence, the
tin boxes of corporate capitalists had
been emptied on the market at the highest
range of prices. This has been the great
controlling factor in the market since the
beginning of October and few of the rank
and file of operators have noticed it.
Herein lies the answer to the question so
many are asking-why does not such
generally wel,-situated market react from
the great fall in prices? The reply is
the supply of stock on the market has
been immensely increased; and recovery
in prices calls for a corresponding increase
in buying capacity and carrying ability.
II takes time to digest and distribute this
large sudden addition to the floating sup
ply of securities, and to collect the need
full new set of buyers
The next considerable element affecting
the market will be the assembling of con-
gress, with its attendant recommendations
from the President and his secretaries.
So far as can be seen al present there
is little probability that any seriously dis
turbing measures will be introduced. 1t
may not be easy to keep both houses
within pacific limits In respect to Cuba;
but there seems to be little room for
doubt that the President will use his ut
most influence to prevent that question
from drifting into phase that would dis
turb public confidence through deranging
our relations with Spain. He would be
strongly backed by the business senti-
ment Of the country in taking such
course; and the lingo legislators may be
restrained from excuses by the discov-
cry that theresis no longer any political
capital to be made out of this question,
but rather public dsfavor