The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-12-10
VIEWS OF WALL sTREEA ON THE
TIMES.

A decided change for the better has
come over the Wall Street markets.
have repeatedly noted, in these advices.
that the stock market appeared to have
touched bottom as to prices; that. so far
as respects intrinsic elements OF value,
there existed conditions which warranted
a buying movement; but that there were
lacking certain elements necessary tc
give the upward tendency starting I'm.
pulse
Just at the moment OF greatest stag
nancy. these lacking elements have unex.
peouedly appeared. Perhaps, the more i'm
mediate cause of this change has been
that the room traders have found it i'm
possible to any longer make profits on
selling and therefore changed over to the
bull" side. This was a natural test OF
the market, and the response has been q
general increase OF buying orders. The re.
sponse came the more readily because
there has been a steady mitigation OF
certain outside influences which have been
tending to the postponement OF opera.
tons. As the opening Of congress nears,
Il becomes more evident that We are like.
ly to have bnsiness-lIke session. with
the sensational dictionaries held in re.
straint and with preponderatins regard
for policies and measures calculated &c
encowage confidence among me business
Interests. Amoug the things which now
are considered as assured are the support
OF the PRESIDENTS pacific policy on the
Cuban question; a fair chance fur IN,
adoption Of a good bankruptcy law: ar
earnest attempt to effect some real i'm.
provements In the condition Of the cur.
rency. though possibly not all that som.
may desire; and an effort 10 AFFORD some
equitable adjustment of the railrsad ques.
iions. The marked pubic neglect Of the
silver agitation also warrants the hone
that this issue will influence congressional
action less than has been generally fear.
ed. The feeling in Washington among
the arriving congressman is very conn.
dent as TO the abatement Of the agitation.
raised by the Bryan campaign Of last yea,
and the increasing desire Of legislators N
deal with the pending large questions in
a moderate ami conciliatory spirit; and ]
venture to predict that this disposition
will gain ground as the session sS.
vances.
These. symptoms, coming TO the surface
at this moment, have an important bear.
ing upon the tone Of the financial mar
kets, and have directly contributed to the
revival Of buying which has been appar.
ent on the stock exchange during the mas,
week Ordinarily, December opens win
postponement Of buying operations ov.
Ing to the wind-up of accounts and the
hquidations incident to the close Of the
year. Now, however, the situation an.
pears TO be regarded as warranting = dA-
parture from that usage, and operators
deem 1t safe TO promote an advance pre-
liminary to the rise in prices that usua,Iy
results from the large dividend and inter.
est disbursements made at the opening NJ
the year. The result Of this buving-s
rise OF " to points-ln some neasur.
sets at rest the fear entertained in som.
quarters, that the very large amount Of
stocks marketed in September and octo.
Der by large holders would prove a load
very difficult to move in amy attempted
bull movement The purchases have
been double those OF preceding weeks and
the rise In quotations proves thai the de.
mand exceeds the supply, and no haste Is
shown to realize on the already good pro.
fits One Of the aspiring aspects OF the
market is the appearance OF large opera.
tors who have bee cautiously standing
aloof, since their realizings Of two months
ago. They appear to realize that with
30 many assuring factors in sight-sucb
as the hopeful prospects Of congressional
action, the coming great abundance of
money at this centre, the promise Of a
booming spring trade. and the probability
OF congress making at least a hopeful be.
ginning in currency reform-it will not he
possible to hold prices at the recent semi.
panic level, and therefore the present sit.
uation affords good opportunity for