The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-07-05
BANKER CLEws' VIEWS.
A Resume and Forecast of the Mar
kets From Wall street.


on the whole, a reactionary movement in
prices. After a steady upward drift, ex-
tending over some six weeks and showing
a handsome range of profits, this is no
more than might be expected; and, for
various reasons, it portends advantage
for the future course of the market.
Strong as the tone of values has been
and still is, yet the market has lacked
breadth and activity, the daily transac-
tons having averaged only about $4,000
shares. AS indicated in our advices of
last week. this is in a considerable meas
ure due to a rush of Outside" buying
having run away with the market and car
ried up prices, while the class of large
local operators have been left in the lurch
and have refused to come in at the higher
range of values. In the same way Lon
don, which is raising its estimate of our
securities, has been left in the cold by
the late rise, and hesitates to come in UNI
til purchases can be made at some con-
cession. The houses who have it in their
power to largely regulate the course of
business on the exchange have not liked
this situation. A position which keeps out
of the market the class of operators who
| possess the spirit, the means, the tactical
skill and the alliances with large capt.
talistic forces, is clearly not one to make
the best of such recuperative influences
as are now coming into active operation
in Wall street. When these operators
stand still, the market soon stagnates and
the best influences may come and go
without comforting any benefit.
The present position of this influential
class of operators appears to be about
this; They are fully awake to the fact
that a great recovery has come over the
! business of the country and that all the
| influences affecting the value of invest
ments are conspiring to produce a very
| important revival of business on the
stock exchange. They construe the ac-
! tive investment demand for bonds and
dividend-paying stocks as the signs of
| coming BOOM and they are, therefore,
ready to take their part in the coming
| revival. But they have comparatively
| few stocks; and it therefore suits their
tactics, at the moment, to discourage the
rising tendency in prices and leave the
narrow outside market TO the fate that
must overtake it in the absence OF their
influential support. AS already intimated,
London appears to be in the same posi-
ton and disposed to follow a like wait
ing policy What concession in prices it
may take to satisfy these important
would-be buyers 1t is not easy to say.
Probably, some might be willing to sup
ply their wants at near current prices;
but that might not be easily done, for
important purchases would undoubtedly
start up prices again. Much must de-
pend upon the course of events. There
is no saying what may be the effect of
the completion of the tariff in starting
up Industrial activity in the many quarters
in which production is now being held in
suspense. 1t is also to be considered that
the crops are in a position which permits
of fine weather giving them an impetus
beyond what is now calculated upon.
In any event, there is every probability
! of business prospects exhibiting a marked
| Improvement from this time forward. This
situation may at least be expected to keep
the market strong for some time to come
during which these intending buyers
may gradually get some stocks-but il
does not seem likely that IL will permit
any appreciable fail in prices; the great
business factors of the hour are too de-
: cidedly bullish to admit of that-except
in the event of some unforeseen adverse
circumstances; which is about the only
chance these belated buyers have left to
count upon.
Upon this series Of uncertainties de-
Ponds the course of the stock market dur
ing the summer months. A really stag
nant market seems improbable. There are
too many good possibilities within sight
for That to happen. All are reckoning
upon Il as a time for getting into the
Z
month as being SUFFICIENT to discount the
hopeful future that now faces the coun-
/ try. Operators, therefore, are likely to
keep their accounts open with the COM
mission houses and stand ready to buy II
circumstances should favor. That may
| not necessarily mean a really active sum-
mer market; but Il does mean at least
a steady and safe one and strongly sug
gests a boom in the early fall.
The general business outlook grows in
creasingly hopeful Many manufacturers
are already sufficiently satisfied with the
probable details Of the new tariff to begin
operations upon an extended scale and In
the larger industries the resumption of
fun work Is becoming comparatively gen.
eral. In city mercantile circles also
marked Improvement Of tone begins 10 APP
pear II comes too late 70 materially in
crease the volume OF the summer BUSH
ness; but It Is having a wholesome effect
upon the confidence and expectations OF
distributors IN respect TO the fall trade.
The reports and orders sent by CONNER
cial travellers show such an Improvement
that they are receiving instructions 70
prolong their stay IN the interior; all OF
which goes to strengthen mercantile eX-
pectatlons as 20 the volume Of trade dur
ing the second half OF the year. Ginning
with this Improvement comes the gcner-
ally hopeful character OF the government
crop reports, which are even exceeded by
the sanguine tenor Of the advlces from
railroad officials and men OF
business on tours Of inspection
In the west and the south.
Men Of business are turning their atten-
zion from the stll fretful agtatlons OF
politics In the conviction that two years
remain to them before there can be any
absorption OF public attention by factional
agitators. and with the hope that during
that interval. public opinion will frown
down violent issues and support only safe
and wholesome policies. The revival OF
business viii powerfully contribute to-
wards that tendency.
During the week there has been a mark
cd movement towards ease iu the foreign
exchanges. The large remittances requir-
ed FOR cash settlements for antlcipa tory
luuorfafl6ne OF aurnr wooi hilfa ffo