The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-28
BANKER CLEWs' VIEWS.
Resume and Forecast of Markets
From Wall Street.

Resume ana Forecast of Markets
From Wall Street.
New York, June 26.-The marked i'm
provement in the tone of the securities
market that set in with the beginning of
this month continues to be well sustained.
1t has spread quite generally throughout
the list and goes on steadily from day to
day without any important check from
selling and with little disposition to realize
profits. Some operators have desired a re-
action, in order to lay in stocks. and have
used their influence for that purpose, but
with little effect, as the market imme-
diately RECEIVERS from the slight reactions
caused by "bull' sales made for this OBJ
ject.
One significant feature of the market is
the moderation Of the amount of transact
tions as compared with the buoyancy of
prices The inference is that the buying
is not stimulated so much by the opera
tons of local professional operators as by
outside buying and by investment pur-
chasers, the buying by the latter of divi-
dend-paying shares being quite marked
Indeed, the advance has come before the
professionals were quite prepared for It,
During the week, London has been so alb
sorbed by the jubilee as to have been an
absent factor. II remains to be seen how
that market will next week take TO the
higher range of prices that has been es-
tablished during the interim.
1t is a generally understood fact that
the business feeling in the interior has
reached a more advanced stage la the pro-
cess of recovery than Is the case at this
center: and it is owing to this fact that
outside operators have got into the mar
ket in advance Of our local operators. Wall
street has yet to appreciate
the extent TO which business
affairs I'm the country at large have al
ready progressed towards normal condi-
lions. While. here, we are still watching
old symptoms and nursing the timidities
begotten Of bygone dangers and waiting
for promised legislation that is TO work
wonders Of one kind or another, the In
terror cities are beginning TO deal with the
vast accumulated wants OF consumption
that have remained unsatsfied for the last
four years. Wall street sees in the current
rise in prices little more than the effect Of
the near approach Of the passage Of the
tariff bill, and cautiously assumes that.
when that comes, there Will be an extern
sive realizing on the anticipat0ry purchas-
o. now being made There may be some
such reaction TO a limited extent; but II
VIII De tuNlu iNtN ANtIt sun A'AidAiln ~
sound basis for buying The recovery OF
confidence thar has already appeared In
the interior will receive fresh impetus
from the new tariff; and the probability
is that orders for stocks from other sec
lions will then receive a fresh Impetus.
carrying up prices to a still higher range.
All indications warrant the belief that
the preset rise rs the beginning Of steady
continuous return toward normal level
81 VaItfga four wears Investments
have been subject to the control OF an
extraordinary concurrence Of alarms. ac-
cldents and disturbing political excite
mcnts Those influences have now about
exhausted their force. the paralysis OF dis
trust they have produced Is disappearing.
and the spirit Of trade and enterprise ~
rcsuming its wonted natural tone. We
are exchanging our pesslmistic dreams Tor
hopeful realities. and IN few more
months the whole machinery Of trade and
finance will again be ln active operation.
The consciousness Of this change has