The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-06-27
BANKER CLEw's VIEWS.
The Financial Outlook as Seen From
wall Street.


wall Street.
New York, June 25.-The past week has
been one OF almost unbroken dizziness in
the stock market. The process of reamz-
ing on the part of large operators has
finally resulted In a partial collapse of
speculative operations. Those operators
are presumably prepared 10 buy into the
market again at a lower range of prices
and have done their best to depress val
ues for that purpose; but the market has
proved too strong to respond to their eff
forts, and they are now resortlng to the
policy OF wearying holders into selling by
encouraging stagnancy.
At the same time, the tone of the mar
ket has been somewhat impaired by the
new internal revenue law. To the ordi-
nary outside operator, these charges are
matter of no great consequence, all
though he and not the dealer will have to
pay the tax of 81 per 100 shares in addi-
ton 10 the ordinary commission. On the
room trader" however, the impost falls
with great severity, as in addition to that
tax he will suffer still more severely form
the tax upon his constantly changing call
loans. AS he operates chiefly for frac-
tional profits and Is constantly changing
his holdings, these charges will consti-
tute very material factor In his chances
for profits and therefore may seriously
erations.
The depressed tone Of the market has
been encouraged by the Letter wheat col
lapse. which owing 10 his immense deal
ings taking in all important markets, I'M
settled all the commercial centers Of the
world. Financial affairs could not escape
the effect Of such influences, especially az
many who were interested in securities
were involved In Mr.. Letters speculations.
II was not surprising, therefore, that, with
the great fan in wheat, the securities mar
ket should have been in some measure dis
turbed. Notwithstanding the conditions
favoring the bull side of the situation. So
far as respects the Letter disaster a pret-
~ thorough read1ustment appears 10 have
been effected. / therefore think Il now
safe 70 commence buying again on the
weak spots for another advance, which
Is likely TO be fnaugurated early in July
and stimulated by the large disbursements
OF dividend and interest money that will
be made on the first Of the month. The
aggregate amount will considera bly, exceed
800 $4,000, and will undoubtedly prove the
largest semi-annEal corporation profits
payment of record.
One Of the hopeful features of the situa-
ton consists In the many evidences that
men of business are overcoming the com
plercial tlmidity excited by the outbreak
of the war and prosecuting their opera
tons with the same confidence as II We
were at peace. As evidence of this, on
Thursday, more interest was taken in the
college boat race than in the impending
battle. Within ten days a loan of IS Co.,
900 has been introduced and the recon-
strucuon scheme Of of Baltimore and Ohio
Railroad has been launched, notwithstand-
ing the current negotiation of a govern
ment loan Of s2c0, 10000 These facts show
unmistakably what is the estimate of
bankers--who should be the best judges in
such matters--as to the. stability and
healthsness of the financial situation.