The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-10-10
BANKER CLEws' VIEWS.
The Financial OUTLOOK as seen From
Wall street.

Wall street.
New York aOcts S-@In the securities
markets affairs continue to drift along in
the easy oscillating fashion usually char
acteristic of the fall season. Operators
have returned from their summer recre-
alton finding no new conditions or tenden-
cles of striking Importance. but rather a
state OF reaction from more exciting con-
ditions occurring during their absence.
They find no evidence Of a general dispo-
sition to develop speculative movements,
but rather a predominant feeling Of In
difference, following extensive realiza tons
and recent appTehensions of squeeze In
the money market and an extensive con-
traction of bank loans. This lack Of inter-
est Is also encouraged by the recent cut
ting of rates by the railroads, the. effects
of which are expected TO appear i'm the
forthcoming reports of their net earnings.
The falling off in the seaboard receipts of
grain and the indisposiion of the farmers
to sell wheat al present prices also con-
tribute to this inactivity.
The general commercial movement af-
fords no stimulus to the speculative spir-
it, but rather causes some appointment.
Although reports from the Western sec
lions indicate Il generally healthy condi-
ton of business and foreshadow a good
aggregate IOf the IHii tfdQe, YET IneFe IS
a sloWness and hesitancy of movement
that may be accounted for by the fullness
of the stocks of merchandise, which nat
urany produces a process of day to-day
buying. 1t turns out that the collapse in
the military spirit consequent upon the
close of the war is accompanied by a cor
responding abatement of the speculative
spirit; which, however Illogical 1t may
seem, is by no means unnatural; for a re-
lapse from any great excitement is apt
to be attended by a general feeling of
quescence. At the moment the general
situation seems to predispose the specu-
latlve interest to taking a rest. The po-
siton does not afford any strong induce
mcnts to either buliing or bearing opera
tons The railroad list is too firm at bot
tom and has too much TO expect from
future earnings to admit of being success
fully attacked; and yet current prices do
not offer sufficient attraction for buying
them for an early rise in the market. I'm
der these circumstances, the disposition
among large operators Is TO feaVe this
class Of securities alone, in the hope that
neglect and the sales Of tired holders may
bring prices to more inviting figures.
The recent importations of gold have
placed the money market beyond any prob
ability of a relapse towards stTingency.
Owing to the low rate of sterling exchange
at Paris, 1t has been found possible 10 ship
hither about $2,50000 of gold from that
city on London account; but there Is APP
parenuy little probability of any further
important importations of the metal untH
there is an active revival Of our exports OF
grain; and. between the unsettled state Of
the foreign wheat trade and the unwil-
ingness of our farmers to market their
stocks, that contingency can hardly be
said to be within sight. In any case, how
ever, the condition Of the local banks has
reached point Of plethora in tending pow
err which assures the money market
against any disturbance for the rest Of the
year, If it does not foreshadow a period Of
marked ease.