The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-08-22
49,
BANKER CLEWS' VIEWS.
The Financial Outlook as Seen From
Wall Street.


New York, Aug. 20-The return of pea oe,
the promise of business prosperity and an
abundance of cheap money have been ir-
resistible factors on the stock exchange
OF course, many of the sensational ad-
vances of this week can be attributed TO
manipulation; but such manipulation
would not have been possible did not .he
favorable conditions exist. AS a matter
of fact there was much less manipulation
than usual in a market of the recent mag
iitude and strength. Professional opera
tors saw the market taken right away
from them by the rush of outside buying
and all efforts to check the advance were
fruitless for time Notwithstanding heavy
realizing and not a little inside selling.
In ordinary times Wednesdays rise would
have marked the elimination of a bull
movement; but this can hardly be 50 now
although no surprise need be expressed
if the pace has been shown too rapid and
a resting spell be needed. As we have
however, repeatedly stated, these are not
ordinary times; the conditions are very IN
usual and one-sided. and it is many years
since we have had such a complete aD-
sence of disturbing conditions. The put
ting of Burlington and Quincy upon a 6
per cent basis was a very practical illus
tration of the improvement in the railroad
situation few roads have already in
creased their dividends, and others are
sure to follow. On a per cent. basis
an advance of 1 per cent in the dividend
rate ought TO raise the value of an or
binary stock at least 20 points, so that
the prospect of increased dividends af-
fords a basis for the strongest and most
active kind of speculation.
It is a welcome fact that the govern
ment has kept down the military and
that was at first expected. Estimates
now place the total gross cost of hostili-
ties to this country at 100000. This may
possibly prove too low a figure, but it Is
safe to assume that the war bill will not
at all approximate the $780, 900 which
has veen very generally expected. The
country VIII appreciate the effort to econ
onize expenditure by putting the military
and naval establishments as nearly as pos
sible upon peace footing as quickly as
possible.
AS a record of military achievements.
the four months war leaves behind il
much OF which the nation may wen feel
proud and much that win command the
respect if not the admiration of other
countries; but the matter for profoundest
congratus ton IS that we should have
made such conspicuous contributions TO
humane government and achieved for our
selves such large material results with
so small cost Oh HIe OF treasure.
It is not surprising that the stock mar
ket for the past week should have been
under a movement that approaches al
most a booming character, for the reason
that the week was memorable for the best
Of news all round-in connection with the
crops In connection with the foreign re-
lations of our government. in connection
with the money situation and the prospect
Of bringing gold this way from Europe
this winter In large amounts for the pay
ment of our products. In connection with
our exports as compared with our inn
tion with tho cessation Of hostilites with
Spain and the declaration OF peace by the
President. The future Of this country
Is certainly fun of promise, and all the
fayora hle conditions that exist stand for
an active stock market with a rising ten
dency.