The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-10-23

The Financial and Commercial out
look as Seen From wall street.


New York. oct 2l.-The wall street no
rizon looks somewhat brighter Extensive
cover ug OF short" contracts and readie-
buying by the larger operators indicate
change of tone. and ON the whole tne ten
deucv Of the week has been toward "bull"
/ ascendancy There has been 10 nota Die in
crease in the volume of transactions. ana
as yet the gain is chiefly seen ia increased
snap and confidence; which is perhaps all
that could be expected in the first mo-
ments Of escape from a protracted depres-
sion. This recovery Is largely due 10 the
improved aspects Of the local money mar
ket The drain Of currency 10 the inte-
rior Is abaung, and the near prospect Of
The reAuX OF money to this center is trust
Cd to bring about an early revival in
speculative securities
An ultimately active and much higher
market is almost universally accepted as a
foregoGe conclusion, and for manifest red
sons Upon wide range Of stocks, prices
are low compared with such AN extra
ordinary activity in trade as now exists
throughout the country. All accounts from
the West represent the prosperity among
the farmers as surprising everything in
past experience The manufacturing CEN
ters also present an activity exceeding all
precedent. Everywhere industrial plants
appear to be running to their full capacity
and in many cases day and night Labor
was never so fully employed and never
as a rule, received such high wages; the
effect of which must appear In a large in
crease of general consumption among the
working masses. The recent increase in
the foreign demand for our manufactures
now amounting TO S339. 00000O per year,
against Sl5s 900 six years ago-appears
to be losing none of its remarka bic prog
ress. in spite of the enlarged home con-
sumption. The mercantile classes are be-
ing benefited by O continuous rise in the
value of their stocks of goods, and their
profits are in welcome contrast to the I'M
satisfactory results of the last five years
of depression. All this reflects the release
of enterprise from the restraints Of the de-
preston consequent upon the silver craze
and the over-production of the last five or
six years.
II means that. for that period. the de-
mand of the country. in every department
of consumption, mas been restrained 10 the
last point of endurance; and that nov,
with common consent. the peop,e are in
the act of compensating for their past cur
tailments in supplying their wants It
also means that, during this contraction Cf
consumption, some 100000 of new pop
ulation has come into existence with ITS
large additions to the wants OF the ma
tionaI consumption. Ii is doubtful wheth-
er. even among the keen observers of WAL
street there is any adequate conception OF
what this change of conditions implies as
to the magnitude of the demands now
pressing upon the markets aud the indus
tries of the country. True, 1t is nothing
new TO have period of trade depression
followed by run of prosperous activity;
but we have never before witnessed sit
uatiOn in which this kind of revival has
existed upon a scale of such magnitude As
we now witness. We are now only in the
beginnings of this reaction; and for that
reason it may be expected that the move
ment will run on for a considerable per-
iod before it reaches the point of override
ing During the interval, the excitement
attending such a condition of things can
hardly fail to develop bull speculations IN
every direction, but especially in wan
street The profits of business Will nat
urally drift TO where speculation has It's
chief market; and the stocks of prosper
Gus industries and the securities of rail
roads reporting unprecedented earnings
will afford material enough foI a boom on
the Stock Exchange sooner or later sur
passing anything recorded.
This is the picture of the future of bus
mess and of It's cary effects upon the
speculative interests as il presents itself
to the Wall street Imagination; and the ex
pectation must lie conceded 10 be backed
by no small degree of probability. Bue
while all this is very generally regarded
as likely TO be realized al no very distant
stage in the future, the disposition 10 make
than might have been expected from the
strength of the inducements presented.
Within the last two or three months, there
has been a good deal of disappointed ar
dor Operators have found that, before
buyjng stocks. IL is very prudent to say to
the money denders-"with your permits
ston;''-and having suffered the penalty OF
neglectng chat condition precedent, they
are dispos5d TO make sure that 'Barkis IS
wlHn' - before they take in large lines
of stocks. Under AL the circumstances, l.
seems reasonable 10 expect that, when a
steady money market has become assured
beyond question, there viii be rush for
buying stocks which Will cause a quick
and sharp advance in prices.
So far as respects domestic movements,
the money market is working towards an
easier condition, and bankers Western
correspondents report that their money
wants have been for the most part sat
isfied, while others report a probable early
turn of exchange in favor of New York.
So far as respects foreign factors affect
ing this market, the prospect is uncertain
enough to keep the local banks still eau
tious in respect 10 time loans London APP
pears bent upon holding its control of the
yellow metal we'll in hand; and, with eX-
change here so near the gold exporting
point, il might ne no difficult matter for
the Bank Of England to get a few mill
ions from us. Such an effect however,
would come through manipulation rather
than as the natural outcome of interna-
tional balances. The trade balance is now
even more in our favor chan IL was year
ago. For the three months July. August
and September. the exports of merchan-
disc. gold and silver combined were $107-
| 600 in excess of the like imports, while
| for the same quarter Of 1898 the surplus
of exports was only $17,00oO00. This fact
does not imply that We are exposed to
any early shipment of sold; it rather iudi-
Gates the opposite. But it is not easy 10
say what is impossible under the eXgen-
| cies of a great national bank.
COTTON CONVENTION