The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-12-20
AFTER WALL STREETS STORM.
Yesterdays Market Letter of Prince &
Whitely's.

WullGly y.
The proverbial calm after a storm
seems to have set in, in our market
ton in the tropics where after a day
/ or two of sunshine all the damage of
the storm Is forgotten and nature forces
everything anew as If nothing had hap
pened, operators in general will look
before they leap into speculation with
out first Investigating the merits of the
enterprise, especially in the industrial
group, and they will not then be COM
PEELED to Historically throw overheard
fundamentally we'll deserving securities
as was the case yesterday.
Banks and financial institutions as
well as the federal government are al
ways anxious and eager to help along
legitimate enterprise and as 1t is we'll
known fact that all branches of bust
ness are prospecting, they are now COM
ing forward and offering funds, not at
extremely low rates because that might
Illustrate their purpose, but at a rate
which for the time being and until the
natural return flow to this center from
the interior sets in will avert what the
professional bearish element rejoice in,
real financial and commercial panic.
If the subject We're not so serious we
would say lit is to laugh" Here all
manufactures are in full blast wages of
operatives are constantly being raised,
prices of our raw products are giving
good returns to the producers. balance
of trade in our favor continually is
growing and with all this to predict
panic except an historical one is ridicu-
lous. Conditions and values at present
existing in the stock market are unwar-
ranted and must right themselves slow
ly perhaps, but surely.
The London market on the curb
closed steady at the best prices of the
day and private cables have 1t that the
worst of the furry there Is over. Our
market opened with great deal better
sentiment. 1t Is usual after panic
caused by real disaster In mercantile
enterprise and not like yesterdays his
torlcal one that the reaction when rapid
is very apt to be followed by second
airy downward move. We trust how
ever, that this time the rally will be
slow and therefore more permanent.
4 lie SSCIckdIy "a .tiG lttdSuIy otueIsu u
nearly $b0OD,000 to be deposited in New
York government repositories to-day
and this of course had further effect
to ease the money market. which at one
time ruled at 80 per cent. But in the
late hours was freely offered at per
cent Foreign exchange through the
high discount rates was weak, actual
4S1 and 4S7 IA.
Wheat was | cent lower; speculation
was not strong enou Nh to overcome
good crop news and big supplies. Cot
ton recovered fully 208points from the
lowest Of yesterday; the same hysterical
panic existed yesterday in cotton as in
stocks. Crop movement Is small and
we feel very much tempted to reduce
our crop estimate to $4,000 900 bales from
3, $50 900 of month ago. The stock
market during the closing hour was
more regular than for some time past
with advances fairly maintained From
best observations it appears to us as
il the extreme alarm was pretty we'll at
an end and conservative purchases Of
properties would pay hand
somely after turn of year. Total sales
S77, 219.