The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-01-02
BANKER CLEWs' VIEWS.
The Financial Outlook as Seen From
wall street.

wall street.
New York. Dec. 31.-Speculation develop
ed extraordinary activity last week, and is
reaching a stage demanding more than or
binary Judgment For the past three
months it has been safe to buy almost any
security representing real value; but this
is no longer true, for some stocks have
unquestionably risen out of all proportion
to their intrinsic merit, and are lkefy to
bring unpleasant surprises TO some of their
new and over-sanguine owners when the
speculative movement has reached the
danger point At present however, while
the prudent will take heed, there is no i'm
mediate prospect of any serious setback
This market, it must be remembered is
not governed by ordinary presidents, and
confidence is based upon such an aggrc-
cation of favorable conditions that values
are likely TO advance still further before
the danger of collapse is in sight. There
are comparatively few weakly margined
stocks in the market Offering point Of
attack; and the public now appearing
either has handsome profits or ample mar
gins for protection; while there is every
indication that public buying viii continue
FOR some time to come, money being plen-
tiful and confidence unusually strong. I'M
der the stimulus of exceptional prosper
ity.
Thus far the market has shown no
traces of being overbOught, simply because
recent purchases have been increased and
widely scattered to an unusual degree.
Every banker in Wall street knows that
the demand for good investments is alto
gether beyond the supply and that deal
ings outside of the Stock Exchange are
also unprecedented. AT present The street"
is fun of rumors of new enterprises which
sooner or later VIII increase the outlet
for capital. It is somewhat remarkable
that none of these has yet been hoated
and this is perhaps explained by the fact
that American capital win in all proba-
bihty be obliged TO seek different chan
nels from those hitherto followed and is
slow in making new departures. No such
expansion in railroad building will take
place in the future as in the past and
railroad men are likely to be more inter-
ested an perfecting present systems than
in building new ones.
Next year we win strike the highest
notch of prosperity that this country, or
any other, has ever reached. Good times
viii embrace the entire nation-all indus
tries will enjoy great activity, and in con-
sequence labor VIII be in full demand al
good wages. The people of this country
viii be contenied, happy and loyal beyond
precedent. The glorious results of the
American-Spanish war are going 70 be
more far-reaching than the most brilliant
dreamers of Americas destiny have ever
pictured. The worlds commerce will be
revoiutionized. The acquisition of the
Philippines makes our Pacific coast Of
immensely greater Importance and value
TO US than ever before. We are placed
in possession of a front door entrance to
the vast commerce of all Asia From
ocean to ocean run our great railroads.
and under this new impetus these great
arteries Of trade will infuse life into the
remotest corners Of the land. The con-
struction Of the Nicaragua and Panama
canals in our interest must soon he under
taken. Their completion will make Che
Caribbean sea the commercial rendezvous
of the world.