The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-10-21
BANKER CLEws' VIEWS.
The Financial Situation as Seen
From Wall street.


New York, Oct. 19.-Speculative SEN
tinent on the Stock Exchange seems
a good deal confused. There is less
harmony and less prosperity than six
or twelve months ago. yet not enough
discord and not enough trade reaction
to probably cause much further recess
sion in values for the present as against
the strong force of manipulation in
the opposite direction. Consequently
in the midst of this uncertainty strong
interests have taken advantage of i'm
proved prospects in the money markets
to infuse fresh activity and strength
into stocks. They have met with some
success in special stocks; sufficient
perhaps to stimulate further efforts in
the same direction in other properties
provided no untoward circumstances
interfere. Thus far the trading has been
chiefly professional the public being
wary and taking little interest in the
movements of the great operators. The
latter certainly have a wonderful con-
troll of the market, so long as they
agree but in the efforts to harmonic
or consolidate great railroad systems
many stocks have been overbought:
there has been too great a centraliza-
ton of holdings, and the problem now
is how to return these securities of
unquestioned value to the strong boxes
of investors while they are held at
control values. 1t is an open secret
that some of these deals have been
held up" for various reasons; and no
doubt the leading promoters would
gladly see them contaminated in order
to create market for the load of Sc
curities which they are now carrying
How much of the reported friction is
true and how much is put out for the
purpose of influencing prices it is hard
to determine; but it is certain that for,
some time to come the active railroad
shares will be dominated by these ne
gotiations and that prices will rise or
fall according to the prospects of their
completion. If outside conditions are
favorable it is quite likely that the big
holders will succeed in lifting the mar
favorable we must expect further
liquidation. In either case we may
look for a variety of rumors put out
for stock jobbing purposes.
The principal outside influences to be
considered are monetary prospects and
general trade conditions. Local none
tary conditions should soon improve,
as we are near the period when funds
withdrawn for crop moving purposes
Will DtSlH W ItluIu- AZ lHe tllOIleII
currency shipments are large, and in
view of other known movements one
or two more unfavorable bank state
ments would cause no surprise. Bank
| reserves are low, and the best has been
| said when the early return of currency
| has been taken into consideration. We
are now entering the gold importing
| season, which with release of crop
| funds usually insures a period of easy
money until April. The prospects of
gold imports just now, however, are
very remote; in fact. we seem more
| likely to send than to draw gold from
| Europe. Germanys financial crisis is
evidently reaching another critical
period; England is depressed
by war, and france, the
most prosperous of all European
nations, is girdling herself to meet
consequent demands upon her re-
sources for assistance; to say nothing
of the chill caused by the recent break