The Savannah morning news., 1904-10-24
BANKER CLEWS' VIEWS.
The Financial Outlook as Seen
from Wall street.

| OuNAOOA as seen
from Wall Street.
New York, Oct "a marked re-
vival of the speculative spirit has set
in. 1t has come with a suddenness
and a strength that is almost as
tonishing. Such an outburst, exceeding
the most sangWne expectations, is
only to be explained by the fact that
intrinsic conditions were generally
sound, and that nothing but some sig
nal event, such as the Punishment of
all doubt regarding the crops, was nee
| essary for the release of pent-up
forces which sent prices surging up
wards during the first part of the
| present week. Again and again these
weekly advices have asserted that con-
hdence was reviving; that conditions
were improving that powerful inter-
ests were supporting the market, and
that in consequence better prices were
to be expected. Recent events have
strikingly proved the correctness of
| such views.
The recovery, however, came with a
rush that would raise serious doubts
about it's stability were it not for the
| genuine and widespread Improvement
in underlying conditions that fully war
ranted the change. A somewhat tardy
realization of this change by the pub
| lie caused the latter to enter the mar
ket impulsively in order to recover
lost opportunity; and as is always the
| case, the public is rapidly becoming
as much over-sanguine as it was over
depressed less than six months ago.
Such sharp revulsion of feeling is
| bound to be reflected in values, and it
may be some time before the mar
ket RECEIVERS its equilibrium and SEN
timent again adjusts itself accurate
ly to the general situation. Now that
the speculative fever has fairly brok-
en- out it must run its course until
broken by reVerses, although it must
be admitted that no natural hindrances
are yet in sight. The outside situation
continues good, and is improving daily,
while the technical situation remains
| free Of weakness. The only checks thus
far administered have come from big
/ insiders, who evidently are opposed to
a runaway market. This was made
| quite evident by the recent public ut
| terances of Mr.. Vanderlip, who I'M
doubtedly expressed the opinions of the
| most powerful banking and financial
interests of the country in his st. Louis
| speech. Mr.. Vanderlip plainly inti-
mated that those interests were OPP
posed to an over-rapid discounting by
tons. He frankly stated that in some
! cases such improvement had been over
discounted, and gave warning that
steps would be taken by big flnanciers
to check the sort of speculative opera
tions that brought the boom" of 1902
to an untimely end. This attitude of
hopefulness, thoroughly mixed with
conservatism, is eminently sound, gen.
uine and understandable. Nobody will
accuse the sfinanciers with whom Mr..
Vanderlip is connected of being philan-
thropists. They are shrewd, hard
headed business men, intent solely upon
carrying out successfully well-laid plans
which are not facilitated by such out
bursts Of speculation as occurred this
week. A gradual, steady and we'll
sustained upward movement is more in
consonance with their plans than any
speculative craze; hence neither the
sanity nor the sincerity of Mr.. Wander
lips remarks can be questioned.