Savannah morning news. [volume] (Savannah) 1868-1887, 1884-07-04
Brr.Lrvc the sroCK MARKEr.
what Vanderbilt Has to say About the
Financial Outlook.

" hat Vanderbilt HAS 10 say ABOUT the
Financial Outlook.
@What is your opinion Of the stock mar
ketf', asked a New York Times reporter
OF William Fl. Vanderbilt on Wednesday.
Il cannot think otherwise than that the
worst is over. To-day was the most inn
p0rtant of the year. A great amount fell
| due. That the obligations were met indi-
Gates that people and corporations are
able 10 take care OF themselves for the re-
mainder Of the year. They have passed
the hardest time. / look for higher prices
before i do for lower ones. No one can
/ tell me that this is time TO sell stocks.
/ If people have got the money 70 pay for
1 them. there never was a better time TO
/ buy Northwest has shown that ii earned
| 8 per cent. for the year; and IL is simply
/ ridiculous that its common stock should
/ be selling at s.. Look at st. Paul selling
at 90. It is absurd
| Then YOU see no reason why higher
/ prices should not prevais'
'ANOne whatever. To think Of lower
/ prices does not seem reasonable. People
/ have been taking steps to guard against
/ trouble. They put themselves in shape
/ after the panic. Nobody had any right to
| anticipate what has taken place. Conf
| dence was lost. that was all. A great
| many people have IQuidated- This idea
/ of boarding up money is foolish. Money
1 is plentiful. 1t goes a-beeging. Why, L
/ have had 5000. 600 or 81, 100000 offered to
me. Exchange is so that specie can be
/ shipped to this country, and / understand
| there Is some on the way. The banks are
/ getting stronger and in shape TO help
/ matters. / think confidence Is returning.
/ Things will come out all right.
| The wheat crop is going to be immense.
/ and by the 1st or middle of August things
| will be going on swimmingly again. By
Il the middle Of August. too, or Sept. l, IN
/ less the contest is very close. IL viii be
/ determined who viii be elected President,
| and that event viii be discounted. 1t
looks to me as if things were now getting
! back to where they belonged. It is not
| matter of five minutes. 1t has been a Sc
/ riOus thing, but. as / tell you, there are
] indications that confidence is being re-
stored. When prices get to going up they
| will 90 fast. 1t will cost more then than
now to buy stocks. Ny opinion is worth
no more than anybody else's. | am tell
! ing YOU the way look at things. Prices
| NAV 20 the other way for all know, but
l do not believe it. come in contact with
a good many people who ought to be in
position TO Judge, and they think things
| are going to improve"
GLOW much ought stocks to advance -
s'Diyidend-paying stocks ought to adj
| vance to their dividend basis. There is
| Lake CUOFe. 1udb Ou-Ul 10 DC Oh d . per
| cent. basis any way. Its last dividend
was at the rate of per cent, but that
does not bind it not to pay more here
after. 1t was able to pay 6, and did not
| have to go shining around after the
| money. 4 8 per cent. stock is worth
more than Lake Shore is quoted at. There
| is Northwest, too. 1t does not have to go
| running around after money either, and
| there is no earthly reason why it should
I coNf fnr. hot hnH
common or preferred. Confidence is
not going TO be restored at once in the
trash, but in the good things it is. BY
and by people will pick up the trash
again just as they have DONE There is
one thing that viii show that confidence
in the dividend-paying stocks is imprOv-
ing. In MAY the number of shareholders
in Lake Shore increased 700. i have not
looked at the books to see what June
showed, but l have no doubt the increase
was kept up. There are now II, 900 share
holders in New York Central
'Do you attach great Importance to the
cropsy'
"The prosperity Of the whole country is
governed by the crops. Six weeks ago no
one could tell what kind of a crop we
would have. Now we know 1T VIII be
big. The wheat spectators are respOn-
sible for the loss of the trade abroad.
They are baked this year. They cannot
buy up the whole crop and hold it at fig
ures that make it impossible to induce
| buying on the other side. They have lost
too much money, and natural prices are
going to prevail. They Will take the stuff
abroad, but OF course they want to
get it as cheaply as possible. That is ma
! tural, isn't it, Our grain is so much bet
ter than that raised in India or Russia
that they give ours the preference, but
We have got to make price at which
they can give it the preference. The Rus
sian facilities for getting grain to the sea-
board and thence to foreign countries are
poor. We can have 90 or 20 cent wheat
and make it pay to raise it. No; we
haven't lost the foreign market for our
wheat"
"What is the feeling abroad in regard
to American securitiesT'
'Well, if there is lack Of confidence
here, that feeling must necessarily be i'm
parted to the other side. The whole trou-
bic is a lack of confidence. 1t is just like
a fellow selling a horse. If he shows any
doubt about the horse he imparts the
doubt to the fellow who is talking of buy
ing. If we have confidence at home every
thing will be all right abroad. Things are
coming out all right here. The country
and the people are elastic. They can't be
kept down. Men get rich and poor here
astOnishingly quick. A man may lose
his fortune and make another in a year.
The country is prosperous. You can see
that"
'Do you expect before the year is over
to see prices well on the upward trackV
sob, long before that. lido not see why
people keep their money locked up where
it will only draw l or ~ per cent. when
they can buy a per cent. stock for 49,"
I