The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-04-06
oLEws, F1NAxcIAL VIEWS.
What the New York Banker Has to
Say OF the Money Market.

Say OF the Money Market.
NV YORK, April I've have now
about reached the point on which common
expectation has fixed as the beginning Of a
recovery Of the stock market. For some
time past the opinion has been more or less
general that prices have not recovered from
the decline incident TO the panic to an ex-
tent corresponding 10 the intrinsic merits Of
many stocks. This feeling has given stay
to prices and has kept alive a "bulln ele-
ment Of some force: but it has been offset by
the caution growing out Of the recent crisis,
and something has been constantly occurring
TO postpone operations for fun recovery in
values.
The month Of April has traditional
reputation for favoring "bulF operations.
It Is the time at which currency begins to
now from the interior banks to their New
York agents, to rest here until the crops
have been harvested and money is needed
for marketing them. With a clear prospect
OF four months of ease in money, this is
always regarded as the season most favor
able for bull" campaign; and it is not
clear why the present should be an excep-
ton TO the rule IL has seemed possible that
this accumulation Of money might be
checked by a liberal expectation of gold;
but the present course of the foreign ex-
changes discourag9s the expectation OF large
ShApthSHto, LOE Juo pEoScub az lcdst- III
some quarters. there has been an ap-
prehenslon that the afteT-effects of
the financial troubles in Brazil
and the Argentine Republic might
force London to realize upon some of it's
American securities; but, on the contrary,
British investors seem more disposed to buy
than to sell our stocks. The serious en-
barrassments Of certain large Italian banks
have served as another sharp test or the
Eurogean arrangements growing out Of the
argentine crisis, Tut have prov ed to have
no ser GUS consequences in either London
or Paris; which has had a wholesome
effect in allaying the apprehensions of
further trouble arising from that source.
AS it is now nearly six months since the
suspension of the Earrings revealed the
alarming magnitude OF the South American
crisis, it see safe to assume that all the
weak spots in that quarter have been proJed
and that London is now safe against further
disturbing CONSCIOUSNESS; which is matter
of no small consequence to the future Of
American investments.
So far as respects conditions at home, the
outlook, If not positively encouraging, is at
least free from any threatening conditions.
The railroad situation lis improved, if not
by any general recovery of rates, yet at least
by more moderate counsels among mana
gers, by the absence Of reckless cutting"
by moderate gains upon the large gross
earnings Of last year, and by a more con-
siderate attitude of state legislatures aud
state commissioners in the gcanger Sec
tons. Any general advance in rates is
not to be expected under the present
light forwarding of wheat and
corn to the east. but it is a
good symptom that, notwithstanding
this deficiency of grain freight, rates are so
steadily maintained. The movement of
merchandise, however, is of healthy dimeu-
sions; so that although the grain receipts at
the seaboard for January AID Eel ruary were
100000 bushels less than for the
same months of 1890, yet the gen.
eral traffic of the roads has exceeded that
of year ago by about 5 per cent
The condition of the winter wheat crop
Is, for the most part, unusually encourag-
ing, and the prospects are 50 far good for
getting in the spring crops under good con-
ditions.
Taking the situation as a whole, therefore,
thsre is nothing in it encouraging to selling;
while the present range of prices must be
regarded as falling bel W fair valuation
of STOCKS upon their intri sic merits With
no further shocks to confidence to be ex-
pected from the after effects of the recent
financial upheaval, it seems reasonable to
expect that. with the coming abundance of
money, both transient and permanent in-
vestors will be Forthcoming as buyers.
K ,ilroad bonds have ad vanced much beyond
the recovery in stocks; and this disparity
may be expected to produce an early adj
vance Of the latter. The tone of specula-
ton, though still conservative, is becoming
more distinctly hopeful, and the tendency
OF tie market is perhaps best told by tie
caution and timidity OF the "bear" side.