The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-12-14
BANK R Oh ws. VIEWS.
The Financial OuJlook as Seen From
Wall Street


cuIities are well satisfied with their position
AID prospects. while thOss 'short" on the
market show signs of uneasine-s; so long
however, as transactions are mainly en-
d ell to the "room traders" the bears
may take heir time IL getting themselves
mo a safer position
One of the notable features Of the ma kel
/ is the Increase of investment buyers. They
/ represent not on v the earnings OF year of
/ reasonably prosperous business, but also the
/ liquidated principal OF western land mort
/ cages. OF which considerable amounts are
/ al eady being settled out OF the results OF
the large crops, while greater sums are
/ likely TO be extinRuished during the COM
/ ing six months as the crops come into mar
ket. The large earnings Of the leading
railroads, and Dotauly of the Vanderbilt
properties, together with the pr bable
later advance il stocks, are attract
ina the investors who want owe.
4 yer cent. for their money to the more sub
stantial dividend-paying shares, and the
/ market supply of that GLASS of investments
is being steadily red ICED, with a consequent
gradual rise IN their value. Lower grades
/ OF stocks, however, continue to be compar-
atively neglected and are the chief ma erial
of such limited speculation as is going on
1t is clear, however, that the improvement
10 the first-class stocks is laying the basis
| 70 tue ultimate recovery In the lower
| grades, aud will conduce o a later active
speculation in the la ter. Indeed, there are
already some symptoms Of the beginnings
| OF Sucn movement.
At the nome It speculation is held In
| check by the influences incident TO the ap-
preaching holidays aud to the settlements
and making up OF accounts usual at the
| closing of the year. Besides, the opening
OF congress, with a largely new poll ical
complexion, induces certain amount Of
waiting for indications of what is
| likely to be the future course
| OF legislation upon certain important
questi ms. These things have a tendency to
defer operations. and may keep the market
| quiet until about the close of the year, or
possibly so newhat longer. But, in the mean
time, steady stream of favorable influences
is gathering into an accumulated force that
is likely before long to prove irresistible
| All signs go to show hat, for the next few
months, the traffic of the railroads will
largely surpass all precedent. Already. the
roads connecting with the wheat-growing
sta eS find their rolling stock employed to
its utmost cap1c y, and hey not only are
unable to accommodate the coal traffic, but
are compelled TO re use large quantities of
| gram, which is ccumulati z in immense
| stocks in the elevators and sore houses of
the interior. Next, the r. ads connectiuR
with the corn belt will be equally taxed far
| beyond their ability to move tue crop of
maize. many times larger than that of
wheat; aud TO this must be ad led an extra
ordi airy forwarding OF GA s for ex-
| port, TO supply the European deficiency.
| When the figures come pouring
week after week into Wall street
showing the eXtraor iinary magnitude Of
| this traffic, IL will need no prophesying to
say what must be the effect upon specula.
ton. At prevent, the disposition is to de-
fer the discounting Of these extraordinary
prospects until the opening II the new year !;
| but it remains to be sesn whe her the mar
ket can hold it itself in restraint so long.
There are already long-headed wealthy
operators aG work accommodating selected
stocks in ways least calculated to attract
attention; but the rank and die of specula-
tors, and that unknown quantity "the out
side public are doing little and are not
likely to awake to the real significance OF
the situation until the brainy leaders give
| the cue.
The Presidents annual message has had a
good effect upon Wall sire t at large. 1t is
| regarded as not only an able moderate and
statesmanly document, but also as reveal
ing healthy condition Of the business of
the country, and as favoring measures
promising stability and safety, and above
al as afording a guarantee against any
further approacn toward danger In
our silver policy. The new political
complexion of congress is likely to produce
an exciting session in the lower House. 1t
is to be expected that the main object of
tn parties will be to make record for the
election # 1892; but little positive legisla.
ton is likely to be enacted. as the minority
will be held in check by the majority, and
the maj 'rity will be restrained by the SEN
ate or the President. There is therefore
nothing in congressional prospects that is
likely t. seriously disturb Wall street DUR
ing the co ming months.
In Europe, there is a singular calm, sue
ceedIn tho late financial apprehensions
and the fears OF impending war. Exactly
what estimate is to be put upon
this new aspect, it is not easy
to say. 1t would dou tless be
utopian to assume that there has been no
| occasion fer all the recent excitement, and
| not safe to conclude that all the dangers
| have been permanently averted. There
can be no doubt that financiers aud diplo-
mats have united to put the best possible
face upon a perilous situation, TO plaster
over the weak spots in finance and politics
and to conceal the pit falls; and they have
thus succeeded in recovering the reins into
their hands and errestlng the headlong
rush toward we know not what catastro-
phe. Quite possibly, all courts have been
| no alarmed at the near possibility of
being rushed into a great war without
the necessary cooperation from the BANK
ingp wer. that they are anxious TO postpone
the inevitable until the sinews of war ha We
| become more available; but there is nothing
in any quarter to indicate that the funda-
mental causes Of quarrel have been even
abated, much less removed; and we can
hardly hope that Erropean haanciers will
maintain any ut or than highly restrained
attitude. London evidently thinks that
England will be able to keep herself aloof
from continental troubles, and we therefore
find on that market a comparatively hope
| full feeling and continued disposition to
take part in an active speculative move-
1nent at New York, which is there awaited
| with sangulne expectancy,
The money market remains easy; but the
banks have ceased to receive the large cash
remittances from the interior prevailing
for some weeks past. Considering the i'm :
me Sc forwardings Of grain from the west,
this is not surprisi &, aud it is not impos-
sibe even that, under such unusual cir
cumstances, New York might become
debt to the vest but the m )vement that
| would bring that about would corresponds
ingly increase our claims upon Europe fer
gold.