The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-30
BANKER cLEws' VIEWS.
What He Says Of Financies From the
Wall Street Standpoint.


NEW ToRK, Nov. 2s.-The past week has
shown some improvement in the tone Of
business at the stock exchange and some
recovery in prices The change has been
| in large measure due TO a relief from the
extreme tension la;sly existing 10 the Eu-
| ropeen markets The late depression abroad,
| while due to real and serious causes, has no
doubt been aggravated by speculative in
huences, and those influences have been
exerted TO close upon the verge OF produc
Ing widespread panic. The European
| bears" however, appear 20 have known
exactly how far they could go without pro-
voking general disaster, AID just when a
crash was feared have become buyers, with
The effect Of a general recovery Of con-
fdenoe.
Apart from these speculative movements,
there seems to have oeen an improvement
| lii the European situation in some material
respects. The danger Of trouble in Paris
ard st. Petersburg, arising from the
| threatened failure Of the Russian loan, has
been aVerted by the czar's government re-
| llevlnR the Paris negotiators of "a ,0O0, 600
of the $500. 000, 900 for which they have be-
come responsible A rumor was also circu-
ated that the Rothschllds had been Induced
to extend aid to the negotiators: which,
though probably untounded, te ded to re-
| lieve the situation. At the same time the
| embarrassmenis OF the Bank OF Spain
have been SO far settled with its Paris cred
itors as to enable the bank to renew its
| Tonted advance, thereby restoring conf
dence IN Madrid. These ameliorations at the
most sensitive points of Eur pean finance
| have naturally Infused more confident
| feeling at other centers which were suffer-
ing In sympathy. The p li;ical kaleidoscope
has also exhibited more hopeful hues. NJ
de Giers' visit to Paris and Berlin appears
to have aimed not only at the protectior :.
/ Hna e.
to have been Ia liz. aspect more or less
| successful. but also at effecting understand
| lnRs calculated to soften the danger
GUS asperities existing between European
| courts; and here also, it may be hoped, the
am oassador achieved some measure OF
| success The French minister of foreign
| affairs is reported to have said that the
views interchangei with NJ. de Giers we're
''of very friendly and pacific nature:'
which clearly must be construed as having
| reference to relations with Germany and
her allies. Though little comes from Ger
man sources as 10 the purport Of De Giers'
Visit to Berlin, yet Russian semt-off1cial
| paper significantly expresses the hope that
| the an.b Issador will succeed is dispelhng
| all misunderstapdngs between Russia and
| Germany" and-which is still more
ignificant-"that he will succeed in
bringing about an improvement in
the present relations between Germany aud
rance, In order TO prod ice a complete ap-
| peasement. These words are q Trustworthy
| indication Of a desire on the part of Russia
| and France to bring about a more pacific
condition of relations as between the le Ad-
ing European powers; and it can hardly be
| supposed that Germany will treat such APP
proaches lightly. This is the first ray of
light that has penetrated the gloom of
European politics for many a day, and the
results will be watched with hopeful inter-
est the world over
This remarkable concurrence of events Of
pacific tendency puts for the time being,
at least, widely different aspect upon for
eign affairs from that which lately excited
an almost hopeless apprehension on the
European markets. From quarters response
BILE for all that apprehension, there comes
open expression Of desire for a revision
If relations in the interest of peace 1t is
true, 1t may prove obstacles stand between
the desire and the achievement; but SO
much as has tran,pired in these initiatory
efforts warrants a more hopeful attitude In
the financial markets Of Europe and
America.
During tue week, Russia has closed her
ports against tbs export Of wheat, which
added to her previous stoppags OF exports
OF oats, must have the effect or largely in
creesing the shipments of those cereals
from our own ports The large shipments
of grain are adding remarkably 10 the vol
ending with Oct 81, the total exports of
| merchandise exceed those for the same
period of 1890 by "a. 900, 900, while the inn
ports for the same months fall Is, 600. 900 be-
low those Of last year. The trade balance
IN our favor, for the three
months, is 64,00o,0oO, compared with
only 1900 900 in 1890. This balance, how
ever, has been sat OFF by simultaneous gold
| Imports amounting to IS 900, 600 which left
an outstanding balance in our favor of
5000, 900 at the end Of October. AS that
| balance has since been increased, the inter-
| snce is obvious as to the prospects of con-
| tlnued imports of gold. Under the gloomy
conditions recently existing abroad, 1t was
not unlikely that this balance might be
| liquidated to some extent by the return of
| our securities; but the more hopeful symp-
| toms in both the finances and the politics
OF Europe above referred to favor hquida>
| Uion in gold rat er than securities.
At home, also, current influences are
| favorable to the stock market. The condi-
| ton of the bank reserves is conducive to
continued ease in money. The trade of the
country at large is beginning to show
more distinct response to the stimulus cons
| ing from our /, bundant harvest. The earn
| legs OF the railroads are still gaining upon
those of last year, and that upon the net as
well as the gross business These several
| factors are producing firmer feeling among
| holders of stock; and as the market is
largely oversold, the purchases of the
"Cears" to cover short contracts ara likely
| to have favorable effect on prices at an
| early day. Under these circumstances it
would seem safe to buy good stocks on the
reactions for early favorable developments