The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-10-10
BANKER CLEWs' VIE ws.
The Financial Outlook as Seen From
Wall Street.

Wall Street.
NEW YORK, Dot. S.-Those who have been
so long waiting for the moving of the mar
ket have at last been gratifed. Without
any apparent concerted OF otherwise special
effort, a revival has set in during the past
week which seems TO indicate the beginning
OF more active market and an upward
movement in prices. It Is true the change
was most conspicuous In the stocks con-
trolleds by wealthy combinations; but the
thing to be noted was the ready response of
minor aud even outside operators so that
the recovery has been felt in nearly every
every stock on the list. The activity was
also stimulated by the prompt rush Of the
The spontaneousness Of the movement has
even taken the bulls" by surprise, and is
on both sides of the market construed as au
emphatic expression Of stronger undertons
than had been supposed to exist.
The reports of the corn crop having es-
capped the danger Of frost and Of los having
improved in condition during the last
stages, and also of the very favorable
auspices under which the planting of winter
wheat has been accomplished and also the
uniformly encouraging aspects OF the fall
trade, shese seem to have been the main
causes tending to bring out this expression
OF the underlying hopeful feeling. The
generally favorable character Of the bust
ness OF the railroads during September has
also had It's influence in the same direction.
Inc publication Of the returns OF failures
mas confirmed the feeling, entertained with
mlsgiVlngs In some quarters, that the trade
OF the country Ia in an even exceptionally
SOUND condition, which also has helped to
strengthen confidence. 1t appears from
BrddstTeets returns that, for the past
nine months, the amount OF liabilities In
/ N.E
United States amounted 70 S77. 900, ,OOO
while for the same time of 1891 the total
was S13S, 800, 600, showing decrease within
| the twelve montlIs' interval OF A per cent
| In New York city the liabilities for the
same months have fallen from SIS. ZOO. 600
last year to S6,400 900 this year, or at the
rate OF % per cent. In no year since 1882
has the amount OF liabilities been so low as
at present; and, making allowance for the
increase OF population, the ratio is even
much lower than In that exceptional year.
Taking an average Of the last ten years, the
average amount Of failures, within the first
nine months Of the year, has been SlO7. 900 =
GOO; which is $4,000 COO above the ex-
perience Of the current year, making no al
10 vance for an increase of nearly 30 per
cent. in population during the interval
The losses Of the south incident to two
years OF excessive crops OF cotton had pre-
pared US TO expect q very unfavorable
showing from that section, and yet there
the amount OF failures has been only $1l,-
100 900 against S24,900 900 in 1891. In the
depressed Pacific states we should have ex-
pected an increase of failures, and yet the
liabilities there show slight decrease upon
last years. These are tho most enoourag-
ing facts; the more so because they admit
OF no gainsaying.
It is also a gratifying fact that the railroad
statistiotans estimate the construction OF
new railroad for the current year at not ex-
ceediuR 1000 miles. Considering that
within the past decade there have been
years when the construction has reached
three times that mileage, this is q most well
come evidence Of the conservation that at
present controls this branch Of enterprise
What may be forthcoming in future years
IL Is impossible TO say; but it must be al
lowed that with the current ratio OF new
construction there is the minimum Of dan
ger of phe older roads suffering from the
reckless competition Of new line for the next
few years.
Wall street may congratulate itself upon
its almost entire exemption from the pollt-
ical diversions that have usually attended
presidential elections. While our people
take, perhaps, as deep and earnest an inter
est in the election Of national officers and
representatives as they ever did. yet that
very. esrnestness seems TO make them less
demonstratiYe; and the new method OF bal
loting also has tendency TO discourage
sensational methods Of canvass Elections
are now devoted more TO "educationaln
work and less to shouting and displays; and
the change confers benefit equally In more
intelligens exercise OF she franchise and in
diminished interference with the prosecu-
tion Of business. Hence we no longer hear
men talk Of postponing their financial op-
erations until the result Of the elections as
been ascertained.