The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-04-25
BANKER CLBWS' VIEWS.
The Financial Outlook as Seen From
Wall Straet.


street begin to show more animation. On
the one hand, the "bearn commitments
have subjected that class of operators to a
pressure from the bulls which at times
develops some lively skirmishing; and, on
tho other, the unsettlement of the anthra-
cite interests through the recent Reading
deal causes frequent large transactions in
that class Of securities which imparts a Ger
tain degree OF speculative interest to the
general list. At the moment, these are the
principal causes conducting TO the growing
interest in the market; but though re-
stricted, these influences are attracting the
attention of outside operators and may pos
sibly lay the basis of q still more active
movement later on. The predominant ath-
tude Of the speculative interest seems 20 be
that OF expectancy. Although at the mo-
ment there is some disposition to defer trans
actions until the further development of
crop prospects, yet the preponderant tenor
Of influences bearing upon the course OF
prices is construed as favorable.
There are now before us four clear months
during which there can be no doubt that
money will rule at excessively low rates;
and like ease may be expected TO prevail
In che money markets of Europe. A great
hope begins to daw wn upon monetary affairs
In the now assured prospect that worlds
conference will soon assemble for deliberat-
ing upon the silver question, the invitations
for such congress having been already
issued by the state department and as
surGnces received that England, France,
Germany, Italy and Austria Hungary will
accept. That prospect is the more assuring
because the promotion of the conference
has been cordially encouraged by Great
Britain-the country which hitherto has
most persistently opposed all International
endeavors to restore the status Of silver as
coordinate currency with gold. Eugland's
new attitude in this matter is the more i'm
portant because it plainly implies that re-
cent experience is viewed as having
demonstrated the maintenance OF silver to
be commercial and financial me-
cessity-an argument which is ten
fold more effective for action on
this question than any mere theoretio
reasoning. So fer as can be at present
judged, 1t seems quite likely that the con-
ference will develop much more friendly
attitude toward silver than has been eX-
hibited at the international gatherings for
similar purposes held within the last few
years. Should the chances of success in the
conference become conspicuously apparent,
the effect could not fail to be Immediately
beneficial upon confidence. And, in the
event Of an international agreement being
finally accomplished, such result could only
be received as an incaloulable gain to the
future OF finance and trade among ell the
commercial nations. 1t is therefore rot too
much to regard the anticipated negotiations
as the introduction into the financial mars
kets Of an element of the highest impor-
tance aud which may be reasonably expect-
ed to operate in a hopeful direction.
Although the condition Of trade in Eu-
rope still continues TO be that OF depression,
yet there is a very manifest recovery Of
confidence in the financial markets. Most
Of the weak spots that have excited dis
trust seem to bave been repaired or other
wise disposed of, and the tone in the credit
circles OF London, Paris, Berlin and Vienna
shows an Improvement which ls hopeful for
the future aud suggests probability of tho
revival of European interest in our securi-
ties. The distribution of gold as between
the money centers is normal, and the rates
OF money are everywhere SO exceptionally
low as to suggest the probability of an
early outlook for Investments. The in
creased interest lately shown by London in
the New York market is an outcome OF this
recovery, though the readiness with which
London realizes upon moderate advances
shows that operations there are bei1g oon-
Quoted with conservative caution. Upon
the whole it seems reasonable TO expect that
the European markets will become steadY
support to ours during the next few months.
The chief disturbing factor at this point
is the apparent possibility OF the Reading
deal provoking serious hosttlitie5 between
that company and the Pennsylvania rail-
road. The danger does not lie merely in
Readings encroachments In the coal trade,
but also in the competition between these
two companies for the grain trade and IN
Reading's disposition to compete with the
Pennsylvania in its large western and SOUTH
e-n interests Should the latter companV's
cut in coal rates mean the beginning Of
general competition between the two great
corporations, it is not easy to say how far
such a war might affect rates upon the
through tonnage of other roads. This un-
certainty is at present holding the market
in suspense.
The uufsvornble report of the department.
of agric ulture on the April l condition Of
the wheat crop has O somewhat discourage
ing effect and causes some postponement OF
buying. 1t deserves to be noted. however,
that the report indicates no important win
ter killing, and emphasizes principally the
Iateness Of the crop; which does not by any
means preclude the possibility of good
harvest in case Of subsequent 6ns weather.
1t is also important to remember that we
are likely to enter the new crop year with
a surplus Of 100000 bushels Of wheat I;
which, even should the growing crop prove
a small one, would leave good average
supply for export next season.
AS there are just now some important
undetermined contingencies, it is perhaps
wise to confne purchases Of stocks to fair
drons in DriCes