The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-07-25
BANKER CLEws VIEW.
The FiasnciaI Outlook as Been From
ran Wall street. tglfH|

Wall street. E
New, YORK, July 2S-Ths past week has
shown some Improvement, after the dull
ness that has characterized the expired por-
ton OF the summer. Previously profess
sionals and outsiders alike had seen nothing
to interest them, and they consequently
gave full fling TO rural recEeations. They
seemed 20 take the Yiev that there was
lack OF Inoatured inducements to specula-
ton, and were thersiore disposed to defer
operations until the hnrVests more fully re-
vealed what is in store for the country dur
ing the coming year. This course was the
more readily followed because London has
been in much toe same mood. In short, on
all the worlds financial markets, there has
been this disposition TO Dostponement. in the
feeling that the situation, though not with
out many hopeful features, was scarcely
ripe for large operations. The last few
days, however have witnessed a change for
the better.
ItisEno light cause of assurance that the
silver question seems 70 have fallen into the
control OF the conservative sentiment OF
the country. The vote OF the House Of
Represen tabives, controlled as it was almost
entirely by political considerations, was
plain evidence that neither party dared 20
commit itself to unrestricted silver coinage;
and behind this fact lies the stronger pro-
lection that each of the presidential candi-
dates IL absolutely committed against the
free coinage heresies; which makes any
further concessions TO the silver faction in
the highest degree unlikely for the next five
years. In view of this prospect, It seems
unnecessary and unwise that some OF
the banks should raise any OBJ
lection to paying out gold
certificates to depositors desiring to export
that metal. II the gold is due to Europe, it
must go, and no continuance Of that sort
could prevent 1t. The banks may have the
right to refuse paymentin gold certificates,
but they cannot refuse to pay in green
backs, which are a claim for gold that the
government surely would not hesitate to
honor. There is such a thing as conserva-
tlsm without wisdom, and this attitude of q
few banks is a sample Of it. At present,
we have not reached the point at which our
stock Of gold is In actual danger, and it can
serve no good purpose to exhibit such pre-
mature fears.
The shock to public confidence impaired
by the outbreaks of operatives at the Car
negIe works and the mines In Idaho has
been repaired by the promptness with which
the authority of the law has been asserted
and the leaders been held responsible for
their acts. These too frequent occurrences
of lawlessness by misled operatives show,
however, the necessity Of maintaining the
the federal army, at a high standard OF
efficiency.
Money, though somewhat drmer, in con-
sequence OF the exports Of gold, is still very
easy, and promises to remain so for some
time to come. Attention has been called
by the press to the wide current difference
between the deposits and loans Of the banks,
which Is undoubtedly a legitimate indica-
ton Of future ease in money.
Taking the situation as a whole. and In
spite Of drawbacks. the outlook is certainly
of improvement are the check given the
silver mania, the practical cessation of gold
exports and an early adjournment Of con-
gress Even should further shipments of
gold be made, they need cause little CON-
Germ, because larger offerings of produce
bills will soon be forthcoming. The supply
Of shese has lately been diminished by the
anti-options bill, whioh, influenced foreign
buying and thus stimulated gold shipments,
instead of agricultural products. London
e also becoming more confident.
having practically ceased; and 1t would
not be surprising il the security
movement should soon turn outward ouce
more. Again, IL is 70 be remembered that
adverse influences have been freely dis
counted. Many stocks are now selling con-
siderably lower than a few months ago,
while Others, which have materially
strengthened their position, have failed
thus far to score any advance. The bears
are utterly unable to dislodge stocks in any
quantities; hence recent stagnAtion. With
low prices, good earnings and easy money,
we have the best basis for higher prices.
Adverse influences are always present: but
the immediate future presents as few of
them as could be expected at any period,