The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-05
BANKER CLsWs' VIEWS.
The Financial Outlook as Seen From
Wall Street


Wall Street.
NEW YoRK, Sept S.-Followiug the ben
eHcial effect OF such influences az the loyal
decision against the Texas railroad cou-
mission, the decision Of Chancellor McGill
against the Reading company and the ces-
sation Of the Buffalo strike-the course of
the stock market during tue past week has
been reactionary; and that tendency has
been encouraged by the continued rapid
reduction OF the bank reserves by ths
spread OF cholera In foreign ports closely
connected witch the United States, and by
the withdrawal OF the Great Northern rail
road from the Trausoontiuental Association.
One factor appears patent with the re-
cent test OF values-nameiy that, as q rule, ,
stocks are In the hands OF fairly strong
class OF holders Capitalists associated with
| great railroad interests have, IN one way or
| another, become the owners Of very large
amounts OF shares. and although they may
be in some cases unwilling holders, yet the
| fact is not to be ignored that they are able
TO support their transient Investments until
affairs take turn more favorable 10 mar
ketlng them. To this extent the situation
Is very different from one Ia which "out-
siders'' are the chief holders.
This factor is backed by another OF sub
stantial Importance. The position OF rail
road finance is to-day stronger one than
has ever been realized before. Competition
is under more effective control than for
many years past; managemont is no longer
subject to she discreditable speculative ma
nipulAtions that once were rampant in even
our best roads; economy and thorouRhness
have become q matter Of emulation among
officials; aud there is less than for many
years past OF the dangerous policy OF ooa>
structing extensions and branches long in
advance OF any possible remuneration for
kha nIltlQu IIu1ar thaan
railroad capitalists have acquired confidence
in the enterprises to which they have made
advances, and are no longer mere mauufact-
urers of stocks and bonds to be palmsd of
on the public as quickly and compIstely as
| pUssible, but themselves bona fide Ia vestors.
The propects OF traffic are also encouraging
TO holding. Adding to the crops of this year
the large surpluseS brought over from 1851,
the quantity OF agricultural products to be
brought to the seaboard may be expected
to prove unusually large. That the general
| trade OF the country is active the returns OF
the bank clearing houses throughous the
country clearly indicate. tho transactions as
the south and the Pacific coast even show
Ing now an increase over last year.
| Another enoouragemeut-andi its fulI
| force has not yet been realized-oomes from
| the evidence of recent events that our great
transportation interests may depend upon
| the protection Of the law as against the doc
| trines of "Rrangerism" on the one hand and
the violence Of organized labor on the other.
Instead Of reign OF lawlsss hostility 20
| Incorporated enterprise in almost every
form, which had made capital to the Last
degree timid and distrusttul We have the
| promise OF an assertion OF the force of law
| which is calculated to infuse new life into
the industries Of the nation,
The wholesome influence OF the foregoing
factors Is, at the moment, prevented from
IS. A.
securities by certain external consider
ations, chiefly monetary. The large ex-
ports OF gold have drawn down the reserves
of the associated banks, and the shipments
of currency to the interior for moving the
crops will reduce the stock of lawful money
in the banks TO a still lower point. We
have been told from Chicago that that city
has become the money center and the cash
depository for the western country, and
that consequently New York need no longer
trouble itself about its responsibility for
supplying the demand for cash incident to
the great fall money movement. Judging
from the experience of the past month, New
York IS likely to have to contribute as much
as Chicago.
The silver question remains a factor of
moro or less disturbance, and one that is
becoming more imminently urgent for set
tlement. 1t must very soon be decided
once for all what shall be the permanenB
status OF that metal ia the United States.
The monetary conference, whose sittings
are TO commence within about a month,
will by its decisions prooipitate and compel
an early choice of final action by this
country. IL it should turn out that suf-
ficient number Of influential governments
will join the United States In determining
the future valuation OF silver and In re-
moving all legal restraints upon Its coinage
and It's legal tender force. then the question
will be settled for us on the basis OF free
coinage on both the metals.
advise only buying on the pronounced
breaks during the coming week and only
for temporary holding, as the present
temper Of the market points downward.