The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-30
BANKER CLRWs' VIEWS.
The Financial Outlook as SEEN From
Wall Street,

NEW YORK. May 2s.-Following the
foreshado wings in our advices of May 81,
the stock market has, during the past week,
shown symptoms OF reaction from its
late "bearish" drift. The pessimists appear
to have come to the conclusion that they
have fairly discounted the adverse condi,
tlons, and the manifestly oversold state of
the market has admonished them into oov-
erlng their short" contracts; and there-
fore, although they have continued to
attack prices, they appear to have
done so maiuly TO enable them to buy
for the purpose Of returning their borrowed
stock. 1t has thus happened that the
"bearsn have been the foremost BUYERS
This change in the current has naturally de-
veloped better tone and has caused some
advance upon a wide range of stocks The
"bulls," however, still feel somewhat timid
aud bruised after the late severe pounding
from their opponents, and have not been SO
quick as they might have been in turning to
account the necessities of the "bearsn to
cover their large outstanding SHORTY con-
tracts. This is perhaps in part due to the
fact that the "besrsn have been prudent
enough to cover before the foreseen i'm
provements in general conditions had be-
come distinctly developed Be that as it
may, the bulls" owing to the current lack
OF strong and able generalship, have lost
good opportunity for turning the tables
upon their opponents and inaugurating an
upward movement.
AS the prospect stands to-day, 1t is dis
tinctly improved. The "bearn campaign
has nearly exhausted its ammunition. The
weaker stocks have been hammered down
to point at which they may be considered
fairly cheap. The earnings Of the coal
stocks begin to show some of the benefits
claimed for the Reading combination and
are strongly supported, and that is quite an
important element of strength. Richmond
Terminal, though still az uncertain factor,
Is less than 1t has been a cause of disturb
ance, and, should it be taken under the
wing OF Drexel, Morgan & Co.. its troubles,
If not ended, will be indefinitely postponed.
Atchison and Topeka is attracting more
confidence, and its new loan is received
with some favor As to the large group of
grangers, which have so long been kept in
suspense by the rains and floods, they now
benefit from the improving weather and
the increasing chances of average crops,
| while the instances of real and permanent
injury from the late weather have materi-
ally lessened. The mercurlal "industrials"
are. for the time being, exempt from any
special causes of disturbance. The net
earnings of railroads for the first quarter Of
| the year prove to have increased nearly 10
per cent. over those of the same time of last
year; and although the current business of
many OF the western roads is showing some
decline, yet the reduction is merely the
temporary effect of the storms and the i'm
passable condition of country roads. The
reserves OF the city banks are again on the
increase, the surplus shown in last weeks
statement being S19, 500, 600 against SIS, 200,-
600 year previous. The exports Of gold
have ceased fo- now two weeks, although at
this season we are usually shipping that
metal. The current demand for bond in
vestments is unusually active, and the
scarcity in the supply was strikingly appar-
ent in the fact that the bids for the $40 ,000,-
900 of Pittsburg, Cincinnati, Chicago and
st. Louis AS marketed this week amounted
TO several times the sum offered.
In these facts we have strong combina-
ton of conditions favoring the market, and
their bearing on prices is the more impor-
tant because there are now apparently left
so few factors in the situation of an un-
favorable character. There is likely, how
ever, to be some waiting until the cardinal
question of crop prospects ID more settled.
The news from the west and southwest be-
comes each day more assuring; and so far
as respects wheat, all that can be claimed is
that good crop is possible, dependent on
the prevalence of fine weather from this
time forth. As to Indian corn, the season
of planting Is doubtless late, and in that case
there is always liability to the crop being
caught by frost. With another two weeks
of fine weather, the wheat crop will prob
ably become an important bull" element
in stocks.
The European situation continues to grad
ually improve. London shows more conf
dence in American stocks. A considera-
BILE portion of the new loan Of the Pittsburg,
| Cincinnati, Chicago and ST. Louis railroad
was taken on that market, which brings out
a considerable supply Of sterling bills Of ex-
change. Specie is pilinR up in the Bank
of England, and the rate for money IN the
rtxakf zv I s.ay,E oil h.
continental centers there 10 glut Of money,
which must sooner or later stimulate the
demand for investments and develop specuS
lation. The political atmosphere is calmer
and although it is momentarily disturbed
by the financial situation in Italy, yet the
curtailment Of that governments military
expenditures, which seems inevitable, ought
to be a contribution toward public conf
dence. The forthcoming international sill
yer conference does not yet excite
here the interest which its Importance
seems to warrant; partly because the
public get little information about the mat
ter and the progress of the negotiations,
aud partly because the unfriendly tone as
sumed toward it by portion Of the British
press moderates expectations of full and
complete success as result OF the negotia-
tions At present, it would be premature
to indulge in any estimates OF the probable
outcome of the conference, so little being
certainly known as to the real attitude of
the several governments participating in 1t
and the personnel of the delegates. The
deliberations, however. will be Of meal
cuable value as showing what is possible
and impossible in the way of arrangements
for remedying the depreciation and de-
monetization of silver. To the United
States, the conference will prove invalua-
BILE even should it show that no such ar
engagements are possible; for then it would
be more distinctly apparent what is the sole