The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-19
BANKER CLEWs' VIEWS
The Financial Outlook as Seen From
Wall Street.

Wall Street.
| NEW YoRK, Dec. 17.-Business as the
I stock exchange moves steadily on, without
| any changes OF moment from the features
noted in our sdvices of last week. The re-
newal of exports OF sold has naturally put
some check upon buoyant tendencies; but
rather in the way OF caution than as a sur
| prise; for the movement has not been en-
| tirely unexpected. Moreover, the position
of our foreign trade balance is not expected
| TO call for any considerable outflow Of gold !;
the more so as the London buying OF our
securities helps to liquidate any adverse
balance which might otherwise call for re-
mlttances Of specie. London seems TO be
taken by surprise at the unexpected en-
phatic expression of public opinion in this
| country against the continued commitment
of our governments to the accumulation of
silver. The plain affirmations OF our dele
gates to the Brussels conference in favor Of
that conservative policy have also mate
rally strengthened the impression thus pro-
duced The result has been a steady stream
of London orders for our most conservative
investments; and although these purchases
have shown a preference for gold-bearinR
bonds, yet the facts show a return Of con-
| 1dence where it had been severely shaken
through our past threatened silver legisla-
ton.
The proceedings OF the silver conference
do not appear to promise auy immediate
definite result. The discussions, however
have unquestionably had the valuable effect
or awakening Europe to the seriousness Of
the dangers connected With the silver prob
lem; of arousing public opinion In England
TO the necessity of that country doing some
thing really substantial toward restoring
the status Of tue white metal Of convincing
the European governments that they must
make large, positive and permanent en-
| Gagements il they wish to escape the threat
ened dangers; and OF satisfying the other
governments that 10 is useless 10 hope that
they may shift upon the United States any
inequitable share of the responsibilities that
a real remedy must impose upon all the
great commercial powers. On all these
vital points, the several governments rep
resented In the conference have now reached
| distinct understanding This Is a large
gain toward a settlement, as it dispels
all false hopes and all ideas OF
any nation getting unfair advantages or
exemptions through diplomatic maneuvers.
The treatment Of the question having
reached this stage of Qualification, IL seems
probable that the conference may adjourn
| for a few months During that period
| political Influences may bring England into
a more practical attitude, and direct
diplomatic exchanges between the several
| governments may mature understandings
| Luhb Will 6u6Dlo tne conference, Wlen IL re-
assemblies, to reach q definite conclusion.
| Whether that conclusion may be SONS
really feasible scheme Of blmstallism, or
| some mere temporiZing compromise that
| will command no abiding confidence, or an
abandonment Of the problem as hopeless
! these are chances which the event alone can
determine; but, in any case. the temporary
! adjournment OF the conference will afford
time for more mature consideration and
will, to that extent, favor a more settled
| feeling for the next few months.
| In any case, the United States now oc-
| cupy a much more assuring attitude before
the world than they did before the assem-
bling of the conference. 1t is now mani
fest that, under no circumstances, will our
| government commit itself to any position
that could tnvalidate our ability to main
tain payments 10 gold or it's sure eqniva-
| lent This attitude ia so far an answer to
| the distrust that has cauSed an immense re-
turn of our securities from Europe within
the two last years, that we may reasonably
count upon the London market affording a
steadier support to New York from shis
time forward. And this, be IL noted, is an
| important factor bearing upon the future
movements of gold between this country
| and Europe. - e,
Wall street has now had Eve weeks for
observing the effect of the election upon
tho industrial and commercial feeling Of
tuo COuubT1, anu III can nhFQly De bhlQ TO
| have discovered therein anything calculated
to excite serious apprehension, either as re-
spects the ultimate effects Of the new policy
| or the interval Of suspense before 1t goes
into operation. II Is felt that the present
general prosperity Of the country affords
| special protection against any immediate
arrangements of business; that although
| certain interests which could never have
| existed apart from protection must be ex-
peoted to suffer. yet there are many more
which will find ways OF adjusting them
| selves to the new conditions, and still others,
specially dependent upon the export trade
that may properly expect a large ana
| profitable expansion. Beyond ali this comes
in Wall streets confidence IN the energy,
| sagacity and resource of the country TO
adapt itself 20 any conditions that may be
forthcoming and to force its onward march
| toward the commercial supremacy OF the
world. On the whole, therefore, 1t seems
safe to assume that Well street will take no
serious alarm at the impending CONNER
cial changes until the occasion becomes
| nearer and more real than 1t seems at press
9nt.
The railroad situation is. on the whole,
assuring. The November gross earnings
| show an average gsiH Of about ga per cent.
over the Unprecedented moYemens of the
| same month OF last year, which in view of
this years smaller crops is more than was
expeCIeu. Inc TOaus nave some reason TO
hope for alleviations of the embarrassing
interferences of the interstate commission,
alike from the tenor Of recent decisions of
the United States supreme court and from
ameliorations that some expect to be granted
by the new congress. The construction of
new lines is still kept within strictly con-
sentative limits; which Is one OF the most
hopeful features OF the situation, for the
competition from an over-supply of new
roads created in advance of public require
ments has long been the bane of railroad in
vestments
For the remainder Of this month the stock
market is likely to show the effects Of the
settlements and the balancing Of accounts
that always attend the close Of the year;
after which will come the usual buying for
the in vestment of the years earnings and
the reinvestment of dividends and interest
which are likely to exceed those of any
previous year.