The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-03-21
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

The Financial Outlook as Seen From
Wall Street.
New YORK, March 19.-Although dull
and irregular. the stock market has shown
a firm undertone during the week. Conf
denoe has been somewhat disturbed by the
questioned legality of the coal deal; and,
until this point is finally settled, an i'm.
portant group of stocks will be subject to
more or less uncertainty. In monetary
circles there Is also a cauticnary feeling,
arising mainly from silver agitation, gold
shipments, the Bering sea dispute the pro-
posed international conference and the
approach Of April settlements. But
none Of these contingencies are of a serious
OF immediate nature; so that their effect Ii
seen in caution more than concern. The
Richmond Terminal scheme was followed
by decline in the securities of that organs
ization; the chief advantages of which were
the scaling down OF fixed charges and the
proposed economies 10 management Cheap
cotton and reaction from overdevelopment
OF industries in the south have injured
nearly all southern railroad properties; and
the conflicting interests in Richmond Ter
| mInal properties may as we'll decide to
| accept the best conditions they can get. II
the reorganization goes khrough it will re-
| move an important hindrance to the bull
campaign.
But we are are now dealing more with
| the future than the present. After the first
week of April, the market will pass into a
new and probably more favorable phase
The outflow of gold will probably have
| ceased; the usual temporary transfers Of
currency to the country for the April
| yearly settlements will have teen effected
and the silver agitation will have passed
into stage Of development which will af-
| ford clearer foresight as to lis ultimate
| issue. The factors which. three weeks
| hence, are likely to be chiefly occupying the
attention of the market will be mainly the
following: In the first place, the very low
| prices or few leading staples,
especially iron and cotton; as, how-
ever, those declines are not due
to any lack of demand but to an extraor-
| binary increase in supply. they are likely
to business at large, though favorable to
| profits in those special interests Next
will come the prospects of the new crops.
| So far, the condition of winter wheat is
upon the whole favorable; and should the
present outlook be maintained. the effect at
the west will be unusually helpful, for the
| crop conditions on the continent OF Europe
are anything but encouraging, while Russia
can hardly fail to yield this year another
short crop; so that a second good harvest
in the United States would be likely
to meet a ready foreign demand at
| good prices besides which, it is to be
considered that our stocks Of both
wheat and corn still on hand are equal to
over 40 per cent. of an average crop, whicn
leaves unprecedented supplies for export be-
| tween now and next harvest. These facts
have very direct bearing upon the pros
| poets of the railroads for the next twelve
months Another favorable factor will
appear, at the time indicated, in connection
with the silver problem. Even though the
vote of cong ess on the measure now pend
| ing should be affirmative it would certainly
be auuulled by the Presidents veto; which
would make free coinage impossible until a
| new Pre- ident and ne members of congress
were elected. Should the next Preside {
happen to be republican, it is reasonable
! to assume that be would veto any free coin
age bill that might be passed by congress
during his term of office. Should demos
crat be elected to the presidency. the indi-
cations are daily accommodating that
be would be ex-Presldent Cleve-
land whose record warrants our
assuming That he would eqsaily resist the
policy Of the silver faction. Thus, the prob
| abilities largely favor the prospects Of the
defeat Of future attempts TO force free coin
age upon the country. 1t is also proper to
take into account the possibility, not to say
! the fair degree of probability, that at no
distant day the European powers may con-
| sent 10 meet our government In conference
TO consider measures looking to the forma-
/ ton of new bimetallic union, which, If
successful, would have immense results in
| the general restoration Of confidence and in
removing from our securities the stigma
which now rests upon the in European
estimation of possibly becoming payable in
a de, reciated currency. Further, IL is TO be
| considered that the moderation 4 our inn
/ ports aud the continued largeness of
| our exports OF cereals are calculated Co keep
the bala ce Of trade literally in our favor
tor some time TO come and may tur1 the
movement OF gold toward the United States
| az later stage OF the year. These are some
| u the @ inside atlons that will occupy the
attention Of Wan street with the opening Of