The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-19
BANKER oLEWs, VIEWS.
The Financial Outlook as Seen From
Wall Street.


NEW YoRK, Sept 1--WE have now
reached stage of the year when the Wall
street markets assume shape aud drift for
the fall movement. The men OF finance
have returned from their summer reorea-
tions prepared for new ventures; the results
Of the seasons crops have been excepting
that Of Indian corn) definitely ascertained:
the conditions and prospects Of the various
branches of trade have been weighed; mou-
etary movements are distinctly mark
ing out their future drift: and
generally the conditions that are TO
shape the next few months Of
Investment operations should be now we'll
understood. Under ordinary circumstances,
the group OF normal conditions at present
existing would be regarded az encouraging
to investment and favorable TO higher
prices.
At present, however, all calculations Of
investment values are unsettled by the In
tervention of plague which, in its effects
upon public confidence, is little less serious
than an outbreak of war. In Europe and
Asia, the cholera has assumed Dimensions
equal to those Of great historic pestilences,
and we are protecting ourselves against its
invasion only by exercising the sternest Wig
ilance, Measured by Its interruptions of
trade, It's distur bance Of confidence, its
damage or destruction OF imported goods
and Its check upon exports-this preventive
vigilance Is but little less costly than the
actual spread OF the epidemic itself would
be- The principal difference bstween the
mere dread OF the disease and It's actual
prevalence is that. In the former casa, panic
and paralysis are escaped, while in tho lat
ter case both the evils are rampant.
80 far we have escaped as well as could
be expected, and the thoroughness Of our
precautionary measures daily strengthens
the hope that we may continue to do so TO
the end. But all feel that with suoh an
insidious enemy there IL no such thing as
assuming our safety until the vitality OF the
fatal microbe is extinguished by frost. We
have therefore TO anticipate yet some weeks
Of exposure to this danger, and during that
period the markets must be expected TO re-
main unsettled from this cause. In esti-
mating this prospect 10 10 TO be remembered
that it it not a case of misfortune coming
upon an iutrinsieally weak market 1t Is
rather case of transient check upon a
series Of prosperous conditions which, IL
uninterrupted, would naturally produce an
active demand for Investments and ad-
vanoing prices. 1t is simply an instance of
arrest of wholesome and prosperous tendene
cies with little real probability that tn
pestilence will get foothold aud develop
into a widespread caiamity,s and with
the course of q few weeks 1t Is hardly
reasonable to expect that, under such limi-
tations, this element of fear will cause the
large and wealthy owners who now are the
principal owners of stocks to part with
their holdings at any important sacrifice Of
price. The conditions will undoubtedly be
favorable to professional "bearn operators;
but the outside element in the market is 80
light that they cannot hope to force out
much stock from that source, while the
capitalist holders may be trusted to take
care of themselves.
II will no doubt be urged that the low
condition of the bank reserve aud the DOS
sioility OF further exports of gold suggest
the possibility Of q stringent money market.
There Is undeniably some truth in this; but
let that factor be taken at its proper value
and it will be found to be the bugbear that
some picture. The late extraordinary ease
in money has been favorable to the procure
mens OF long loans, and large proportion
Of those loaus have yet some time TO run be.
fore they mature, the result being that
most Of these holders OF stocks are protected
until about the end Of the time for which
the plague can be expected to continue,
Again, it Is not to be expected that with
call money at 56l6 at New York and 181K
per cent. in London and with trade so de-
pressed ia Great Britain as to keep the Lon
don market extremely easy probably for
months 60 come, this center viii fail to be-
come an early borrower in London. Az the
situation now stands, London In likely In.
deed to find temporary loans In New York
the best means OF employing its idle bal
ances.
We shall probably be told that European
suspicion toward our securities, created by
our silver policy, will act as an irnpediment
TO our borrowing In the foreign markets.
This might conceivably be the case if We
had no unquestionkble gold bearing securi-
ties available for collateral; that, however,
is the opposite Of being the fact. Nor do
we think 1t probable that. as matters at
present stand, there is much probability
that foreign holders OF our stocks and bonds
will carry this discrimination much farther
except upon some new provocation. Europe
is getting TO better understand our national
attitude on the silver question. It has iust
seen the silver faction distinctly defeated in
congress; It has the spectacle Of both
political parties appealing to the
attitude toward silver: It sees tho
press prepared to demand a suspension OF
silver coinage In the event OF the silver con-
ferences failing TO establish a system Of in
ternational free coinage; and 1t begins to
see how, IN the event Of suoh failure, the
United States may prove quite as competent
TO take conservative care or Its metallic cur.
renoy as any other nation. The features In
relation to our silver question are likely TO
be still better understood abroad under the
discussion which the approaching confer
ence will excite; and we are for those rea-
sons disposed to conclude that Europe is
likely to suspend its return OF our obliRa-
tions until 1t becomes moro apparent what
is likely 10 be our permanent policy on this
question.
While. upon the grounds above spec-
fed we can see no reason tor oxpectiny
general or important break In the prices OF
stocks, yet nevertheless the market is likely
to be fiuctusting one, afording ample op-
portunities for quick turns With moderate
prohtg