The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-07-04
BANKER CLBWS' VIEWS.
The Financial Outlook as Seen From
Wall Street.

WhAl ObTe6bs
New YORK, July 2.-The financial situa-
ton has undergone little change since my
last advices UnfavorAble crop reports
from few sections; reports Of destructive
floods from others. and continued gold
shipments to Europe checked the reviving
spirit shown q week ago. But these in
huences have been about discounted, and
the outlook remains none the less encour-
aging. In fact, any change that may
have taken place has really been
toward Improvement. There is no
further cause for uneasiness respecting the
money situation, because gold shipments
must shortly be suspended by larger sup
ply OF produce bills aud in the courss Of a
few months We shall be importing instead
OF exporting the precious metal, a oontin-
gsncy already anticipated on the London
money market. There is, moreover no
further reason for apprehension about the
treasury belug able to meet its obligations
Secretary Fos.er has done a deal OF close
sailing in the last few months, and be de-
serves full credit for the skillful manner in
in which he has handled the financial helm.
1t is most fortunate circumstance that
the money market has required no assist
anos from the government this year; for,
singularly enough, the government has
been forced to ASH the assistance OF New
York bankers in maintaining its gold re-
serve. However there is nothing to awRken
anxiety about the future of the money
market during the summer months; the re-
cent flrming up being rather of a wholesome
character than otherwise. Rates are still
too easy for the satisfaction of
lenders, and quite easy enough for all
legitimate borrowing. At the west there is
also a superabundance Of funds; so the
westward currency movement is likely to be
deferred. In Europa, too, low rates pre-
vail, which is important as bearing upon
the gold movement and the demand for
good dividend-paying securities. During
tho month of July considerably over $780,
000,0 ,000 in dividend and interest payments
will be distributed at the three cities of
New York, Boston and PhilAdelphia, a
considerable portion OF which will as usual be
reinvested in Wall street. This demand
from investors always takes out of the
''street" good many OF the more desirable
stocks and bonds; and the diminution OF
supply naturally eIerts favorable effect
upon the values Of good, bad and indiffer-
ent.
Railroad earnings are not making such
favorable reports as a week or two ago, due
TO q falling off in passenger and grain
traffic. The latter has been Indirectly in
jured by the anti-options bill. Grain was
depressed by fears Of this measure, and
farmers consequently made slower deliv-
cries. being in better position to hold the
remainder of their crops than usual. Ad-
vices about the corn crop have not been
very encouraging, but with plenty OF hot
weather still to come. thore Is excellent
| chance OF Improvement. Cotton is hardly
| factor in the situation at present, and
| further opinions concerning the crop situa-
| tion must be deferred until after the DEPART
ments monthly report, July 10.
The probable disintegration of the Rich
/ pnnpH Tarnnif,al had M aHaC1 IN
| this property is known, and the losses have
been distributed without disaster. None OF
| the southern or south western properties are
IN favor at this time; the low price Of cot
ton having affected basiness detrlmentally
throughout the cotton belt. The future Of
these roads depends very largely upon
| prices realized for the next crop. and the
outcome OF the Richmond Terminal reorga-
nization, which Drexel, Morgan 81 Co. have
| declined TO undertake, except upon terms
which those at present 10 control show no
| disposition to accept. In the coal shares
firmer tone exists, due to the
advance in prices. which it must be remsm-
bert d are much more easily maintained
since the combination went into effect.
Readings May statement was somewhat OF
a disappointment considering this fact. In
August next the voting trust expires by
Limitation
In the absence Of new influences for the
better prices may show slight Irregularities.
But there are but few inducements on the
short side Of the market; and conditions
are certainly more favorable to higher than
to lower prices. especially in view OF the de-
cline since Jan. l.