The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-01
BANKER CLEws, VIEWS.
The Financial Outlook AS Seen From
Wall Street.

| Wall street has been one Of irregular move
ments, the outcome Of the bear" raids OF
! the previous week. The late bear"
demonstrations produced a good deal Of
/ dislocation OF speculative interests and have
! developed considerable amount Of ''short"
| contracts, which has prolonged the policy
! Of attack and caused, within the past week,
/ a succession Of smart skirmishes between
/ the two sides. The tactics Of the bears
have been confined to feints and surprises
! the Chilian affair having been freely drawn
/ upon for unsettling rumors, such as a story
| OF the assassination OF Minister Egan, a
canard about Chilean vessel having fired
upon the y FORK own, etc.-the incredibIlity
of which only showed the desperateness of
the position OF the originators Of the alarms.
The course Of external happenings has
favored the "Dull" Interest. The presenta-
tion to congress Of the Chilean correspond
ence was followed by offers Of concession
from the offending country which are re-
ported 20 be satisfactory to our government
80 that this question may be considered as
having passed the stage OF danger aud can
no longer be counted upon by the 'bears"
as q source OF sensational alarms. This de-
prives the opposition Of its last effective
card. Among other favorable incidents
there has been a buying movement in some
OF the Gould stocks. especially Manhattan.
The coal stocks have been more settled I'm.
der active buying OF Delaware and LacFa-
wanna, and reports of a more ami
cable feeling among that group Of
companies on the question Of apportion-
ment of anthracite production. There has
also been good feeling among the Granger
stocks, in sympathy with the claim that
Omaha common may now be considered
entitled TO rank among the dividend payers.
The Southwestern system OF roads has been
alphabetically benefited by the introduce
ton OF an acceptable plan for disposing Of
the embarrassments Of the International
and Great Northern. which will be advsn-
tageOus alike to the Gould lines and the Mis-
souri,, Kansas and Texas. although both
will have to pay an assessment on the stock
OF the International and Great Northern,
which is equally held by those Interests.
London is no longer a seller-excepting
some small realiZlngs on Louisville and
Nashville in sympathy with last weeks
light earniDgs-and that market is now g
moderate buyer of most Of the shares on the
English list. The reduction of the Bank OF
England rate Of interest and the nominal
rate Of "a per cent. in the open market, to-
gether with the absence of shipments of
gold to the United States, are having a re-
viving effect upon the London stock mar
ket, which my be expected to develop into
freer buying at a later stage; though no
really active speculation at that center
Money still continues TO flow into the New
York banks from the interior and the sub
treasury, and the reserves have now reached
point which assures decided ease in loans
for long time ahead and exceptionally
low rates of interest.
This group of occurrences has naturally
strengthened the "bull' side as against the
bear" with the result of good deal Of
tactical maneuverIug among the room
traders to get out Of their short" commit
ments. in which they have but partly sue
oeeded. Although all this amounts to an
actual improvement in the speculative posi-
tion. 1t has not yet produced any large adj
vance in prices. The truth is, that while
operators are convinced that values have a
very sound and safe basis, yet they are
under the control of a conservative feel
ing. There is no furOre, no excessive SAN
guineness, aud in the absence of that spe-
clous kind Of support holders prudently in
cline to take moderate profits and wait for
reactions to buy in upon. SO long as the
situation is intrinsically a strong one. this
is the most satisfactory and most profitable
attitude to maintain, for IL involves tie
minimum Of risk and tends to prolong tho
maintenance of healthy and active condi-
ton Of the market. At the same time the
prolongation OF such situation tends to a
steady growth of confidence, and that sort
of gain means an ultimate development of a
more sanguine feeling, higher prices and
speculative excitement, which seems to US
to be an almost inevitable result at some
later stage of the campaign. The main
thing TO be hoped Is that this final phase
may rot come prematurely or in any other
way than through a gradual rise.
One noticeable feature Of the market is
the absence of any definite expectations as
to the future of the foreign markets for
American securities. If any are returned.
they do not affect prices here; for the rea-
son that the local abundance of money Gre
ates an extraordinary carrying power and
because that power Is likely to be long
maintained. AS to the chances of any im-
portant foreign demand, that is little calcu-
lated upon as an element in this market
The feeling seems to be unanimous that, SO
long as the position of silver in our cur
rency system remains undetermined, there
is quite as much chance for foreigners SELL
ing our securities as for their buying them;
for If silver money is to be forced down TO
Its mere bullion value, it is impossible to
say what may be the value Of the returns
from Investments not payable specifically in
gold. Foreigners attach much greater i'm
portance to this element In the value of our
stocks than We do; and therefore any
movements OF public opinion or of con-
gressoaal action which cast shadow on
theprospects of our silver money put an i'm
mediate check upon the disposition of for
eign investors to hold any of our securities
which do not promise payment in gold. To
this extent Wall street follows with intere,t
the current maneuvers # the two parties
in congress relative to the silver question
That interest is moderated by the general
convic lion that no new legislation on the
question will be found practicable at the
present session; and yet congressional dis
cusSlon has an Importance to Wall street
from the fact that it materially affects
public opinion In countries where the stua-
ton is imperfectly understood. OF one
thing there en- be little question-that if
1t were thought likely that the country
will be ultimately committed to the free
coinage OF silver, without any interna-
tlonal cooperation to restore and maintain
its value, it would send a thrill of appre-
hension through all the great interests that
center IN Wall street aud produce an IN
paralleled prostration of confidence in
everything financial. 1t must not be in
ferred from Wall streets silence on this
question that it is in any sense Indifferent
about 1t. 1t is silent because its voice would
be unheeded among the men who shape
legislation after the demands of popular
prejudice and ignorance; but it watches
these movements with deep concern, and
yet not with dependency, for its hope is in
the power of the conservative common
sense of the country to finally defeat the
cOunseiS Of selfish interests aud Of blind
partisans
STEALING INTO IDAHO.
How the Cinnamon Evade the Law.