The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-08-01
BANKER CLEWS VIEWS.
The Financial Outlook Is Seen From
Wall street.

The Financial Outlook es Seen From
Wall street.
New York, July 3o.-The present TEN.
per of the market confirms our advices of
a week ago. In spite Of dullness aud ex-
cessive heat. prices were we'll maintained
and exhibited a persistent advancing tend
ency. Briefly stated, the reasons that justify
confidence in the market are as follows
ID There will be no silver bill this session
t2l There will be no treasury deficit. (3)
There will be no antI-options bill ~ There
will be no tight money. ~ There will be
no further large gold exports after this
week, (6l Congress Is about to ad-
journ. a Railroad earnings are
still very encouraging, considering the
heavy returns Of last year with which
they are now comparing. CS) Traffic is
ample, and there are smaller Inducements
than usual for cutting rates (g Recent
trade combinations and larger resulting
profits are beginning to inspire big capitat-
lists with greater confidence, es reflected in
present movements of the 'industrials y
(10) General business is sound. failures be-
ing few and the volume Of business large,
in spite OF complaints. Some branches of
manufacturing are especially active; aud
Rlany OF our best cotton, silk and wooden
mills can show vast Improvement over
y
nation gives powerful support TO an impor-
tant group OF stocks, and is doubtless the
basis OF an extended speculation which may
or may not prove successful. These eleven
reasons include the chief influences fsvoring
a better market
On the other hand, there are elements
which, in the opinion Of many, are adverse
20 any Improvement. These may be sum
married as follows: (D The presidential
campaign. (3) Smaller crops than last year.
(3) Probable decreased aggregate earnings
for present year as compared with the last.
az Possibility of decline iu or breadstuffs
exports next season (5 Labor strikes. (6j
Restricted public buying. (0 The dis
ruption of the Western Traffic Association.
The importance attached to each OF these
drawbacks will vary with the individual. .
In my Judgment they will he greatly over
balanced by the aforementioned consldera-
tions As for the presidential election, that
is likely to be conducted with less ncrimony
than usual. 1t seems highly probable that
the contest will center upon one or two
issues OF an economic character; b that the
bitterness of seotionalism and personalities
seems likely TO be kept in the background.
When we remember, too, that we have a
larger population each year 90 bs fed,
clothed, housed and warmed we shall prob
ably conclude that. after oil, there Is no
good reason for anticipating any
actual curtailnent OF consumption or pro-
ductlon as a result OF the elections. Next.
concerning smaller crops, in view of last
years overproductlon, this will in some re-
sDects be al advantage instead of draw
back. There will certainly be wheat aud
cotton enough left over to more than
compensate for this years smaller yield.
Moreover, Europe's necessities viii be
smaller this year than last; and if the
smaller crops of this year result in better
prices to the farmer, they win prove a benefit
! Ia disguise. The labor strikes, it must be
conceded, are a serious question, the mos.
serious OF any that are TO be confronted
immediately. Law aud order are, however,
being successfully preserved; and, un-
fortunately for labor, its cause has Lost
greatly in public sympathy through recent
lawless Developments in Pennsylvania and
Idaho. Upward movements are invariably
started by speculative leaders or combined
movements Of come sort. The public enters
as buyers afterward. and may sustain or
prolonZ rising market, bat never inaugu-
rate IL