The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-11-28
BANKER oLEws VIEWS.
The Financial Outlook as Seen From
Wall Street.

nicely balanced influences; and. therefore,
though business has been fairly active, the
changes in prices have not been important.
The unsettled feeling left by the election
Is assuming more definite shape. and the
indications at the moment are that, what
ever may be the later effects Of the new
commercial policy, for the present there is
no general disposition TO attach extreme i'm
porranoe to this factor as an element Of
current speculation. The course of industrial
stocks for the last ten days illustrates this
view. The first feeling after the election
was the very reasonable one that this class
of securities must suffer under change of
tariff with especial severity; aud, in conse-
freely and their prices declined.
1t now turns out that, when the
sellers Of the industrials went to cover their
sales, obey had TO pay sharp advance in
order to get the stock; which implies that,
as yet, the point has not been reached at
which the principal holders are anxious to
get rid of their holdings. This does not
mean that the holders are entirely indiffer-
emit about the bearing of our new industrial
policy on Investments 1t merely im~
plies that. at present, the situation is so
complicated that no clear opinion can be
formed as to how the change will work or
when its effects will appear in matured
shape. The more the subject is considered
the more it is seen that the change will
bring advantages as well as disadvantages,
and as eighteen months or two years must
elapse before any new tariff law can take
effect, there Is a growing disposition to let
this factor await for maturer development
TO be watched and weighed during the in
| terval, but not to be reckoneI as an ex-
treme influence in current speculation.
Besides; there are questions of more Inn
70 inf xuhio IL g.
keep in the shade matters that must wait
! for many months before they can be def
initely estimated. The one thing about
which Vail street is more sensitive than
any other is the export of gold. aud that
movement seems TO be returning upon us.
The foreign exchanges point ominouslY in
that direction. The exports of home
products are declining; no important
amount OF bills is being made against ex-
ports Of securities; and Russia is drawing
| gold FROM London at a rate which inclines
the Bank Of Eng land to put the screws on
borrowers and che paddock on its vaults.
These signs indicate the possibility of our
being subjected to moderate drain Of gold.
| The importance OF this contingency lies in
the fact that so many people exaggerate the
Importance OF gold to the exteat of making
il the foundation and support Of every
thing, whereas it is merely the
tool by which we conduct a small
portion Of onr business. Not on this ao-
| count, however is ii the less likely that the
export of a few millions of gold might bring
| about selling movement IN stocks
| Closely related to this feeling stands the
| proceeding of the monetary conferences,
| which has already opened its proceedings
and is likely 10 occupy the interested atten-
tion of financiers the world over for prob
| ably six weeks or two months. Such ex-
prassions Of opinion as have reached us
l xyfSh laeN Tavx 4
certainly not encouraging TO an expectation
| OF any early Important advantage to result
from the conference. The only really com-
petent solution Of the question-free coin
age under an agreement among several of
the leading nations-is perhaps nowhere
hoped for except among a srnan enthusiast
tic AN. minority but there can
ference closes without leaving q
hope that its work may bring about valua-
BILE alleviations at later stage, the gather
ing will prove to have only served the
purpose OF more distinctly revealing the
dangers that hang around the arrangement
between the metallic moneys. The uni
| versal attention conferred upon the question,
the thorough and authoritative inquiry into
its bearings and the test of the disposition of
the several nations toward helping in its
solution-these conditions will give such O
tinality to the results Of the conference that
the conclusions reached, should they fail to
bring relief, will further aggravate the APP
prehenslon which the depreciation of silver
has excited
The possibilities for good or for evil of
the Brussels conference intensifies the silver
situation as 1t exists in the United States.
10 must be regarded as highly improbable
that the conference will reach any agree
ment OF international free coinage. And
yet nothing short Of that, in full and une-
nnIUnRQl \
Ing to the demand Tor free coinage in this
country Failure to secure such interna-
tional action would impose upon us the duty
OF suspension OF the increase of silver money
under the present law, whether regarded
from the point OF diplomatic expediency or
from that OF national safety. Can we then
depend upon congress adopting that course
II the event so demands9 The platforms
OF both parties in the last election
should leave no doubt on thai
point. But unfortunately platforms are
too oft less guides for legislation than they
are Tor winning votes; and it is therefore
impossible TO forecast the probable action
OF congress on silver. Moreover. the silver
question will be complicated with that of
increasing the bank note circulation and OF
restoring to the state banks their former
liberty to issue circulating notes. 1t is
moreover, quite uncertain when congress-
may reach conclusion on these currency
questions; Tor 1t will be preoccupled with
the all-s6sorbing tariff legislation until nigh
the middle of 1894
The result of this prospective survey is
that we have before us two years, more OF
less, OF exciting discussion and legislation
upon questions vitality connected with In
dustry, commerce and finance, the culmi-
nation OF years Of political conflict and
financial arrangement. We can only rely
on the general good sense of congress,
| guided nv the al nd rIaarIty 49,
opinion OF the country for a wholesome
outcome Of this perplexed situation. In the
meantime, we must have uncertainty and
oscillations, 1t is these impending condi-
tions that must, from this time forward
occupy the chief attention of Wall stress
aud shape the course Of investment and
speculation. The moral for the moment is
to buy cautiously and for brief turns, and
be satisfied with moderate profits.
Mistress-Do you call this sponge-cakei
Why, it's as hard as can be- New Cook.