The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-04-18
BANKER oLEws' vIaws.
The Financial Outlook as Seen From
Wall Street.

" hI DbTeol.
New YORK, April 16.-The approach of
the Easter holidays has tended to restrict
operations during the week both here and
in London so also has the uncertainty
respecting Richmond Terminal affairs. AS
soon as these htndrAnces are out Of the way,
we lo)k for an active and improving mar
ket; for both natural aud speculative forces
are arranging themselves toward just such
a course.
The market has been subjected TO a fair
test OF its strength during the last few
weeks OF reaction, the "bears" having had a
free fling at IL and the outside public hav-
ing almost forsaken it; and yet 1t has
throughout shown force of resistance
which demonstrates that il has solid bot
tom. This strength Is the more remarkable
considering the very large amount of Sc
curitles that has been steadily flowing in
upon us from Europe, amounting to prob
ably considerably over SIO0 900, 900 in value,
within the last twelve months; aud also
considering the disappointment OF the COM
mon expectation that our large crops would
bring us oorrespondingly large imports Of
gold. The forces that have been employed
to break the market have manifestly ex-
hausted their vitality, and affairs have
reached position In which recovery in
prices seems TO be naturally in order.
IAe defeat OF free coinage OF silver and
the probability that in the future silver will
either be protected under an International
compact, or will be rendered innocuous by
reducing or stopping its coinage in the alb
sence or such an agreement, is becoming
more and more regarded AS of the first i'm
portance as a factor in the future value of
Investments. IL saves the country from
the worst form of bad faith that could
afiiict the credit OF nation, and demon
sGrates to the world that though our polit-
ical institutions may admit Of temporary
crazes of popular oDiuion, yet we can al
ways depend safely upon the sober second
thought OF our people. There can be no
doubt that, OF the large amount OF our So
curitieS returned from Europe, a
very considerable part was sent as
! the result Of apprehension that they
| might become payable in depreci-
ated silver aud from fear that the pros
perity Of the United States might be SER
iOusly retarded by the threatened insane
policy Of unconditional free coinage. Now,
| that Europe sees a reasonable assurance
| that this danger has been averted, it Is
reasonable to expect return Of the de-
mand for our Investments which has been
withheld for twelve or eighteen months.
| Since the Barring oommotion, tle creation
of home enterprises in GreaC Britain and
| Germany has almost CEASED. aud 1t is bhere-
fore to bs expected that in both countries
there Will be a disposition to put the current
earnings Of the people into the issues Of
otner countries. Already such tendency
is very apparent, in the case of England +,
| in her recent steady purcha ases Of stocks and
| bonds at this center
We are now through with the usual
transfers of cash for etfecting the April set
| Elements, and the money market has settled
/ into condition of ease that is not likely to
be disturbed until next August Also, there
| are reasons for supposing that the ease may
| continue we'll into or through the fall
| months; for at all the financial centers of
| the country, the accumulation of money in
the banks is unusually large, while the coin
| age OF silver keeps up constantly increas-
ing imitation of the currency and the low-
ness Of prices reduces the requirements for
| money. Az theJsame time che railroad interest
| Is getting into more consolidated aud har-
| mOnious condition. its weak spots are being
repaired-though in some cases with "un-
tempered mortar"-and It's revenues
are steadily increasing 1t is
circumstances such as these that
| encourage the speculative spirit and stimu-
late the buying of securities for the tenn
| poTaTy employment Of idle funds; and we
look for tho effects Of these factors from
| this time forward through the summer
months, in rise of prices in good securities
generally. 1t would seem likely that the
condition OF the European money markets
may also foster renewal of speculation.
The amount Of specie In the six great
national banks average s per cent. above
the amount held year ago, and the rate
for money in the open market at London is
| 101I per cent, at Berlin and Paris Is per
cent. and at Frankfort IA per cent. These
| facts forecast some sort OF effort 10 find en-
ployment for money, even though ID be
nothing more than "swapping pennies"
In view Of tho aforementioned consider
ations, we regard the present situation as
favorable to the buying Of good active
stocks. HENRY CLEws.