The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-08-08
BANKER CLEWs' vIHws.
The Financial Outlook as Seen From
Wall Street.

Wall Street.
New YORK, Aug. 6.-The market slowly
but surely gains in strength and breadth.
Some interruption OF the advance has oc-
Cured through unfavorable ciroumstan noes
and the absence of large operators at the
various summer resorts. But this Is OF lit
tie consequence; in fact, 1t is moro desirable
that the first stage OF the advance move
ment should be slow In order that the
foundations, SO TO speak, have ample op-
portunity to harden. Sudden spurts do not
attract general buying of stocks, and the
surest means OF restoring confidence 10 by a
slow and persistent advance, suoh as has
been shown during she last few weeks.
In previous advices / have given list of
twelve reasons leading TO a belief In higher
prices. These same reasons are still in
force, and will bear re-emphasis. There is
every reason, also, to believe that business
will be disturbed much less than usual this
presidential year. The political battle,
believe, will be fought almost entirely upon
one or two economic questions, and the
struggle will be remarkably free from the
personal aud sectional feeling usually
aroused in national election, chiefly be-
cause OF the exceptional character of both
candidates. Whichever is successful, it Is
morally certain that business will suffer
but little in final results by the coming CAM
paiRn, so far as applied TO the executive
branch of the government.
The outward gold movement has been
the most serious check to enthusiasm on
the bull side. This feature, together with
the growing use OF silver, Is Of course
question has been uppermost for long
period, and its follies and dangers are tax
ing no one by surprise. We are less
alarmed than Europeans, who at Euch
distance naturally take the most cautious,
II not the worst, view. AS for the foreign
demand for gold, that has been stimulated
by the scarcity of commercial bills, the
backwardness OF cotton exports accounting
In considerable degree for this. Perhaps
the most encouraging feature Of the situa-
tlon is the assurance Of continued ease in
money. The west and northwest are well
supplied with currency, and as Chicago In
steadily growing as q reserve center and
crop requirements will be less urgent than
q year ago there need be no uneasiness
about money rates during the remaining
summer and autumn months.
Some remark is made concerning the less
favorable character of railroad earnings;
still it should be remembered chat oompari-
sons are now being made with the extraor-
binary figures OF last year. The fact re-
mains that many OF the lines are doing a
very profitable traffic, and that the financial
ana pny8lcal COnQltiOn OF many lines 10
even better than year ago. Increases aud
decreases in gross earnings are not always
the true measures Of market values. The
spoculator, as we'll as the investor must
Jake into consideration net results and pros
pective earning capacity as we'll as other
factors. This is especially true Of such lines
as diverted large share OF last years earn
Jugs toward betterments. which will enable
them to operate more economically in times
whom there is less pressure of traffic.
Still another factor Of encouragement is
the crop situation, which has certainly
shown much improvements over last month.
No one now expects such prolific yield as
last year; nor is such desirable 10 view OF
present low prices and that Europe's re-
Quirements next season will be much less
urgent. Experience has proved that fair
crops at fair prices are the most satisfactory
to growers This is wha. we are promised
this season. Last season we suffered from
an overproduction Of cereals and cotton In
spite Of the short crops Of Europe. Our
farmers and planters are still suffering from
this cause, but the diminished yield of cot
ton, corn and wheat this Forthcoming year
ought TO bring them some relief.
In conclusion, the situation Is an enoour-
aging one, and the facts certainly warrant
an improvement in the values Of better
grade securities, with which the less desir-
able Issues would Of course sympathize to a
fair ratio extent.