The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-10-03
BANKER CLEWS VIEWS.
IRE Financial Outlook as seen From
Wall Street.


NEW YORK, Oct The general drift Of
conditions, during the second half of the
month, has been more favorable to Wall
street interests; and the effect on stocks has
been apparent in a firmer tone and some ad-
vance In prices, and in more cautious atti-
tude and some covering Of ''shorts" on the
''bearn side. These changes, though not of
an imposing character, are of q substantial
nature. The virtual stamping out Of the chol-
era both in the herbor and in the city and its
comparative rapid abatement IN Europe has
had a gratifying effect in removing the par
tial paralysis that had seized upon impor
tRnU interests. The trade of the city has
undoubtedly suffered some transient diver
sion TO other markets, through exaggerated
notions of the spread Of the disease in our
midst: but that is now thing of the past,
and our merchants ars called upon TO re-
supply the markets at which distant retail
ers have been making their purchases
Snstead Of coming as usual to New York.
The cessation for two weeks i'll the reducs
tion Of the surplus reserves Of the associated
banks has had an assuring effect upon the
money market. The more so as the gen
eral tenor of advices from Chicago and
other interior centers favors the expecta-
ton that the agricultural sections will not
need and will not be in position to ORA"
from this city 50 much currency as IN
former years. Indeed, 10 becomes more
apparent every year that Chicago and St.
Louis are attracting the balances OF
the western banks which accumulate
during the summer and have been won't TO
rest in the New York banks. The tendency
is a natural one and is likely to gain force
in the future: and whatever disadvantages
1t may have for this city it will certainly
have the advantage of tending to make our
money and investment market more stable
than formerly during the second half of
the year. The drain on this city during the
last six or eight weeks has consisted largely
in the exports of gold, which have been
made entirely at the expense OF the banks.
But for this, the surplus reserves would now
stand higher than usual for this season Of
the year.
As foreshadowed in our advices Of two
weeks ago, the outflow OF gold to Eu-
rope has been checked by natural process.
The rise in the local rate or interest has
made New York the best market for the
employment of the large Improbable idle
balances of Europe, and the result has been
free lending by the correspondents of for
egn bankers, which has checked the rising
tendency Of rates among our banks. How
far this drift may yet run remains to be
seen. The excessive ease of money at Lon
don and Paris still continues; and, with a
difference OF per cent. between those cities
aud New York and the usual
large fall remittances TO be made hitler ON
account of cotton, it seems probable that
the European markets will keep money
comparatively easy at New York for some
time to come. The tendency must be re-
garded as accounting for the marked change
toward lower rates in the foreign exchange
market.
London continues 60 show a restricted in
terest in American securities The return
Of our investments from that quarter has
come to pause, but there is no disposition
at present to buy them back. Those who
have been alarmed by our silver policy
seem to have parted with all they want to
sell, and now'uO doubt think all the better
Of US from the fact that we have di Zested
aud absorbed $500, 900 Of them without
vince and with little visible effect upon
prices. The remaining holders no doubt are
blessed with specifically collaborating o5li-
cations, about which they need have no
misglvings The future attitude of Euro
pean countries toward our securities may
be naturally expected 60 be one of waiting
for the result Of the silver conference and
also tn ascertain the probable drift Of our
legislation relative to silver coinage. Dur
ing that interval Of some months, London
may venture upon some transient specula-
tive operations, but is not likely to be either
buyer or seller on permanent account.
Another factor, having an important
bearing upon wide range Of stocks, has
come to the front in the improved prospects
OF the corn crop. The fear that lateness of
the planting season might throw the mstur-
ing OF the crop into the period of frost has
been in large measure removed. The crop
ls maturing rapidly and well and, taken as
whole, may be considered as having
reached point at which light frost would
benefit rather than jure it. Thisis a very
gratifying assurance to our vast corn belt,
and places in a better position the large
railroa interests dependent upon this cereal.
We look forward to the early awakening
In the financial markets, of increased in
terest In the international silver conference.
We recently noted certain symptoms of q
disposition in high places in Europe to de-
feat the assembling of the conference. IL
now begins to appear that, II such desire
las existed, IL arose from fears of the con-
ference awakening storm which the gold
standard nations might find it difficult to
control or allay. Large Interests in Eng
land and on the continent are becoming
deeply aroused by the question a. pro-
Ioundly affecting commercial enterprise,
while India is speaking in tones too earnest
TO be disregarded It ia likely there
fore that the discussion OF
the conference may develop into a
severe struggle, in which very radical pro-
posas may be forthcoming From such
authentic incidental information as reaches
Us we should not be surprised if the chief
SHVer-producing countries, notably the
Cmted States, be formally asked, as a con-
uluon OF other nations increasing their
coinage, that they shall enforce a large our
Iailment In their production of silver;
Whue from other quarters may come
alternative proposals TO establish q new
common legal valuation of silver, probably
IuIUe % per celt. below the existing valua-
tlon OF l515 to l. Such negotiations cannot
AalI 20 nave their effect upon financial in