The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-02
BANKER CLEWs' WIS.
The Financial Outlook as Seen From
Wall Street.

Wall Street.
NEW York, April 30.-The Wall street
markets continue vacinating and uncertain.
though fairly active During the past
week bear" influences have seemed to pre-
ponderate. London has shown some timid-
ity and disposition to realize, notwithstand-
ing the growing ease in money there. and
the selling here on London account has
stimulated the export Of gold, which again
has affected the stock market untavoraoly.
The uncertainty about the relations between
the Pennsylvania railroad aud the
combined anthracite roads has not
disappeared and still continues to throw 8
certain degree Of doubt around that i'm
portaut group Of stocks; while the weather
of the week has contributed nothing toward
solving the uncertainty that hangs around
the crop prospects. In the sbsence Of any
important Immediate counter factors, this
group OF Influences has produced prepon~
derance of selling over buying and the
tendency Of prices has been downward.
But, at the same time, the "bulF' side
maintains its courage aud shows no abate~
ment Of confidence in future higher range
of prices; but seems quite willing to allow
ample rope to the bears for creating
short interest,
The market is naturally sensitive to the
exports of gold, and the current shipments
dispose some operators to curtail transac-
tions until it becomes more apparent what
dimensions the movement is likely to
assume 1t is not easy to see. however,
what good reasons there are for any appre-
hension on this point. Thus far this year
we have exported from New York about
SIG, 500, 900 of gold and imported So, 00O, 900,
making the net export $40, 5000 This Is
somewhat in excess of the normal NOV ement
for this season Of the year. For the five
II, atr N,an nat
of the Uuited States, for the first four
months Of the year, averaged only 81, 7OO,-
900; SO that. for the expired portion OF 1872,
we are about So 900 900 in advance Of the
usual movement; and, assuming the
present conditions to DO normal, we
might infer that this excess should tend to
diminish future shipments. We have to
anticipate however, larger outflow fol-
lowing this month; and it is supposed
$4,000, 900 at least will go out by tomorrow
steamers. In the years 1S9O-'S9-'oS-'S7, the
net exports Of gold for the whole country,
for the months Of HAY, June and July,
averaged SIS, 900, 900, which may be taken
as normal movement for that period or
the year. Should the excess In the last four
months, above referred to, be credited
against this SIS, 600 900, 1t is inferable that
the next three months export requirements
may amount to about 80. 600 900, after al
lowing Tor next Saturdays shipment; which
is not prospect to excite any uneaslness.
There is limit to which the balance be-
tween the current merchandise imports and
exports should be regarded as indicating
the probable exports of specie. The i'm
ports have been swelled beyond the ordinary
limits by the pressure of European manu-
facturers to find in our markets an outlet
for their goods. The surplus products ac-
cumulated abroad in consequence of trade
depression have caused large declines 10
prices, which has no doubt induced some OF
| our importers to buy more freely than they
| other wise would; but it has had q much
more important effect in causing the con-
| Segment OF goods to this country, to be
sold for what they would bring, or to be
held for a limit price. the value that
| these condgnments may realize Will, as q
rule, be very different from that at which
they are entered at the custom houses /;
and, to this extent, the figures of
imports are swelled considerably
| above the remittances that will
have to be made in payment. Ia the
majority of these cases, the consignees make
| remittance of a certain percentage of the
value of the goods in advance of their sale;
and it is not improbable that such payments
the specie exports of the last four months
! beyond their ordinary volume.
! So far as unsatisfactory remittances
have been made, future remit
tances will be reduced. The increasing ease
in money at all the European centers
may be expected TO prove some check upon
our export Of gold; for a point must be
reached at which the foreign banking houses
will prefer to allow balances TO rest here ra-
ther than feed the glut OF money on their own
! markets.. Thursdays reduction OF the Bank