The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-04-11
BANKER CLEWa' VIEWS.
The Financial Outlook as Seen from
Wall Street

Wall Street.
New York, April 9-The course of
affairs at the stock exchange for the next
few months is likely to depend principally
on the following factors; { y The prospects
Of the crops; (2) the course Of the money
| market: g. the course of the foreign ex-
changes; a. the action OF our own and Of
foreign governments in respect TO the resto-
ration Of silver; (5l the movement OF our
securities held in foreign countries; and (6)
| the condition OF domestic trade.
As to the first Of these conditions, all is
| yet in the future. All that can be said is
that winter grain has withst0od success
fully the adverse incidents Of weather and
storm, and that the spring opens with good
prospects for that part of the wheat Drop.
For the rest, all must depend upon the un-
| certaintes of the weather for the next three
or four months. 1t is to be remembered,
however, that the large stocks OF agricult-
ural products still on hand from last years
crops amount for all practical purposes. to
the same thing as an assurance Of a liberal
har vest; for the slackenlug OF the European
demand for our grain and its falling price
show that the wants Of that part Of the
world have been largely satisfied; and we
shall therefore enter the next crop year
with a surplus 30 large that, even should
our crops prove light, we shall have about
an average supply available for export.
This Is an assurance Of no small value to the
country at large and especially TO the rail-
road interest.
Ia respect to the loan market, scarcely a
doubt is entertained in any quarter as to
the continuance of the prevailing ease
throughous the summer. The low prices of
wide range Of products diminish the
amount Of money required for handling
them, while the issue Of S4.500, 900 Of now
money each month and the unusually high
range OF the reserves Of the banks fore>
shadow easy rates all over the country.
1t Is not easy to forecast the course Of the
foreign exchanges for the next few months.
For the last month the tendency has been
toward an increase of our imports and a
decrease in our exports-which Is q distinct
change from the course Of the preceding
months The truth is that the depression
of business in Europe has checked The de-
mand for our products from that part Of
the world, while on the other side low
prices abroad aud a necessity among foreign
producers to sell have tended to swell our
imports la this way, the anticipated ef-
fects of our extraordinary crops have been
thwarted and we have been exporting gold
when we expected to be importing it in
large Quantities; it remains to be seen how
much farther this tendency will run dur
ing the spring and summer. Very much
no doubt, must depend on what may bs
done in respect TO the silver question aud
on the effect Of such action upon our Sc
curitles held in Europe
The course to be taken by the leading
governments in the way of establishing bi-
metallism upon broad intern ational basis
is perhaps by far the most important factor
at present affecting the financial markets Of
the world. The chances of efficient action
being taken perhaps depend chiefly upon
the attitude assumed at the beginning by
the parties initiating the proposed confer
ence. Too distinct formulation Of objects
and methods might easily prejudice the
chances for getting the governments to-
gether, and much diplomatic prudence may
therefore be required m the first steps. It
would seem, however, that there is more
than fair chance for the calling of a con-
ference; for the favorable disposition of
England ia unquestionable, and the presi-
dent OF the Bank of Germany has declared
that Germany would follow England in the
matter; and the CO operation of those two
countries being assured, all other really
nesdful alliances would follow as a matter
of course. 1t is hardly needful to say that
the success Of such a conference would give
an impetus to confidence and to enterprise
the whole world over, aud in no country
more so than in the United States. The
effect would be especially important as a
means of restoring foreign confidence in
such of our securities as are not made pay
able specifically in gold.