The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-12
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall street

Wall street
NEW YORK, Sept. 10.-Ths late improv-
ing tendencies in the investment markets
have sustained a severe check from the wide
prevalence Of cholera in Europe and the
danger of its getting a foothold In the
United States. II Is true that, thus far, we
have been able 70 keep the pestileuoe out
side our gates; and, 80 long as the means of
warding il off are applied with the same
promptnass, vigor and intelligence as for the
last two weeks, there Is good reason 70 hope
that our city populations may be saved from
invasion by the disease. Moreover the gov
ernment's order sub1eoting arriving vessels
20 twenty days detention in Quarantine has
had most salutary effect, inasmuoh as II
not only insures the prevention Of infected
persons from landing on our shores, but has
the still more important effect OF causing
the European steamship lines TO suspend the
westward transports OF smigrants-the chief
means Of conveying the inieotiou-until the
scourge has run its course. From this time
forward, therefore, only first and second
class passengers will enter our ports,
which will reduce the chances for cholera
getting inland to comparatively light
affair. Still, tho presence Of the gloomy
paraphernalia of quarantine right under
our eyes, and the constant cable reports of
the devastations of the disease in other
countries, together with the possibility that
its subtle blight may fad its way through
all our distractions, are matters calculated
to keep up feeling OF insecurity until the
plague has disappeared by process OF nat
ural exhaustion. Nor is it the mere horror
OF the disease that affects business conf
dence. Its spread in European ports has
very direct tendency to check imports OF
American products: for not only are mer-
chants at the infected ports desirous Of hold
ING thA enallRQe VNnaafhia nf da
that may carry contagion, but their trade
is crippled aud their means OF meeting their
liabilities are becoming seriously impaired I;
50 much so. in the case Of Hamburg, that
the bankers OF that city have found It neces-
sary to allow thirty days' grace on obliga-
tions maturing In September.
These causes are visibly checking our ex-
ports Of cotton and Of food products gener-
ally with a corresponding effect upon the
prices OF those staples. And the curtail~
ment Of those shipments reduces the supply
OF export bills, which has a tendency TO cor
respondingly stimulate the export of gold.
Hence it has been argued, ia some quarters,
that we shall be exposed 60 gold drain at
the very time when the west will be draw
ing on this city for currency. This conclu-
sion, however, ignores the fact that, to the
extent that the exports may be curtailed
the forwarding OF products from the inte-
rior TO the seAboard Is likely to be inter
rupted, thereby diminishing eastern remit-
tances to the grain states.
All these possibilities are Of too weiRhty a
character to be ignored; for a certain pes
riod they must have their effect upon the
markets aud upon business at large; but,
taxing the case at its worst, Ii is only mat
ter Of few weeks, when the troubles will
end and the effects left behind will be CON
fined to the loss of 20 much population
whilst the movements Of trade and finance
will b. at
and activity. Really, therefore, as tho sit
uatIon presents itself to Wall street. &c is
mainly a matter OF ability 60 endure and
sustain values Of comparatively brief pc
riod. Had the calamity come during Pc
rlod OF inflated values, of overburdened
markets, or OF unwholesoms specu-
lative enterprise the visitation would
have been a much more serions affair
but 1t has arrived In the midst OF whole
some reaction from just such elements of
danger, and when affairs are being put
upon sound and conservative basis prepar-
HEorY 30 a fresh revival of the productive
enterprise OF the world at large This is the
view that Wall street is likely TO take OF the
present situation; and although occasions
may ariss favorable to transient attacks
from ''hear" operators, yet we see no reason
10 fear any important declines In solid secu-
rities.
Apart from the transient effects OF this
alarm, tho general position of affairs In this
country is an eminently satisfactory one.
In almost every branch of industry produc-
tion is in full and healthy swing The
harvest, together with the large surpluses
OF agriculture brought over from last year,
gives us a supply OF products for distrlbu-
tIon not even surpassed by the unparalleled
abundance of 1891; so large indeed that we
must expect TO again carry over large
surpluses to next year When that can be
said, and when In addition IL is true that
the spirit Of enterprise is in every direction
conservative, what more need be adduced
TO give assurance that the situation of our
great material interests is one that assures
an increasing value in our national invest
ments