The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-09
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

New York, Oct. There is no occa-
sion whatever for indulging feelings of
Encouragement. While it is true that
we have passed through an extraordinary
if not unprecedented period of business
adversely, which may still have not COM
pletely run its course, it is equally true
that signs of recovery are multiplying
daily and that the worst is over. To-
wards the close of the year it is not i'm
possible that some inconvenience may be
experienced IN business circles by the ac-
cumula ton of obligations resulting from
extensions made in August and Septem-
Der. There is also fear that after the
Chicago fair is over the consequences of
over-expansion in real estate and
other directions will be more severely
felt than now. But all of these fears are
at present unduly exaggerated by the
nervous and discouraged condition Of
business men, who frequently attach too
much weight to the drawbac and too
little TO the improvements The number
of manufacturing establishments daily
starting steadily exceeds the number of
shut-downs. uestionably there are
many thousands less of the unemployed
than month ago. If it be said that
wages are being reduced, it may also be
SAID that the majority of these reductions
have been about 10 per cent; and as
wages have been unusually high and the
majority of the necessities of life unpre-
cedentedly low, such moderatereduction
as this cannot infiict real hardship upon
the laboring classes At most it will
only deprive them of few of the lux
uries and pleasures which con be benef-
CiallY dispensed with. Moreover, the re-
auctions in wages will put many manu-
fa"turers on better basis for meeting
10 5ign competition when general reduc-
l4On of the tariff is in order, and thus in
the long run establish them upon a firmer
foundation. Much of the fear about tariff
revision is wholly unnecessary, for reve-
nue. necessities will prevent any radical
changes, and few appear to be contem-
plated except in the wooden and iron
schedules. Uncertainty will do more
harm than the actual changes, and bust
ness men will do well to impress upon
their representatives at Washington the
necessity of exercising all reasonable dis
patch in arriving at a decision concerning
what shall be done, giving ample time for
adjustment to the new conditions. This
would immensely lessen present anxiety
about the tariff question.
Concerning the silver debate there is
nothing new to say. The minority in the
Senate continues its reckless defiance of
public demands. All reports of compro-
mise are absurd, for compromise would
settle nothing, and President Cleveland
is known to be stubbornly opposed to any
sort of compromise whatever The silver
senators are now fighting for nothing bet
ter than to make a record among their
Constituents, and this talk of compromise
comes either from the few who want it,
or else from newspaper correspondents
who find the mOnQtOnous contest unfavOr-
able to the gathering of interesting news
If the repealers will only preserve cour-
age and show but fraction of the endur-
ance and perseverance of their opponents,
success will reward them Defeat
would be impossible If every sena-
tor acted strictly from motives of
duty and not policy. As soon as repeal
becomes fact, settlement will undergo
a strong reaction, in which both Wall
street and the mercantile community
would share. When the House passed
the repeal measure confidence began to
rise, only to fall again with senatorial OBJ
structiou. When repeal becomes a GER
tainty Europe will doubtless be a more
ready purchaser of our stocks. Two other
very important factors are Ontthe side of
improvement, viz, low prices and easy
money. Bank reserves are piling up rap
idly. and if any real change of sentiment
follows (as it legitimatelY shOuld) the re-
peal of the Sherman law, business ought
to expand, industry ought to revive, credit
ought to be restored and values generally
improve. am not one of those who be
lieve that the late strain has been too
heavy for prompt recovery. Our resources
and energies are unequaled. and there is
still little else in the way of recuperation,
except the chief cause Of panic, and that
is the silver bill