The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-12-11
BANKER CLEws' VIEWS.
The Financial Outlook AS Seen From
Wall Street

me E1nanclai OUTLOOK AS Seen From
Wall Street.
New York, Dec. 9.-The tendency of
prices has been downward the last few
days, chiefly because of disposition to
take profits instigated by the introduce
tion of the Wilson bill which had an un-
favorable effect simply because of the
unusual sensitiyeDess of the business
world to tariff agitation The prospect
of this agitation continuing throughout
the winter and well into the spring is Of
course disheartening to many; but these
fears are greatly exaggerated, and it is safe
to say that the bill as now presented will
be amended to such a degree as will make
changes much less radical than antici-
pated. Unfavorable rumorS about rate
cutting by important roads also affected
prices adversely. Europe, moreover, is
at present. not inclined to invest largely
in our securities. The marvel is, there
fore, that prices have shown such re-
markable resisting influences; and this
can only be accounted for by the fact that
the worst has been passed, and every
thing adverse likely to happen amply dis
counted. Prices in most instances are
certainly down to conservative figures.
There has been no increase in
supply of railroad securities, and
the reorganization which many
large properties have gone through
gives them promise of future
value which has much to do with the
present resisting powers of the market.
Weak holders may fail and their stocks
be forced upon the market; but the far
seeing and persistent holders are pinniug
their faith on the future, and not on the
temporary setbacks of 1893. Business, i'll
spite of dizziness, is reviving. Railroad
earnings are recovering and making bet
ter comparisons than month or two ago.
Large economies are being effected on all
lines, and net results are not approach
ing the decreases in gross. Railroad
shares sympathize but slightly with the
industrials, which more directly feel
business depression and tariff discussion.
The Presidents message produced no
distinct impression on Wall street in
terests. It was regarded as, on the
whole acknowledgements, containing
no new points of policy, but indicating a
purpose to execute the understood pur-
poses of the partywith what the Presi-
dent conceives to be conservatism. His
recommendation that the currency ques-
ton be allowed to stand over for future
treatment occasions some surprise, and
its prudence is viewed with differences of
opinion. Undoubtedly, it is out of the
question to consider and dispose of all
the currency and banking problems that
await treatment; and TO that extent the
Presidents position seems to be very
generally approved But it is re
garded as an important matter if
the country is to have no assur-
ances of elasticity in the currency when
the money now transiently accommodating
in the banks has been redistributed for
circulation. Certain of the proposed
changes in financial arrangements may re-
quire some specific preliminary considera-
tion before action is taken upon them by
congress and, for those purposes, the IN
stitution of special commission might be
desirable. But the country is already so
familiar with bank note issues and 50 well
cautioned by experience against faulty
conditions of issue, that there should be
no difficulty about providing a sound and
elastic system of note issues during the
present sitting Of congress.
The market has been taken by surprise
at the advance In exchange to about the
specie shipping point. Yet it is no more
than might have been expected from the
present extraordinary abundance of
money Foreign balances resting here
can be better employed at home and they
are therefore going there. There is no
apparent reason, however, for expecting
that any large amounts of gold will be
shipped. A few millions sent TO London
and Paris will stifen the rates for loans
at New York and ease them abroad, and
the equilibrium thus produced will
neutralize the motive for exporting gold.
| The banks win hail a movement of this
kind. for deposits are being crowded upon
them far beyond their ability TO turn
them TO profitable use