The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-10
BANKER CLEws VIEWS.
The Financial Outlook es Seen From
Wall Streel.

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Wall Streel.
New YoRK, April S.-Wall street has
shown IA decided recovery Of tone within
the past week. The Improvement has been
due to an easier condition Of the money
market, consequent upon the free return Of
currency from the interior and to the ex-
pressed confidence Of treasury officials that
the gold reserve can be maintained intact
until the assembling of congress i'll septem-
ber. Another cause OF Improvement bas
been the resignation of Mr.. Mcleod as presi-
dent and coreceiver of Reading This cir
cumstnnce has relieved the misgivings that
overhung that company and the New Eng
land and Boston aud Maine corporations,
whose condition has been menaced by the
complications for which Mr. Mcleod was
chiefly responsible. The same circumstance
has acted fsvorsblY upon the foreign mar
kets for our securities, wherO confidence had
been seriously shaken through the facts that
led to the appointment Of the Reading re-
ceivership, Beyond these immediate infiu-
ences, there are indications that operations
OF magnitude have been undertaken by
capitalists largely interested In certain
groups Of stocks. The prospect for an early
statement of the plans for the reconstruc-
tion of the Richmond Terminal system nat
urally attracts attention, as an event calcu-
lated to give rise to large amount Of spec
ulatjve operations at an early day. The
gradual Improvement In the general finau-
ciai situation has also contributed It's quota
to the restoration of confidence. Among
other factors that have had a beneficial
effect, though in a minor degree are the
improvement in trade incident TO tho fine
weather. and the hopeful feeling through
out the west incident TO the prospect OF the
approaching opening of the worlds fair.
The readiness Of the market TO respond to
these favorable conditions is evidence that
there exists q healthy feeling and dispos-
tion to operate for higher prices. And this
is the more evident because there still exist
certain factor ls Of q more or less discourag-
ing character. AS, for instance, the fact
that prices of cotton, wheat aud provisions
still remain above foreign values, and,
therefore, keep down the exports of those
products and invite shipments Of gold,
while the large imports show little abate.
ment. As a consequence the eastward ton
mage OF the railroads is light, and the
freight earnings of the roads suffer. An
other unfaVorable factor lies in the tenor OF
the crop reports, which continue to indi-
cate bad effects upon winter wheat from the
past severe weather. These dis
couraging factors, however. have
their hopeful side' 1t is in.
evitsble there must soon be on eQualza-
tion of prices between the home and foreign
markets for the staples referred to, with the
consequence of starting up an export move
ment that will crowd the railroads and
create a supply Of export bills that will take
the place of gold in settling cur foreign OBJ.
legations. The probabilities OF this are sc
decided that they naturally incline Wal
street TO take hopeful view OF the future
course Of foreign exchange. AS respects
the prospects Of winter wheat, admitting
! that the crop may prove as deficient as now
| seems quite possible, yet it is to bs remam
oered that the stocks remaining over from
last year are so large as TO compensate for
any deficiency in the new crop that al
present seems likely TO occur.
The determination OF President Cleveland
to call congress together in September he,
acted as a relief to the financial markets.
or course it affords no specific indication az
to what measures Of legislation may be un
dertaken; but it does give assurance tina
there ia TO be the speediest possible termlna
tiOn OF much OF the suspense in which large
interests have been held. And from such
shadowy intimations as are appearing
| there Is more disposition to hope that, 81
far as respects commercial legislation, {
| conservative respect will be shown for the
existing status of industrial interest depend
ent upon the tariff; while the latest canvass
of the views of congressman favors The
chances Of a large anelloration OF the silver
situation.
The gold exports may possibly assume
larger proportions ct any time; at tbs
moment, however, there is a good deal Of sup
ply OF exchange from shipments of securitle5
and tinaDclal negotiations, some five millions
being expected to accrue from the placing
OF that amount OF bonds of the new sole
leather combination, which have lust been
disposed of IN Europe The question as &c
whether the Brussels conference will renew
its considerations OF the silver question can
hardly be considered an influential factor in
the situation. It seems to be regarded very
generally as virtually immaterial whether
or not the President asks for the reas.
semblage Of the conference the view being
that, II he does not the silver problem will
be left TO drift toward its own settlement; /;
and that, if there is "a reassemblinC, nothing
can be agreed upon. The conclusion, there
fore, is that each nation must finally
be left to take It's own individual course
under the circumstances, with the result of
still further demonstration of silver q
result which may be satisfactorily met, Sc
far as this country is concerned, providing
congress can DO induced to suspend the
purchases Of silver, which apparently be-
comes more likely as time and discussion dc
their work Of conversion. An assuring
circumstance, as bearing upon our credit
abroad and upon general confidence in tine
general situation, arises from the foot thai
tue administration has no expectation Of be
ing required TO issue bonds for the procure
ment Of gold before congress meets in Sep.
temoer. What may be done after thai
Will largely depend upon what congress
may do toward the reconBtruction Of oul
monetary and banking arrangements, in
the way Of limiting tho use OF silver, ocono-
mizing the use of gold, and modifying the
arrangements which now make the banks
and the government so obstructiyely de-
pendent on each other.
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