The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-30
BANKER cLEws' VIEWS.
The Financial Outlook as Seen From
wall Street.

Wall Street.
New York. Oct. 2s.-At last, the silver
incubus has been lifted from the markets
The opposition have split upon methods
of co operation for obstruction, and that
has given them a good excuse for the
surrender which they all now acknOwl-
eige TO be inevitable. Voting will there
fore be undertaken Immediately, and with
a certainty of a good ma ority for cou-
p.ete and permanent suspension OF treas
ury purchases of silver.
This is n national relief, the benefits OF
which it is impossible 10 oyer-estimate
The country is now placed in a position
for protecting itself from the unknown
future consequences Of the depreciation
and decentralization of silver. The nation
is free to provide for itself a currency
system based upon the common money Of
the world, adapted to its peculiar wants
and elastic and selfregulative in its
movements A doubt mas been removed
we may hope forever-from our credit
with the large holders of our investments
in foreign countries a solid assurance
is now given TO the world that
American obligations will be
paid in gold or its equivalent; and
this means that, whenever in the process
of our marvellous national development,
it may be advan Jageous to borrow
ILuIObCdu ctEJALttl, lAlGLC Will w no OA4-
ficult in procuring it, We henceforth
rank among the nations not only first rs
TO productive resources, but also equal
with the foremost as to SoundneSs and
stability of monetary ARRANGEMENTS
Ever since the Bland-Allison law was
enacted, there has been, among European
authorities and the great bankers who
control the currents of investment,
steadily growing miSgiving as to what
might be the outcome of our ever increas-
ing Commitm ents to silver money. That
doubt is finally settled and it is impossi-
BILE to assign limit 10 the consequent
elevation of the status of our
securities at the European centers. The
resumption of gold payments so benefited
our foreign credit that within the two
next succeeding years, we made net i'm
port of sl67OO0,00O of gold The country
has now emphatically declared that its
ability to maintain payments in gold shall
never be impaired by an undue adniX-
ture of silver and it remains to be seen
how far this momentous assurance will
conduce to a new influx of the yellow
metal Already, in anticipation of the
action of the Senate, foreign exchange
has reached the point at which the i'm
portation of gold is possible, and London
is making shipments for New York.
AS yet, there has not been time to show
what effects upon general business are
| likely to follow this great restoration of
confidence The late depression has, of
course eXtinguihsed some concerns and
crippled others; but the proportion of
| this injured class to those who remain
strong and retain their former resources
is very triAiug; and it always strength
ems a situation TO have its weaker ele-
ments weeded out. Some remnantof eau
ton must remain, but there is no reason
why it should have any important retard-
ing effect upon either industry, trade or
finance. Two all-importunt facts are to
be kept in view,-frst the material inter-
ests of the country are in a sound and con-
| serYative condition, entirely exempt from
either speculation or imitation of values;
and, next, credit is sufficiently restored
to enable all legitimate borrowers TO get
what funds they may need, while capital
is beginning to seek employment at low
rates. A further important fact is that
stocks of merchandise have been reduced
to an exceptionally low condition, so that
there must soon be a movement for re-
plenishing them. Under these circum-
stances, it seems almost inevitable that
the enactment of the repeal bill will be
| followed by a general revival of business
| Indeed, we notice already the extension
| of credit accommodation to a class of
mercantile borrowers who have been long
| excluded from the market and the banks
count as they have been disinclined to
| those operations.
Wall street has promptly put it's esti-
mate upon the new conditions by an ad-
vance of sac points in the prices of stocks
| Nor is this a purely speculative rise
| Those who sold out their securities during
| the panic are now buying them back
again, and these investment transactions
| sustain the rise against any reaction
arising from realiZinQS by sDeculatiVe
| holders. The conviction appears to be
| general that, as prices have not yet re-
covered the level at which the panic
struck them, still further rise may be
! expected This view is strengthened by
| the consideration that an improvement in
| general trade will increase the earnings
of the railroads, the business of which
has been showing steady gain during
the past month.
We regard this hopeful view of the
market as warranted by the new condi
tion of affairs, and confidently expect a
still higher range of prices for the good
active properties.