The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-02
nANKnR cLEws, VIEWS.
ma Financial Outlook es Seen From
Wall Street

ma Financial Outlook es Seen From
Wall Street.
NV YoRK, Dec. 31.-The year 1892
.loses with record of events of more than
usual Importance to the investment in.
tsrests Of the country. 1t has Witnessed a
elimination Of public opinion upon none
tsry question of the deepest significance. NOS
onlv TO the United States, but also TO the
civilized population Of the world at large.
After centuries OF the Joint use Of
cold and silver upon a fairly even
1arity of velue, IL has become world
tide question whether the use Of silver
.hall be abandoned, or broad international
arrangements shall be established for giving
shat metal stability Of value and perpetuat-
ing its use as form of lawful money CO.
ordinate with gold Such crisis has been
threatening to the existing currency arr
rangements of every nation; ard, SO far as it
affects monetary systems. lit equally concerns
vested interests, outstanding obligations Of
every kind, and commercial values the
world over and especially does 1t concern
the delicate relations between the debtor
and creditor classes. In the United States
the problem is especially urgent, for we
have, within late years, committed our
selves to the fate Of silver by incorporating
sbe metal into our currency system to the
AXteQt OF several nunuTeOb OF mllllODS or
dollars Satisfied that there is no way of
reaching a permanent settlement of this
question except through common interna-
tional agreement, our government this year
procured the assembling Of a congress of
tbe nations, TO formally consider the
problem. After free interchange OF
views and che discussion of certain pro-
posals, the conference adjourned without
accomplishing any definite result, but to re.
in kka snrfncS Of 1909 tys0 a
impartial review of the work of that body,
we are driven to the conclusion that, al
though the subject may receive further
earnest discussion between the several gov
ernments, yet the jealousies and prejudices
surrounding the case are so formid-
able and the theoretical and working
differences so great that ID seems
virtually hopeless to expect the concessions
and the commitments from the various
powers that are indispensable 10 asound and
lasting international settlement of the Ques-
tion. Thus the end of the year finds this
country confronted with the duestion-how
best TO take care of ourselves under the cir
cumstancesa and with no more effective
means Of protection than that Of suspend
ing, temporarily at least, further addition
so our stock OF silver. On the last
day of 1892, therefore, there is
no question that more seriously
occupies public attention than this one
will congress be found willing to thus aot9
This is really the most Important problem
that we have to carry over into Bhe new
year; and yet we may hope that our legis-
lators will not fail to enact the explicitly
declared verdict OF the late election on this
issue. So far, therefore, as respects our
own country the symptoms indicate, how
ever, that the ominous silver cloud Of dam
ger may soon disappear from the horizon.
Next In the Importance among the events
of the year, is the emphatic demand for n
change of commercial policy asserted by
the result of the November election. That
verdict was hardly unexpected, and there
fore its coming has excited less interest
than might have been expected Not the
less, however, 10 the foreshadowed change
one Of vast importance.
Another Important feature in the finan.
oial movements of 1892 has been the large
ness Of our exports of gold, W hich is all tie
more significant as following the preceding
year Of large like outflow. In the case of
each Of the two years, the trade balance
has been so largely In our favor that a net
import rather than large net export of specie
might have been expected. The facts as
they stand, however, are TO be explained
only on the superstition, confirmed by OBJ
servation, that very unusually large
amounts OF our securities have been re-
turned from Europe; and that occurrence
finds its explanation in our silver policy
having raised distrust as to whether our in
vestments may not become payable in that
form of money. Much must depend on
whether 1898 provides a remedy for that
distrust by suspendingithe Sherman silver
act.
So far as respects railroad investments,
1892 has been an uneventful but on the,whole
very satisfactory year. The creations Of
new line have been upon a strictly -oonserv-
alive basis, nor is there in anydirection any
symptom of forthcoming speculative enter
prises. The earnings have at least kept up
to the usual average rate of progress, so
that dividends have been maintained. There
has been no reaction from the tendency
toward substituting sound bust
ness principles Of management for specu-
lative methods, which has characterized our
great railroad systems during recent years.
1t is also satisfactory GO note that
there has been some abatement of
obstructive Interference from legisla-
tion. Decisions have been rendered
against powers claimed by the interstate
commissioners which suggest future check
upon Intervention from that source; and
similarly the law has, in important respects,
restricted the assumptions of state legisla-
ture as to their powers over common car
riers. In some quarters an unwelcome
symptom has appeared in the creation of
consultations designed to create monopo-
lies manifestly hostile to the public interest,
but the reception awarded TO these aggres-
sions by the courts and the public is not
calculated to encourage future like at
tempts.
Under all the circumstances. although
the ship of affairs has encountered some
psrilous weather in 1892, yet she enters the
voyage OF 1893 with fairer skies, and with
M aatli nrt