The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-21
BANxFR cLEws' v1rws.
The Financial Outlook as Soon From
Wall Street.

The Financial Outlook as Seen From
Wall Street.
New York, Aug. Robustness at the
stock exchange has shown little change
during the past week, in either volume or
prices. There has been, however, a dis
tinct improvement in tone The feeling
! has become more settled, and adverse oc-
! Currences have little effect upon holders
of securities. The putting Of the Northern
| Pacific under a receivership, which might
naturally have been expected TO affect the
market very adversely, had but a trifiing
| effect upon the prices. The market, in
| short, seems to have reached "hard-pan. "
ana stocks are so well held that neither
accidents nor bear" attacks produce any
| important impression on values. In this
respect, the market may be said
to be in a relatively strong position; and
/ also in the further sense that prices for
railroad shares range far below what
| would be warranted by the finances of
the companies. 1t is true that the cur
rent earnings show considerable decline
| owing to the universal depression of bust
| ness; bat the fan in prices has gone i'm
measurably beyond what that loss Of
business would call for, whilst working
| expenses and being severely cut down by
! all the roads. AT current prices therefore
stocks remain an unusually tempting in
| vestment purchase, and people of private
means continue to take them of the mar
ket, thereby strengthening the position
| of holders at large.
Under the circumstances, the stock eX-
change interest may be considered as
having passed the worst phase of this eX-
traordinarily protracted panic, and is
waiting composedly for the return of con-
fidence in other interests, most of which
are still enduring acute prostration.
The general situation may be said to be
on the mend; but the recovery is so slight
as to be scarcely observable from day to
day There is certainly less apprehension
than existed q week or two ago. The
number of bank failures and of mercan-
tile suspensions is declining and about as
many banks are resuming operations as
are closing their doors. There cannot be
said to be any important general distrust
as to the sOlvency OF mercantile firms,
and such fear as exists in that quarter is
mainly against the possibility of sound
houses becoming embarrassed through
the continued extraordinary scarcity of
money The trouble among the banks
seems to be less acute than it was week
ago. There has perhaps been no material
abatement in the applications for cur
rency from the interior banks; but, as
those demands now meet with but re-
stricted response, the city banks
ting their resources into better shape.
This result is apparent in some in
crease of discounting prime paper and in
a disposition to lend more on call. There
is also evidence of an abatement of the
extreme scarcity of currency, and the
opinion seems very general that the pre-
MUM on money has brought into circula-
ton a considerable amount Of boarded
funds The continued arrivals of gold
from Europe have made a large contribu-
ton to the local stock of money. which
must have a favorable effect through re
storing the reserves of the banks; but as
the banks may be reasonably expected TO
first of all husband their resources in
view of the weakened condition in which
they are now placed, these new supplies
of money have not yet had the effect of
extinguishing the premium on currency,
though they have materially reduced it.
The chief interest and dependence,
however, centres in the action of congress
on silver. All eyes are fixed with in
tense anxiety upon the capitol. The first
posture in financial circles has been that
of waiting to see what estimate congress-
men put upon the situation. The impress
sion so far received has been one of in.
tense chagrin and disappointment. As a
| rule, the representatives of the people
seem to have no more serious idea thar
| that they are assembled to debate Ovel
again an already over-argued and settled
question, and to make a display of then
oratorical proWess. In neither House
does it seem to be realized that congress
is summoned to execute promptly a specific
and expressly defined behest from four
tifths of the people of the United States
Few members seem to understand
that the country is brought
10 the present seriously depressed
state by its silver policy and that then
sole business, as Enthusiastically prescribed
by vast majority of the nation, is t
prohibit at once the increase of silver
money under the so-called Sherman law
The disposition shown during the past
two weeks to consider alternatives and
compromises in place of this simple re
peal remedy, and the trifling with the
public demand especially in the Senate
are producing disbursement that will
rapidly resolve itself into u profound
national evaporation; and now it re
mains TO be seen how far the Senate vii
really dare to carry its defiance of the
public will. The command now needs &c
be expressed with a force of persona
representation from the leading centres
of the country that will bring reckless
senator's to their senses: and the signs
are gathering that, in a few days, The
popular demand will be uttered with a
majesty that viii compel the respect oil
those who now dare to set their OWL
theories and petty sectional interests
in hostility to the highest national
welfare The time for debate and speech.
making display is past. The confagra.
tion flames all around US, and we want nc
fddling heroes to insult the public suffer
ing. The hour has come when the
supreme sovereignty Of the American
people must be absolutely obeyed; and il
there should prove to be a majority oil
the higher house who dare to defy it to
the last, it will be but for moment that
such exercise of legislative functions will
be allowed to prevail. If it is possible
that the country cannot depend upon the
Senate in its hour Of supremest peril let
that body dare to say so by denying the
demand now before them but salvation
from a debased currency could be but
momentarily deferred by such pre-
sumptuous folly. AS matters now look,
the silver session is likely to become an
intensely exciting one at an early day
and we are far from expecting that, when
the public resolution becomes properly
understood, the Senate will persist in its
present defiant attitude.
Lady-Has that suburban house you speak
of plenty of closetsF Ageut-Dozens. ma am
All the upstairs bedrooms will do for clos
cts. 1t was built for summer hotel, ma am.
| New York Weekly.