The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-03-27
BANKER CLEWs, VIEWS.
The Financial Outlook as Seen from
Wall Street.

NEW YoRK, March 25-In the Wall
street markets, there has been through the
last week, distinct tendency toward re-
covery Of tone and strength. Reaction and
compensations have naturally done their
work, and the result appears in an impor-
tant recovery Of confidence. The large out
flow of currency to the west and other
points, which came so suddenly and unex-
pectedly, has as suddenly abated, and the
Indications now are that so soon as we have
turned April /, money will flow back to
this center In considerable volume. Bor-
rowers, therefore, feel assured that, 80 far
as concerns the local money market, 1t Is
now only a matter of bridging over for the
next two weeks; which is an assurance
worth much as a contribution toward con-
fidence.
There is a drawback 90 this encourage
ment, however, in the fact that fall in
local rates for loans might restrict the pres
ent disposition to temporarily employ for
eign funds here, which might cause q re-
vival of the exports OF gold. That liability
IS real one and no good purpose can be
served by ignoring 1t. No doubt the late
decrease in the exports OF specie has been
largely due to our temporary borro wings of
foreign capital; and TO that extent the stop
page gold shipments has been postpone
ment rather than cessation of the move
ment. Besides, we are now entering four
months period during which, in normal
times, we usually ship several millions OF
gold per month; and, In respect to that
prospect, the only question is whether there
are any influences likely TO vary these remit
tances from the usual average amount.
In respect to that question, there are GER
tain facts that deserve special consideration.
In the first place, during January and Feb
ruary, the export Of oar leading exportablB D
fnH In trn
degree by speculative Withholding Of those
articles from the market. In the next
place, this sweled our shipments Of gold for
those two months to possibly the extent Of
$2O,O00,U 900 over what they would have
been had the exports Of produce taken their
usual course. And, In the next place, the
country Ia now flooded aud the money mar.
ket oppressed with an altogether extraor-
dinary surplus OF products awaiting export,
and which, 1t would seem, must
now begin 20 go out in
large volume. The comparative maRui-
tude OF this surplus is shown by the
fact that the visible supply OF wheat is now
$4,000, 600 bushels greater than that of a
year ago following the extraordinary crop
Of lS9D, and OF corn 3,500,000 bushels
greater; while the market value of the
home visible supply Of cotton is about
$4,000 coo above that of year ago. not
withstandlug its smaller quantity. The
difference ia value of the visible supply of
these three articles combined, compared
with year ago, Is fully equal to the normal
average net export OF gold from this time to
June ]. This is a fact that demands much
credit in considering the probable movement
of gold during the spring months
The most important offset againit this
substantial factor Is the fact that Austria
! has completed her loan for the reconstruo-
tion OF her currency system, and that the
! procurement Of gold for that purpose will
take effect Immediately. The balance now
remaining TO 10 turned over by the Roths-
| Guilds to the Austrian government on ac-
count of this operation is about sl5 600, ,000
Under ordinary circumstances, tho Roths-
childs would probably have sought to ges
this required SUN Of gold from the United
States, as some Sl2,00U000 was taken from
us iu January last for the like purpose.
But it is at least supposable that O banking
house with such important direct or indirect
interests in this country would not wan
tonly tri1e with the sensitive state of a nan
cial affairs now prevailing here, but would
look to unusual stocks elsewhere, and es-
pecially to the Bank of France, whose
present gold holdings are S55, 100000 above
the stock Of year ago, and could therefore
satisfy the remaining wants Of Austria and
yet have SAC, 900 900 more than the supply
OF the same time OF 1892
On the whole, therefore, the prospective
movement of the foreign exchanges, SO far
as 1t may be inferred from existing factors,
bears "a hopeful aspect rather than "a threat
ening one. And this Is really, at present,
the controlling consideration. For, both at
home and abroad. we have gotten over the
effects Of the failure of congress to suspend
the purchases Of silver, and all sides will
regard that as sleeping factor until the
next assembling Of congress; which, from
present appearance, seems unlikely 20 oG =
cur before next December.