The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-30
BANKER OLEWs' VIEWS.
The Financial Outlook ss Seen From
Wall street.

The Financial Outlook az Seen From
Wall street.
NEW YORK, Jan. 2S.-The general tone
of business in Wall street continues hope
full. Occasional accidents afford the "boarsn
an opportunity for transient raids, and the
rising confidence of the "buls" has hardly
reached the point for general aggressive
movement; still, the feeling in favor of ao-
tivity and improving prices steadily gains
ground and is becoming so general that
seems almost inevitable The large
passenger traffic on the trunk and Ora niger
lines TO be forthcoming during the period OF
the worlds fair is beginning SO have an an
ticipatory effect, aud is destined to sooner
or later give an important stimulus to the
market London is becoming an impor-
tant factor in stock transactions. For the
time being, our securities are found espe-
cially eligible there both for speculation and
Investment, and large volume Of trad
ing" is done with that market, with q net
result Of London buying more than it sells.
The large Influx of currency from the inte-
rior has also tendency to encourage buy
ing, as it leaves no question OF any insutii-
cheney Of funds to conduct speculative oper-
ations.
Qhe renewal of exports of gold in consid-
cradle amounts has fallen as q wet blanket
on Wall street. One explanation OF the
outflow seems 10 be that the silver situation
is creating a disposition among European
banks to keep and to increase their stocks
of gold, and another, specific one, that, in
view of the political dangers that now so
closely threaten France, the Bank of
France deems il prudent to fortify its
position by augmentlnR its reserve of gold.
So long as gold is less protected at New
York than at any other great financial Gen.
ter, all such demands naturally fall at first
principally upon US. But, so far as the
drain is a special or artificial one, il
is not likely TO continue long without
sreactionary compensation. IL France Tor
any other country thinks proper to buy
from US gold in the same way as she
would buy cotton or wheat, those pur-
ohases correspondingly augment Frances
indebtedness to tho United States, and to
the same extent increase the liability of
France to remit gold to shis country at
some later stage. There can be little doubt
that a very considerable portion OF the ex-
traordinary gold exports OF the last two
years has been shipped from temporary
reasons and outside Of ordinary trade move
ments, aud somewhere those funds are held
for transient purposes. from which the
metal will be released 20 return hither, 80
soon as normal fiuaucial relations between
this country and Europe are restored. It
would be serious case for this country
with its gold diminishing and It's silver In
creasing-if this expectation we're not rea-
sonably admissible. IL has always been
the course OF our gold movement
20 run into alternate periods Of
excess OF exports over imports
and OF excess OF imports over exports.
From 1862 20 1871. the exports uniformly
exceeded the imports by an average OF $780,
| 100000, during the next SIX years, there was
a. average excess Of imports Of S3l zoo. 900;
aud, for the next following eight years. the
exports averaged $40 900. 900 ~ excess Of TIE
Imports. From these comparisons. it will