The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-23
BANKER oLEws' VIEWS.
The Financial Outlook as Viewed
From Wall Street.

From Wall Street.
New York, Oct 2l.-Still the Senate
debate drags its weary course, and still
Wall street as YEARLY waits for its con-
clusion. If evidence was wanting of the
serious effects of this delay, it stands out
clearly in the fact that another of our
great railroad corporations has been com
PEELED to seek protection in a receiver
ship. The statement of the Union Pa
cites finances, on the application for a re-
ceiver, is mainly a recital of the immense
losses of business pending the late silver
depression ana the protracted deferment
of repeal. nnd it is very doubtful whether
the company would have drifted into its
acknowledged bankruptcy had il not
been for these drains upon its business.
The Union Pacific is by no means the
only one of our railroad corporations that
has seriously suffered from this cause,
and there is too much reason to fear that,
If the silver question were allowed to re-
main much longer unsettled. other en-
barraSsments may not unlikely result.
The signs at Washington, however, are
now looking brighter, and we may be per-
mttted to hope that the deadly incubus of
suspended legislation will soon be re-
moved from the business and the credit
lively incredulOus that the Senate will
dare to persist much longer in disregard
ing their Enthusiastically expressed will,
that their attitude is one Of inpatient
waiting rather than dependency; nor is
1t supposed that, even were the repeal
measure to fail of adoption in the upper
house, such defeat would amount TO any
thing more than a transient postpone
mCnt of success. In no well Informed quar-
ters is the continued unlimited time issue
Of silver money regarded as a possibility {;
and that confidence is an anchor that
viii keep the country from again drifting
on the rocks of panic from which we have
just escaped. The positivencss of this
confidence is the main cause of the under
lying strength of the Investment market
which Is keeping the bears timid about
selling, and induces n squirt of buying
upon any improving changes in the
posture of the Senate. 1t is evident that
a similar view of the prospects of silver
reform is taken in the foreign markets
for our securities; for, disheartening as
the action of the Senate may be sup
posed 10 be upon observers at such dis
lance, yet there has been a noteworthy
return of our securities since the silver
vote of the House of Representatives, eX-
cept in the case of certain stocks which
have been unfavorably affected by quite
other causes.
But while this confidence in the
ultimate suspension of silver pur-
chases serves as a strong sup
port to the market, the delay
of that conclusion acts in many ways as a
drag upon both values and transactions.
1t keeps up a reservation in the larger OPP
eratiOns Of corporate credit, which tends
to the embarrassment of railroad finance.
1t puts obstacles in the way Of the resus-
citation of important roads now in the
process of financial reconstruction; and it
throws a certain cloud of suspicion
around properties which otherwise would
enjoy unqualified confidence; all of which
has n certain effect upon railroad invest
ments for the time being.
Upon business operations at large, the
position of the Senate also has a dis
couraging effect Among the mass of
traders the situation is not so clearly un-
dorstood as it is in the higher circles of
capital, and there, therefore, the conf
dence in the ultimate adoption of repeal
has less positive sustaining effect Con
sequently, in the retail business, the
growing excitement at Washington
rather tends to suggest distrust than To
encourage hope. But while this much
has 10 be conceded, yet it cannot be de
MED that, in the commercial situation at
large, there are many elements suggestive
of hope. The past disasters have purEed
business of its weak points and
the basis of credit is sounder than
it was before the depression. Indus
tries are resuming their suspended
work, and in many cases under conditions
which will yield improved profits. Labor
is being cOrrcspondingiy called into more
regular employment and the PURCHASING
power of the working millions is thereby
being increased. The increasing suuply OF
products has not sutficed to fill the vacuum
caused by depleted stocks, and, as a rule
prices of commodities are consequently
well sustained. Taken as a whole, the
commercial situation is such that, in case
of the passage of silver repeal, there
could hardly fail to be marked revival
of trade and a large return towards gen.
eral normal conditions. Considering that
all the present indications point to the
early forcing of a vote on silver repeal, il
will therefore be apparent how near we
may possibly be TO a general revival OF
business.
Monetary movements continue in the
direction of an ease calculated to slim
ulate any reviving tendency that may
arise in business. Throughout the entire
country, money is accessible to sound Dor
rowers. At this center, the reserves of
the banks have risen to figures rarely
touched at this season of the year; and
although this is an evidence of business
depression yet it may at any moment be-
come the cause of its revival. The course
OF our foreign trade is so largely in favor
Of this country as TO neutralile the late
uneasiucss rs TO whether we might not find
it necessary to return some of the gold
lately imported from Europe Upon the
whole, therefore, present conditions are.
in our view, suggestive Of an early re.
covery from the effects remaining from
the Ia To dnnraeSioD