The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-03
BANKER cLFws, VIEWS.
The Financial Outlook IS Seen From
wall street.

New York, sept. so Wall street shows
little change from the rcactiouary ten
dcncy that has held the securities mar
kct in cheek for the past month Its at
titude is simply waiting one; not by any
means one Of dependency. The over
whelming vote OF the House OF Represon-
tatives for silver repeal produced large
advance in prices but buyers did not suf-
iciently take into account the possibili-
ties of obstruction in the Senate That
obstruction, however. came with a force
and persistency that has taken the
whole country by surprise and put
check upon all the reviving tendon
cies which the House vote brought into
play. The Senate's DELAY has been
| like the return of winter in the middle OF
spring. 1t has nipt in the bud revivng
confidence, and put a fresh check upon
| the industries that were beginning TO
venture upon renewal of operations. IL
has also had the effect of reawakcning
distrust among our foreign creditors,
with the result not only of stopping their
buying of our securities, but also of caus-
ing some return of them TO this center.
Such an interruption to an unqualihedly
hopeful drift of affairs could scarcely
have less injurious effect upon the stock
market than has actually happened. The
wonder is that the relapse has not been
much more severe; and the fact that
prices now stand comparatively steady is
evidence that Wall street at least is far
from hopeless as to the Senate ultimately
adopting the repeal bill.
There are two points of view from
which the disappointing attitude of the
Senate may be considered. Thcreus that
of the ordinary observer, who under
stands little about the methods and
tricks of parliamentary warfare, or the
complications of party interest and of
legislative policies. These people are led
by the external appearances of the mo-
ment and easily mistake weak parlia-
mentary feints for real strength, and they
are consequently deeply impressed by the
daring hostility of the minority in the
Senate. Yet it is this very class that
mainly make the body Of sentiment we
call public opinion. 1t is therefore not
surprising that the attitude of the trained
political warriors, known as the silver
leaders, should have created some dis
may and much disappointment among
this preponderant part of the public,
And it is not to be supposed that the
opinions of this class are unimportant be-
cause they are based upon imperfect OBJ
servation; for opinions influence action in
practical affairs, and in this case they
carry chill of apprehension through
every DrduCn OF business.
The other point of view is that occu-
pied by men conversant with the ms and
outs of politics. familiar with the tricks,
the limiJations.and the licenses of debate;
versed in the mysteries of log-rollnng;
and acquainted with the party iealousies
and the conflicting policies involved in
the present political situation. To these
observers there is nothing in the present
attitude of the Senate that is really in
consistent with confident expectation
that the upper house will finally adopt
unconditional repeal. They cannot CON
cede the possibility that the United
States Senate will finally dare to carry
atfront to the almost universal public will
TO the extent of absolute disobedience.
They know that, while it may be good par
liamentary tactics to give the minorityrope
enough to hang themselves, yet the ma
ority is made up of men who are con
sciOus of their power and will not fail to
used 1t to purpose when ripe Oppor
tunity occurs. They understand how it
may be prudent to give each minority
senator chance to set him elf right with
his constituents or on his record but
they know that to the party now in power
success in their issue is a matter of life
or death, and that having prudently done
all they can to avoid Offense to their OPP
| ponents, they will then unite with the
republican repealers in carrying the
measure by majority that will surprise
the country by its magnitude.
This latter point of view is the one that
now prevails in the best informed quar-
| tiers in Wall street There are bankers,
well situated to know whereof they
| speak who intimate that some of the in
| fuential tire-eaters of the minority have
| received warnings from constituents
whom they are not likely TO disregard
! that their obstruction must go no fur
! Their; and the case of these senators is
! likely TO become that of others also at an
! early day The game of bluff and buster
| has about exhausted itself, and that
| point being reached the chance for the
minority showing its power will have
| come. The nearest to the heart of the
! contest incline to the opinion that the
time is not distant for the registering of
| vote that will finally set this
| disturbing question at rest. Among
| bankers apt TO give the cue to opinion on
such matters, there is evidently a more
confident feeling, and it finds expression
! in freer disposition to extend their OPP
erations. The steady retirement of
| clearing house certificates Is a hopeful
symptom in this connection. Until re-
| Gently there had been a marked DISPOSE
| ton among the banks to cling to that
| support until all doubt was removed as to
| the action of the Senate. Out of the
total issue of S38 ,000, 900, however. only
| S26, 000, 900 is now outstanding is a
significant expression of the estimate of
the banks on the prospect. To the same
! effect is the welcome fact that the banks
are lending and discounting much more
! freely, and without discrimination as to
| long loans
The firmness of foreign exchange, so
| far as it may seem to foreshadow an ex-
| port of gold, is not seriously viewed, AS
part of the gold lately imported came as
the result of various expedients for tenn
porary use, it is taken for granted that
some of it must go back TO Europe again.
In the event of repeal, however, that can
not be serious matter, for the improve
ment in our foreign credit would in that
case create a fresh European demand for
our securities; and the abundance of cash
pouring from all sections into the banks
will enable US to bear reasonable foreign
drain without inconvenience.
COTTON SHORT IN TEXAS