The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-27
BANKER oLEws, VIEWS.
The Financial Outlook as Seen From
Wall Street.

New York, Aug, 5.-The past week
has afforded a fair specimen Of the sort
of effects the end of tariff suspense has in
store for Wall street The feeling is that
of universal relief from a universal OBJ
struction. The way has been opened TO
resumption of trade and enterprise in
every direction; and in all interests there
is disposition to resume operations on
something approaching a normal scale.
There are no longer any great fears, nor
any reasons for timidity, overhanging the
markets. In every branch of trade, stocks
of merchandise are in a starved condition;
and the reasons which have for fifteen
months caused buyers topursue policy
of hand-to-mouth supply are disappearing.
As rule, prices of merchandise are un-
precedentedly low; so that if the purchas-
ing ability of consumers has been les
sened, that difficulty is Offset by a pro-
portionate reduction in the cost of living
and IN the amount of outlays at large.
Credits, as rule, are in sound and
wholesome condition; so that the mer-
chant who desires TO enlarge his stock
and extend his trade can have the need
full time facilities, and at exceptionally
low rates of interest
These conditions certainly lay the basis
ness. There is in the intrinsic state of
afairs little to suggest misgivings as to
the future: there is, on the contrary,
much calculated to establish confidence
in continuous, steady, stable and con-
servative course of trade. The country
has learned some serious lessons and
therefore is disposed to be sober; but 10
is also very hungry for more trade and
better profits, and is therefore disposed
To turn to active account every chance
for improving both. For the last four
years, the perception of a coming change
in our tariff policy has had a more re-
pressing effect upon enterprise than is
| generally supposed and the fact
that that change has at last
being much disturbed for some years TO
come, prepares the way for many long
postponed undertakings. The fact of the
common cheapness of materials and Of
the quite genearl reduction OF wages has
very direct tendency to invite revival
in certain important branches OF trade,
| especially those connected with building,
| machine plant, publice improvements and
/ railroads, How far the reduced scale of
/ prices and the exemption of raw mater
/ ials from duty may enable as 10 increase
/ our export trade remains TO be seen; in
/ the meantime, however, II is a hopefully
| significant fact that last years reduction
/ in values was attended by an increase in
/ our exports of SIS, 100000, as compared
| with the year 1923.
The recovery that now seems TO be set
ting in is something broader than a re-
! vival from the effects of last years panic.
! That crisis though Immediately incident
! to the great silver fight, embraced also
the effects Of the deeper arrangements
that set in with the great Barings sus-
pension, and of which that failure was
/ but a symptom. Those arrangements
were largely in the nature of over-produc-
tion, over-speculation, over-trading, and
were worldwide in their influence, and
their effects still continue in the
! persistent depression of trade in
! every European nation. II the recovery
! from these four years of reaction first
makesits appearance in the United States,
/ it is nothing more than might be expected
from the greater resiliency of our re-
sources and from the fact that we have
been less intimately connected with the
| disturbing causes than have other coun-
tries. 1t is reasonable to hope, however
that recovery on this side the Atlantic
will tend to stimulate improvement on the
other side; and thus it may quite possibly
happen that the foreign markets, both
commercial and financial, will respond To
the improving tendency in our own.