The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-03-19
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
wan Street.

Wall Street.
New York. March l1.-During the past
week, the course Of the stock market has
indicated that the rising tide Of specula-
ton is gradually gaining force. There
has been more buying and at better prices
and transactions have extended from tho
industrials to the railroad list
The Bland bill, which was passed on
Thursday by the Senate had a temporary
depressing effect. Hitherto, IL has been
regarded as a matter of no really serious
moment; for thas been taken for granted
that the President would veto the meas
ure. IL now seems, however, that the
kind of political influence that secured
the passage Of the bill in the House and
has carried it through the Senate has
been brought 10 bear upon the
President also. What may be the effect
of this pressure upon Mr.. Cleveland is by
no means certain at the moment; but it is
safe to say that he has not met these
Establishments with the prompt negative
that has been expected. Among those
who have gained his ear, there is no queS-
ton that he is at least undecided end his
final action will probably depend upon the
balance of forces as between public pro-
test and party cOmpulsiou This intro
duces temporary element of suspense
into Wall street, which may possibly
hold the improving tendencies in check.
At the moment, the silver question
seems TO be energizing itself for another
of its desperate spasms; we hope its last;
but it is still capable Of causing more than
a little mischief. In New England there
has been a gathering Of the scattered BIZ
metallic forces the organization has the
misfortune, however. of being composed
chiefly Of dOctrinaires. The London
chamber Of commerce, in obedience TO the
urgency of the India and CHINA trades,
has appealed to the government to pro
mote the reassembllng of the Brussels
monetary conference, with view 10 CON
sidering means for restoring silver
Whether the cabinet win consent to add
ing another insoluble question to its other
unmanase embarrassmeuts remains
to be seen. Such is the situation of silver
and such the growing agPravatiOn of that
situation, that no outcome seems
possible except the conclusion that
the disorder is impossible Of adjustment
excepting through the powerful auspices
of an international agreement. The supply
of the metal has become absolutely un-
manageable; and the depreciation has
become so great that no conservative gov
eminent alone could be expected toacCcpt
the impossible task Of restoring its value.
These movements naturally strengthen
the hopesof our home silver faction, and
give them an influence in legislation they
would not otherwise have. In case Of the
Bland bill finally becoming law, its effects
would probably result in its early repeal
by congress and a consequent reinforce
ment of public opinion against further
duplicating the national credit through
favoring debased money.
There has been during the week some
slight revival Of London buying of our Sc
curities, but it seems to have been Incl
dent to the condition of the exchanges,
and has little real significance There
can be no doubt that the tendency Of the
Bland bill has had a depressing effect
upon our securities abroad-as has any
thing that tends to weaken the assurances
afforded by the repeal act, London is
evidently in the beginning of an active
speculative movement. for several colonial
securities and the Turkish and Egyptian
loans have advanced to prices above the
highest of the last ten years, and yet
American issues. in spite of their cheap
ness, have so far remained neglected. and
Investments in them have been mainly
confined 10 gold-bearing mortgages.
The gold export movement moves at a
slow rate. 1t is to be expected that at
this season, we must snip that metal; but
it will probably be found that the outgo
is less than usual for the spring months.
The February exports of merchandise
snow an increase or SJ,&OU,OOO over those
of year previous. The imports for the
month exhibit a decrease of S24, 000, 900 /;
which added to the gain in exports makes
the February trade balance nearly $50
COO, 900 more in our favor than it was
twelve months previous. 1t is to be re-
membercd, however, that, during the
first quarter of 1898, we had an almost
| unequaled adverse trade balance against
us, which resulted in the extraordinary
export of gold that preceded the panic.
We can well enough afford to spare any
gold that is likely TO so out now, without
serious consequences, as our banks hold an
unusual supply.
The situation. as whole, is one that
must be construed as on the mend. Out
side the influences connected with Wash
ington, affairs have a distinctly hopeful
! prospect General trade is reviving, man
ufaturers are rcgaining confidence and re
/ suming work on the old scale; the condi
| ton Of our foreign trade is strictly con
/ sentative, and there is no doubt of money
! remaining easy for the remainder of the
/ year. But there is likely to be a disposi
| ton to operate within moderate limit.
! until the Bland bill is out of the way.
The Empress Elizabeth Of Austria. by ,
!