The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-03
BANKER cLEws' VIEWS.
The Financial Outlook as Seen FROM
Wall Street.

y - -A1a-s
New York. Dec. 1-WaH street still re-
mains comparatively stagnant. Even the
great success Of the treasury loan has
failed TO raise a ripple Of excitement and
has produced no visible eject upon prices.
There have been times and conditions
when such an exhilarating event would
have inspired a speculative boom" but
operators have been comparatively insen-
sible to this negotiation. in spite Of its as
surfing suggestions.
1t is easy to draw mistaken differences
from this apparent indifference in Wall
street sentiment. The men Of the stock
exchange appreciate as we'll as others the
gratifying significance OF a national loan
being bid for. under the present unsettled
circumstances. to an amount three times
the sum offered; and if they have not gone
wild over the fact. it is because there have
been concurrent circumstances that made
the moment inopportune for any important
speculative effort. The spirit of the street
has been chilled by another blast Of dis
couragement from the Granger region.
Following the Chicago. Burlington and
quincy, the steady and sturdy Chicago
and Northwestern has reduced its divi
dend; and among the roads Of that section
the feeling is one Of some discourage
ment at the spirit shown in politics and
by judges and Juries against the railroad
interest. The annual statement OF Erie,
one or the worst in the history Of its
operations, has also been Unexpectedly dis
couraging. a point is now being reached
in railroad affairs which reveals the full
effect of the great depression that has be-
fallen every interest; and although this
has been foreseen and largely discounted
in the fall of prices yet ii is not surpris-
Cd Is fafH varh ha
blown results appear in official figures and
reductions of dividends by leading roads.
Beyond these influences there is the de-
cline Of speculation, If not also some meas
ure of realizing, that is always incident to
the approach of the close of the year; and
this influence is likely to be the more APP
parent now because the years results of
business cannot be expected to prove ex-
hilarating. Under these circumstances, it
is not surprising that the success of the
loan produced so little effect upon the
stock market.
Nevertheless, viewed as a test of finan-
cial conditions, the subscription for thrice
the amount Of bonds offered affords some
welcome revelations. The fact shows that
the common talk here and abroad about
distrust in the government credit is more
a matter of surface criticism and momen-
tary pessimism than of real want of con-
fidence 1t means that, while there is no
rangements and unsound conditions exist
in our national finances, yet there is no
lack of public confidence that these faults
will be soon remedied. In fact, il is real
lied that, as a nation, we are in the midst
of a manifold process of reconstruction,
which naturally involves some confusion
and much misrepresentation yet it is at the
same time seen that the drift is towards
the Incorporation in our affairs of what is
new and better in the methods and con-
ditions of the times; and this fact implies
an advantage to financial operations which
will soon find due expression.
The largeness of the subscriptions to
the loan is the more remarkable in view
of the fact that it was intended to repair
a misfortune in the public finances; that
it is the second of the kind within nine
months; and that there is some public
misgiving whether il may not have to be
followed by still further borrowing. Pub
lie feeling has run high in connection with
the discussion of questions of fiscal and
monetary policy; and the query is fairly
before the country-in what kind of money
shall the common mass of our long obli-
cations be payable? This question was
directly pertinent to the new bonds, and it
was distinctly understood that, under the
authorizing act, the bonds were subject
to payment in silver coin as well as gold.
Yet in the face of this fact our people
have been willing TO take three times the
amount of the obligations offered. That
is very unmistakable expression of intel
ligent conviction that ten years hence the
government will as certainly upon a gold
paying basis as it ever has been. This is
an answer of no little Importance to the
foreign investors who have too hastily in
ferred from our heated discussion of mon
etary questions that there is some real
danger of the country drifting upon the
silver basis.