The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-01
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.


New York, Sept. 29.-Wall street is
waiting for the moving of the waters"
With no special WEAKNESS or anxiety,
however. Business, especially the dis
trloutive department of it, is just now
entering new transient phase. After
very active commercial movement, dur
ing which the depleted stocks of retailers
have been pretty we'll replenIshed, there
IS disposition to see what's the response
from consumers. This feeling prevails
ankle among retailers and job
bers, and there is consequently
partial reaction from the late
marked activity-perhaps beyond what is
usual a this stage of the season. This is
only sound business prudence and nothing
more than might be expected under exist
ing circumstances. The firSt-hand deal
ers and the lobbers can well afford this
relation of demand for the last six weeks
OF distribution has left them with light
stocks, and many articles have become
scarce, while prices have CORRESPONDENCE
| strengthened OF course, the trade
croakers and the pessimist spectators
seek to make the worst of this temporary
phase of the merchandise markets; but it
would be a mistake to construe these
symptoms as implying any abatement of
the late recovery of confidence. Prudent
/
that has been one cause of the recent
comparative inactivity of the bull" ele-
ment of the stock market.
But whilst influences such as those
above mentioned are calculated to pro-
duce hesltating market for the next few
weeks, there are important factors all
the time preparing the way for an ulti-
mate development of conditions favorable
| to greater activity and higher prices
| The superabundauce of money continues.
| The banks find it impossible to employ
| their lOanable funds at anything ap-
preaching satisfactory rates. The in
! terror banks hold unprecedentedly large
cash reserves, and the city banks
/ consequently fear that the drain
Of currency to the crop-moving sections
! may soon cease; so that they see little
/ prospect of call loans bringing more than
the now current rate of interest. Herein
lies a strong inducement for large opera
| tors TO undertake speculative movements
| upon broad scale so soon as the rail-
roads fully reflect the improvement in
trade, and when the export movement in
! grain has developed TO larger dimensions
Within the next few months, therefore,
the earnings OF the railroads may be eX-
pected TO reach about their normal vol
ume; the industries will have
adapted themselves to the new
tariff conditions; labor will be more
generally employed; and the consumptive
demand from the working population will
have returned TO its average volume. And
it is not to be overlooked that the restora-
ton of confidence in trade and manu-
| features is laying the basis for the en-
ployment of capital in new industrial and
commercial undertakings which will
show its effects in a general stimulus to
demand and in fuller employment of
| labOr. With this restoration to normal
conditions there will be no lack of eIn-
ployment for the now idle floating bal
ances; long deferred enterprises will be
launched postponed railroad extensions,
replenishments and repairs will be under
! taken, and the business of the country at
! large will enter on a new periodoof ex-
| pansiOn.