The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-29
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

Inc 4 lhauC1dl OUTLOOK as seen From
Wall Street.
New York, Jan. 27.-The Wall street
markets show little change from theil
late features. Transactions are light and
the speculative movement is narrow; but
the undertone of prices remains firm
When prices yield, there are few SELLERS
nor do advances bring out any important
amounts of stock In brief, holders are
not sellers at present prices, and appear
to be satisfied to hold on until conditions
favor higher values. The feeling is very
general that the depression of business
has passed its climax, and the prevailing
symptoms show that, both in the indus.
tries and in trade, the process of re
covery has distinctly set in.
This turn of the tide is most couspicu-
Gus in the northwest and southwest. In
those sections, the mercantile interests
show distinct improvement, which ex
presses itself in the markets of this city
in an increased number of buyers, as well
as in an ability TO buy larger parcels, and
in better collections and fewer requests
for extensions of payments. Unfortun
ately, on arriving here, these interior
buyers find still a discouraged feeling
much complaint and lack
of firmness in prices notwith
standing the extraordinary lowness oil
the stocks of goods and under those cir
cumstances they deem it prudent to buy
less than they really want, with conse-
quent encouragement to our local mer-
chants A few days ago, a series of con-
cessions were made in staple cotton goods,
which. instead of encouraging sales, have
frightened buyers ndproduced general
check on business in that branch of trade.
1t would seem as though manufacturers
and commission merchants have allowed
their fears at the effect of tariff changes
to get the better of their sober judgment,
with the result of their overlooking the
favorable points in the situation and plac-
ing themselves at the mercy of customers,
who, under such circum stances, buy much
less than they really want And yet
the fact that the long idle factorie;
are so generally resuming work implies
that manufacturers are aware of the eX'
hausted state of stocks, and believe that
the markets are prepared to take faiI
amount of goods. AS this city is the
Headquarters for manufacturers as well
as for distributors, it is not surprising
that the dispirited feeling among the
former should find expression here more
than elsewhere; and little more OK
perience is likely to convince producers
that it does not pay to infect their Gus
toners with their own misgivines. When
that point is reached, there is likely to be
a marked change from the feeling and the
volume of trade which exist at the mo
ment.
Mr. Philip D. Armour is quoted as say
ing-"It is time TO begin to hedge on
bear views. Trade has picked up so
much in the last ten days, feel myself
like hedging on the view of the situation
] took a fortnight ago. There have been
81.
last week than l have seen for a long
time. The general mercantile trade has
very much more of the old-time look to il
than ] have seen for many a month. u
This is important testimony from com
petent Judge of affairs in the west; anC
the Improvement to which Mr. Armour
testifes cannot long fail to make its i'm
preston at this center. What Mr.
Armour reports for Chicago appears Il
apply equally to the southwest. A re
cent dispatch from St. Louis TO a loca
commercial journal (Dun's Review states
tin the general business here there il
absolutely nothing left Of the business de
preston. The grain trade has
suffered from cut rates to the east
which took grains of all kinds
around the city on through
bills of lading. Yet elevator receipts
have been very fair Jobbers and manu-
facturers, particularly in shoe and gro
Gerry lines, report good orders anC
unusually free remittances. The CORE
spondence of travelling men is generally
very confident and hopeful, particularly
in dry goods" 1t is thus very clear tina
our local pessimists have over-coloret
their bilious pictures Of the situation, anC
they are likely to have TO do some recant
ing of their prophesying against thei
own interest. In the meantime, however
the west will be shrewd enough to TAX
New York at its word and profit by ii
underestimate of the situation. Thi
change of feeling at the interior is pro
ducing an improved tone in the grange
securities, and an early recovery in tn
earnings of that group of railroads i
looked for.
The action of congress on the sugai
duty has been a leading feature in tn
stock market. The vote in the committe
Of the whole in favor of making the articl
duty free naturally caused some selling o
trust stock but the price was affected
much less than might have been expected
under the circumstances. There is al
| impression in some quarters that legisla
tion on this article is influenced by specu
lation; and those who entertain that view
regard the vote as intended 10 afford al
opportunity for covering previous 'short'
sales, and also of buying for rise on tn
prospect of subsequent action reversing
the House vote and affording protection
to the "trust." The way the stock acte
under the vote seems to give some supper
TO this view.
The drift of London feeling seems to b
turned in favor of this market. The ba'
effects of the numerous receiverships o
our roads In which foreigners are inter
ested seem to have done their worst; an
investors are coming round 10 the conclU
sion that, In the worldwide financial reac
ton, all investments have suffered an
those of the United States not nearly s
much as some others. London, therefore
is showing more interest in Americans,
but seems inclined to limit its attention {
securities supposedly beyond the reach @
eceiverships.