The morning news., 1894-08-06
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

Wall Street.
New York, Aug. 4.~-One more week of
delays, difficulties and disappointments
This briefly summarizes the course of af-
fairs since our last advices The tariff
continued to unsettIe business; serious
damage befell our corn crop: gold went
abroad at an unexpected rate, and the
treasury reserve again touched the lowest
point on record. None OF these Contin-
gencies was anticipated a week ago They
came as additional burdens upon an
already complicated and depressed con
dition of affairs, and yet the stock
market stubbortdyrefused to reflect these
conditions. This unusual resistance of
values to unfayorable developments. is one
of the most striking features of the siJua-
tion; and not very easy Of explanation. 1t
Is quite evidents however. that there is
little, if any, artificial support: and it is
equally apparent that the bears are un-
able to dislodge any important amounts
of stocks. The only ausibleexplanation
is that decided change of feeling has
taken place. which thus far manifests it.
self, not in action, but in patiently wait
ing for better things and resisting de-
pressing influences. Despair has given
way to hope, and, IL confidence has not
been fully restored, fear has certainly al
most completely disappeared.
With such change in sentiment it is
only question of conditions and judg-
ment as to when sentiment stimulates
action and action displays itself in gen
| eral revival. Already the reviving ten
denotes are at work; and they need moth
| ing but opportunity to assert themselves.
| The first and best opportunity win be the
settlement of the tarif question, which
now seems close at hand. Ii is pretty
certain that the Senate bill will shortly
! NNan.aEN Irarv Il.
amendments AS soon as that is done
| commerce will revive, imports viii
| rapidly increase, and idle industries
| Will share in the general relief
| from suspense. Among our leading
! bankers there is already much more
! hopeful feeling than al sffsF weeks agoa
and in some dimes of business trlde has
within the last two weeks experienced
! quite revival; nothing fextraordinary
/ but still recovery enough to Indicate
! turn in the tide. Commercial paper is in
/ better supply, and lenders are tduch less
J critical as TO collateral than recently : all
of which are favorable symptoms The
| conditions Of trade in Englan France
! and Germany have improved materially
! during the last six months ;and this fact,
| together with the better feeling. over
there which Will follow the passage Of
! our tariff bill, will do much to codnteract
! the diSfaEor into which American securi-
| ties have fallen lately. SIR t-
As for the damage To our corn crop,
| that has unquestionably been serious.
! but it should be remem bered that thelo
| will fall chiefly uDoh TWO or three of the
| central western states, which have am
| pie resources Of other kinds SO that the
! injury will not be so severely felt as If
the damage had been in purely agricul-
tural states. Then, taking the.renorts at
their worst, and they certainly have been
| exaggerated, it still seems probable that
we shall have as large a crop as last year
| Il 1000, 100000 bushelsl so, withou6s econ
sidering any possible Improvement in the
balance of the crop, the outlook is not so
bad as it seemed. The very low price of
wheat, and the competition we are meet
ing with from oJher producers are dis
couraging; but this, too, has its Offsets,
for it will undoubtedly widen the con
sumptive uses of wheat, and has already
forced a lower cost of production
The low condition Of the treasury re-
serve excites no alarm, because its disa-
bilities are regarded as Temporary. The
resumption of imports and the fall cur
rencY movement are, together. depended
upon to strengthen the treasury, beyond
which is the declaration of MIR. Cleveland
to preserve the credit of the country, also
the public spirit of the associated. banks
IN any severe crisis. Gold exports are
viewed with less apprehension than usual.
because they are due not 10 return of
our securities SO much as TO q settlement
OF balances and maturing loans. which. in
the absence of commercial bills, had to be
met with gold. Later on gold is likely 10
flow this way.
In conclusion, we again assert our be-
lief in better times Reviving tendencies
are multiplying every week, and only re-
quire fairopportunity to assert them
selves Sudden recovery is neither likely
nor desirable; but the turn has set ia.
and firm belief in improvement will do
much TO promote it, The latest railroad
returns show a marked decrease in losses.
and few show increases; something TO
which we have been complete strangers
for over year.