The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-23
BANKER cLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.


New York, April 21.-In our review of
last week, we cited some of the causes
which are producing condition of sus-
pense in the Wall street markets and
temporarily affecting prices unfavorably.
Those influences still remain in operation.
with the effect of encouraging "bear'i
sales, while having little effect upon hold
ers of long stock. Out of the uncer-
taintieS attending the situation at Wash
ington, one probability is coming out with
more distinctness, namely, that the tariff
bill is conceded to be sure to pass, either
with the income tax attachment,
or without it. But the time for its enact
ment is now set back as far as next Au-
gust. This is a diseouraging prospect,
as 1t means that the manufacturing inter-
ests are to be kept in state of compul-
sorry inactivity for two or three months
longer than has been anticipated. Under
this state of affairs, it is out of the ques-
ton to expect any noticeable revival of
general business until the fall months,
whereas such improvement has been
hoped for about midsummer. This, how
ever, means disappointment rather than
positive encouragement. In most
branches of trade the symptoms indicate
a readiness to resume business upon an
active scale SO soon as these legislative re-
strlctiOnS are removed. 1t is
conceded more and more that
there is u large measure of
purchasing ability among the commun-
ity at large: and that naturally leads to
the inference that, when this long pro-
tracted restraint upon both production
ana marketing is Withdrawn there must
be very sharp rebound of activity in
order TO recruit the supplies that have
been subjected to twelve-monthS' curtail-
ment ranging between 25 and 40 per cent
But while these prospects are counted
upon with almost entire unanimity, the
fact that they stand forward some four
or five months in the future prevents
them from being discounted in Wall
street operations, and inclines spectators
to a Micawberish attitude.
1t remains to be seen whether the pros
poets of bank note legislation may become
an element in Wall street movements
There can be no doubt that this question
is receiving more serious attention in
banking circles than it has hitherto 1t
has so far been discredited, because there
was apparently no chance for conserva-
tive and yet effective measure being
adopted by the present congress. Plans,
however, have been introduced in the
House which are daily gain
ing confidence for their safety,
whilst the faction favoring the
unconditional repeal of the 10 per cent.
tax is in a steadily diminishing minority.
1t thus seems possible that something
may be expected in this way calculated
to relieve the very unsatisfactory condi-
ton of our currency system, and to
nationally satisfy the clamor for more
money" which has hitherto expressed
itself chiefly in demand for more silver.
The rising tendency in this direction de-
serves watching; for there can be no
doubt that any measure calculated to in
crease the elasticity of the currency and
to divert from it the dangers connected
with silver initiation, would affect favor
ably all kinds of investments.
Concerning the immediate future of
the market moderation is advisable. The
chief if not the only drawback to a
further rise, is the continued decrease in
earnings, or a lack of freight. 1t is true
traffic is Improving and must keep pace
with the expansion in business, but the
latter has been slow and disappointing.
Strong efforts are still being made to
maintain rates, but under present condi-
tions more or less cutting seems lnevita-
BILE Ever since August last or for seven
months, earnings have shown decreases
in gross, varying from 10 to 10 per cent.
For time it was possible to offset these
losses by extreme economies and post
ponement OF ordinary OUTLAWS. The limit
of advantage in this respect has been
reached: and if dividends are to be main
tanned it must be either through better
traffic or lower wages. The latter con
tingency is certainly to be
avoided; for it would mean
long and wasteful struggle, and
fortunately the outlook is bright enough
to render that only remote possibility.
One road has already reduced its diyi-
dend and others may follow. This, how
ever. will not be surprise; such re-
suit having already shown itself In pres
ent low prices. 1t must not be forgotten
that at these low prices stocks have fallen
into strong hands Investors may not be
willing to buy; but the large holders
show a determination not to sell, which
augurs well for the future of the market.
In an abundance Of money at 10 W rates
they have a powerful aid, with which
they can easily stem any decline until
natural influences again assert them
selves on the side of an advance.
Ex-senator and Mrs. Dawes, OF Massa-
chusetts, will celebrate their golden wedding
in Nav