The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-03-05
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

Wall street.
New York, March 3.-Wau street be-
gins to show an impro red feeling, and an
increase of speculative interest. The
reasons are various, and may be briefly
stated as follows:
l. There is an unmistakable improvement
in the tone and volume of general trade.
That recovery has been coming slowly
and almost impercepJibly ever since the
opening OF the year; but il is now per-
ceived 10 be an esta blisned fact, and finds
expression in a dimiuutiou of complaint,
and in a more confident feeling ana freer
buying. This is conspicuousIy the case
in ne dry goods trade. which is largely
representative OF most other trades, and
in which complaint mas Oeen most general
In that department, prices h.ve setuld
down to a reduction avera ing about
lUGl1 per cent. compared with year
ago on cotton goods, and 20 to ~ per cent.
on wooden and wors ed goods
and on this basis OF prices dis riou-
tiers have evidently become willing TO buy.
II is TO be remembered that the spring
trade of last year was unusually active,
and comparisons with that period must
make allowance for that fact. The fail in
prices of course reduces the volume of
business when measured by values; but
it is doubtful if the volume, as estimated
by quantity, now shows any important
decline from average years this being es-
pecialiy the case with respect to coUton
goods, while the showing on wool ia brics
may be somewhat less favorable One
noteworthy feature is that collections are
made with a promptness which shows
the financial condition of dealers To be
healthy. ln the grocery trade, the con-
diLiOns are about the same as in dry goods
the ionbing sales being about equal
in quantity TO those of a year ago,
while prices are 10Gl5 per cent. lower,
and collections reasonably satisfactory.
In the iron trade, a largely increased bus
mess could be done if there were greater
harmony among manufacturers about
prices, which are being held up with a
persistency which the sttua ton does not
seem to Justify, and this pre- ents BUYERS
OF railroad and structural iron and steel
from operating. These are plain indica-
tions that the worst stage of the business
depression has gone by, and that we have
certainly entered upon period of reCov-
cry which only needs the end of tariff
legislation in order to its developing into
an esta blished recovery in the general
trade of the country.
2. The preparations of the Paris bourse
for giving American securities an extern
sive representation upon its Official call"
is having distinctly hopeful eject. Ger
tain preparat ions have to be made in or
der to specifically adapt our issues 10 the
French market. IL is found necessary TO
devise some way of expressing the face
inscription of bonds or stocks in the
French language; and, to meet the wants
of the numerous class of small French in
vestors, bonds will need to be
issued in small denominations; but
no difficulty will be encountered
in FIrtrr
preliminaries beng disposed of, buying
on account of this new market may be ex-
pected: and those best acquainted with
this movement and with the peculiariJies
of French investors anticipate that the
demand will prove important. The pres
ent exceptionally low range of prices Ger
Ualnly Affords an unusual lnduCemenU for
French tnanciers to Duy our stocks with
a view to distributing then at an advance
when the Bourse provides the new facili-
ties. The anticipation of this new ele-
ment is having a certain reviving effect
upon expectations rather than on present
transactions.
3. The time is close at hand for effect
ing settlements of some of the large rail
road receiverships. The Erie. the Read
ing and the Richmond Terminal readiust
ments are expected to be completed some
time within the present month. DreXel,
Morgan " Co. have come to an under
standing with the floating debt syndicate
OF the Richmond Terminal Company. by
which the principal obstacle is removed
and that brings the Richmond Terminal
affairs within easy settlement The
restOra ton OF the large mass Of securities
connected with these roads TO their usual
status on the market will have a good
eject in renewing confidence aud in en-
couraglng transactions on the exchange
4. The impression steadily strengthens
that the industrial situation is returning
to normal state. Already, very large
proportion of the lately suspended ma
chinery of the country has resumed work,
and the still unemployed is gradually
starting up. At the same time, we notice
less complaint Of the anticipated dis
turbance of production through the new
tariff. This change of tone seems to be
due principally TO the fact that the new
conditions in which the changes of
duty will place our industries are
becoming better understood. Some hing
is due also to the widespread reduction
OF wages in almost every employment,
which enables employers to resume work
on lower prices and upon safer conditions.
| The distinct re ival of demand, as indi-
Gated above, has also direct tendency to
encourage production Thus, in indus
trial and commercial affairs, everything
seems to be drifting toward a resumption
OI op6rdGlOuS, nOJ immediately upon
scale of normal activity, but on conditions
deemed safe and which may be expected
TO lead 10 steady expansion of business.
The foregoing OndiJIOnS cannot fail %
have an encouraging eject upon Wall
street affairs. They point to a fulherre-
Covery Of confidence, TO the resumption Of
suspended undertakings, to prepare tions
for starting new enterprises, to the
Strengthening of credit, and the return Of
healthier tone on the money market.
We therefore feel free to suggest that the
outlook is encouraging to the purchase of
stocks that have a solid basis of value.