The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-07-23
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

" 4A4 OLLDNbs
New York, July 21-During the past
week. inactivity in Wall street affairs
has been the rule and not the exception.
The amount of transactions in stocks has
been very limited; the professional oper-
ators think dull market a good occasion
for summer recreation and have availed
of the opportunity
There can be no question that the pre-
ponderant feeling in the stock market is
decidedly publish" This tendency is
not a mere transient within. 1t is the re-
suit of fixed conviction that, at present
prices and under existing conditions, the
leading stocks are a cheap investment.
This feeling has been steadily gaining
ground for some time past, and hence the
difficulty the bears have found in max
ing any impression on prices. No
systematic effort has been made to turn
this feeling to account, first be-
cause certain uncertainties have stood
in the way. and next because IL has
seemed likely that, when those obstacles
were removed, prices would rise almost
without any effort on the part of holders.
The larger holders of stock are, there
fore, willing to rest on their holdings,
waiting until the summer absentees re
turn from the country, with the prospect
that, in the meantime, conditions will
continue TO improve and that September
may find the market ready for a brisk
upward movement.
II must be conceded that some very
material improvements in the general
condition Of affairs have lately occurred
We are close on the termination of the
twelve months of suspense connected
with tarih legislation. Whether the pres
ent crisis in that question ends in the en-
aCtment Of the bin or its defeat. matters
little TO the immediate welfare OF bust
ness. If the bill becomes law,
preparations have already been
made in our industries for giving effect TO
the lower duties with the minimum of dis
turbance to manufacturers. If it is de-
feated, both sides will coucede that, at
least, no present injury, but rather an inr-
mediate stimulus, must result to domestic
interests at large. From this point of
view, Wall street takes comparatively
little intesest in the failure of the Joint
committee of the two Houses to reach an
agreement on this measure.
The end OF the Debs strike has contrib
uted to a great strengthening of conf
dence in the future of the transportation
interests The constant attitude of
threat held by some of the unions and the
increasing violence of their strikes has
been a steadily growing element of dis
trust in this class of investments, not
only at home but also in the foreign mar
kets for our securities. These unions
have now put forth all the force they
could summon in order to measure their
strength with that of the railroads. They
declared in advance that failure
would mean not only present defeat but
also the final overthrow of at least
the strike as method of warfare.
They are defeated most utterly; ana that
in a way which makes IL certain that the
unions can never dominate the railroads,
except through the overthrow of the
armed power, not only of the cities and
the states, but also of the United States.
This settlement is Of Unreasonable value,
not only TO the railroads, but also TO the
entire vast interests dependent upon the
railroads for the safe and regular trans
portation of products, which have so re-
peatedly suffered from the growing vio-
lences Of employees, led by injudicious
leaders. 1t is thus felt that July has
brought great ameliOration of the work
ing conditions of our 10000 miles of rail
road.
The gold export bugbear has vanished
Legitimate shipments TO Europe have vir-
tually ceased and the rates for sterling
exchange have begun to show a downward
tendency. Money has become such a
complete drug at the European centers
that the banks there want no more gold
anu prefer LnaJ tnelr American balances
should remain here when New York will
pay trihe more interest than can be
earned at home From London. advices
report marked increase of interest in
American securities, arising from their
low prices as compared with other invest
ments, and also from the failure of the
labor power as against the railroads, and
also from the near settlement Of the tariff
legislation, which naturally is there con
strued as pregnant with great future
expansion of our commerce and a conse-
quent benefit to our railroads.
The forthcoming reports of the rail
roads show a material falling of in gross
earnings, which is no more than might be
expected from the strike stoppages OF
traffic. Allowing for this special loss and
for the interruptions to traffic for now
some weeks connected with the coal
strikes. the gross earnings for the expired
portion of this year must be regarded as
better than could have been expected
under the existing depression, and war
rant the contention held by many that
the state of business at the interior has
not been so unsatisfactory as it has been
found at the spahOard cities