The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-16
BANKER cLEws, VIEWS.
The Financial Outlook as Seen fror
Wall Street


Wall Street.
New York, April 14--During the past
week Wall street has lapsed into a state
of comparative dullness In the absence
of any important outside support and
with a lull in transactions with London,
the pools have Temporarily retired from
active participation in the market, and
seem to be waiting for something to turn
up calculated to excite new interest.
The causes Of this lull in speculative
operations lieplainly on the surface. The
most obvious one is that the gross earn
ings Of the railroads continue below those
OF year ago; besides, comparison viii
soon have 10 be made with last years
gains from the worlds fair traffic. An
other cause OF the quiet on the exchange
lies in the uncertainty as to crop pros
poets. IL IS true, the bureaus April re-
port of the condition of wheat and rye is
very favorable, showing a material per-
centage of improvement over the esti-
mates of year ago; but the great storm
OF this week, covering nearly the whole
wheat area, has affected prospects to an
extent which cannot yet be estimated;
and, until that factor is more definitely
measured, there will be an element of
suspense IN business affairs.
Perhaps the most influential cause of
condition of legislation in congress. The
tariff bill, from having been apparently
certain OF enactment, is now thrown into
much doubt. ltis quite uncertain whether
the Senate will accept the income tax
appendage to the tariff; and it is equally
doubtful whether the House would con-
sent TO the elimination of that feature.
There seems to be little chance of the
Senate reaching a vote on the question
before the middle of May; and after
that there is likely to come a
dilatory dickering between the two
houses. Moreover, it is now be-
coming question among congressman
whether even the President might ac-
cept the bill, provided it came to him
with the income tax clause annexed. 1t
thus seems possible that this measure
may remain unsettled until the beginning
or middle Of June, and there is no Judging
whether in the end the bill will be de-
feated or enacted. This uncertainty
brings new confusion into the importing
interest and the whole range of home in
duStrieS. There is no longer any Sutti-
cient basis of probability to warrant the
undertaking of extensive operations for
the fall trade, and the business in manu-
featured goods must be continued upon
the hand-to-mouth scale from which
trade has been suffering more or less
for the last nine months. 1t remains to
be seen how far public opinion will
tolerate this trihing delay. It is
but game of politics, and largely per-
sonal one at that. The people know
how to speak to their representatives
when their patience has been too long
tritied with; and it is for them to say
whether it is not worth their while to
send up protest to the Senate that will
bring the men who are jauntily amusing
| themselves with game of party policy
n a nFOmnt conclusion In the meantime
the large financial resources centering in
Wall street are kept in SUSPENSE plans
| for new enterprises have to be pigeon
holed until these legislative trifers are
through with their exhibition of fac
| tional fencing; and manufacturers and
merchants are kept on the gridiron of
| doubt waiting for they know not what.
Wall street, however, accepts this stu
alton with modification rather than ap-
| prehension. 1t is to the men of finance a
loss of time and postponement of oppor-
| tunities, rather than really threatening
! disaster, 1t does not affect their conf
| dence in the general condition of the
country nor in its ability to throw off the
| depression so soon as these legislative re-
strictions are removed nor their assur-
ance of national revival of enterprise so
| soon as business is released from the grin
of set of legislative experimentersy The
| end of these Instructions is in sight and
with the abundance of loanable capital
now seeking employment, operators will
prefer to hold on to their securities and
their plans, rather than surrender either
at Q loss. In the meantime, it is not the
best policy of the men of Wall street to
| keep silence while thus waiting. They
have voicethat can make itself respected
when rightly used.
The bank note caucus of Tuesday last
has scarcely caused a ripple in financial
circles. In declaring for an unconditional
repeal of the 10 per cent tax on state bank
circulation, it went beyond what even the
present hayward congress is likely to
grant. An opportunity for the factions
therein represented accepting repeal