The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-08
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.


New York, Oct. g. During the past week
Wall street has sHown no new features of
interest. Pending the dizziness Of the
local market, there is more than usual in
terest in the disposition shown toward our
securities at the foreign ceute-s. Abroad,
the excessive ease in money is encouraging
10 speculative transactions. ana prices,
though already high for the better class OF
Investments, are steadily rising In Lon
don the speculative spirit IS encouraging
the launching Of new corporate und ertak-
lngs. The amount Of new capital APP
pncatlonS" averages over El.OUO,OUO per
week, and for the first nine months OF the
year aggregated close upon E5O.UUOOUO,
against E33, 100000 for the same months of
1873. This, II Is true, is much below the
usual rate Of new London issues: but 1t
shows quite distinct revival Of enterprise
and investment. The home trade of En-
gland also exhibits reviving tone, with
strengthening tendency in prices. The
marked recovery of confidence throughout
Europe IN the maintenance Of pacific inter
national policies seems TO be somewhat
checked by the reported serious condition
OF the cars health; but it is not easy to
see why that should not rather benefit New
World investments than otherwise.
Judging from the tone of the London press,
the feeling of dlstrust towards American
securities, OccasiOned by the current
numerous railroad receiverships has begun
10 aOate. There is more disposition to
buy our securities, but transactions
show preference for the better
class OF stocks and for bonds. As the
tratnc OF our roads improves and our gen
eral trade RECEIVERS, this movement may
easily extend to the more active shares and
become the basis of something like the
former speculative movement between
New York and London. The present IN
settled condition of politics IN this country
no doubt has some effect upon those of our
investments which rank below the position
OF absolute security; but the history of our
legislation affords so many evidences of
common-sense result coming out of erratic
ferments of public opinion, that London
inanciers should know how to take our
present surface currents of political senti-
ment at their true value.
The recovery of trade following the pass
age OF the tariff act appears TO have ex-
hausted its first effects on Wall street. The
two months of active distribution of mer-
chandise has sufticed to meet the immediate
wants Of the retail trade, and there is con-
sequently curtailment of the demand at
wholesale and an interval of waiting until
the usual second demand for replenishing
stocks appears. There appears, however,
to be no real reason for doubling that this
second half of the season will prove rea-
sOnably satisfactory. The retailers them
amount of goods they could dispose
of, and it is reasonable TO suppose
that, liberal though their purchases have
been, they have taken no more than their
customers will want during the first and
more active half of the season: and, as
Stunning that, it may be allowable TO hope
for fair renewal of demand during the
later period of the season. Wholesale
dealers, however. are making conservative
estimates upon this late demand, and are
pursuing a tentative course in their con-
tracts with the manufacturers They are
likely to follow a like policy in respect to
orders for the next seasons business
which is no more than would be dictated
by sound business policy. Indeed, there is no.
where any disposition to discount the future
from the Standpoint of sanguine expecta-
tions. A continued gradual recovery of
business through 1895 is counted upon, but
no early boom" is generally anticipated.
The imports of merchandise show large
increase, being for the last week of Sep
TENDER SO, 200 900, against So, 200 900 for the
same time of 1893. This may be regarded
as partly the effect of the revival Of bust
ness, and partly a reaction from the hold
ing back of goods in anticipation of the new
duties. The movement is, therefore, not
to be regarded as in any way excessive.