The morning news., 1894-10-22
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall HNrasA

Wall Street..
New York, Oct. 20.-The past week has
shown an increase Of interest in the stock
market, but no material change in the
volume of business.
The first effect of the falling off in rail-
road earnings was a partial decline in
prices; that, however, brought out free
buying by the bears" to cover their
shcrt contracts, which caused recov-
cry from the fall that tendency being
also encouraged by some moderate buy
ing on long account. The falling OF
IN the month $ gross earnings, which aver
age, ga per cent, was hardly a matter of
surprise, as the comparison is made with
period of last year when the immense
travel to the Worlds Fair was at its
height; indeed, making due allowance
Tor that feature in last years September
business, the showing is to be regarded
as a iairly satisfactory one. The fact too
mat many companies are reporting an in
creased traffic for the first and second
weeks of this month is accepted as a
good indication.
The symptoms of growing confidence in
the market are unmistakable, and the
sagacious operators are looking for an
early improvement in prices; though more
disposed to wait for a fuller maturity Of
conditions than to precipitate a rise pre-
maturely. For the last few weeks Wall
street has watched the course Of general
business with a critical eye. Whilst ex-
pecung a revival of trade Immediately
following the end of the tariff suspense
as matter of course they waited to sec
how far the revival would run and
whether it would not be followed by some
reaction. There was some reaction fol-
lowing the universal and liberal replen-
lshment of the previously exhausted
stocks of merchandise; and then came
a second waiting to see how far that re-
action would extend and whether the sec
ond stage of the seasons buying would
be as satisfactory as the first. That
test was crucial one, but it has been
attended by no disappointment In most
branches of trade there is already an en-
cOuraging resumption of buying; which
Is construed as meaning that the retailers
I are finding q satisfactory demand for
goods and that the consumptive ability
of the country is again Verging upon the
normal measure. The effect of these in
dications has been to develop a hopeful
feeling through the various departments
of trade, which finds it's effect in larger
orders at first hands and in preparations
for an increased output among the indus
tries and in larger orders for importa-
tions.
The recent public utterances of Presi-
dent Roberts of the Pennsylvania rail-
rOad-whose abilities ana conservatism of
judgment are universally recognized-are
an important acknowledgment of the
value of these symptoms; and his esti-
mates will have the more effect upon pub
lie confidence because they echo feeling
that is generally entertained among men
connected with the larger movements of
capital. IT is not easy to limit the ben
efits that may arise from public conf
dence assuming more positive shape.
To both the borrowers of capital and the
lenders of it there are now clear and
strong inducements to resume operations.
The former class have suffered greatly
from the long interruption of business and
have been compelled to make important
postponements of contemplated enter
prises. They have been conservative
enough to defer their undertakings until
the prospect was more certain, and hav-
ing reached a stage of recovery which
bespeaks more confidence among inves-
tors they are likely to substitute action
for waiting. The lenders are tired of keep
ing their means so long idle and of lend
ing at less than half the usual rates of in
terest; and when general symptoms are
indicating q large recovery of confidence
and soundness, they are not likely to re-
ject meritorious applications for capital.
A feeling approaching uneasiness has
been caused in some quarters by the high
rates of foreign exchange and the ship
ment of 81 600, 600 gold to Germany. And
yet there is no present visible reason for
expecting any really important movement
of that kind.