The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-12
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.


week, Wall street has shown little change
from the late dullness coupled with
steadiness of prices. Almost the only
stocks that have shown any activity are
the 'industrials They are the only ones
that have directly sympathized with the
passage of the tariff bill in the House of
Representatives; and, somewhat singu-
larry, the changes in their value have
been upward; that, however, may be due
to their having been oVersold in advance
of the action of the House.
The completion of the government loan
has produced more settled feeling; al
though owing to the political opposition
to the negotiation fomented in Washing
ton, the operation was robbed of the eclat
of large surplus of offers and high pre-
miums, yet it is on all sides regarded as
having a most beneficial effect. 1t set
ties many harasSing doubts connected
with possible Objectionable ways Of get
ting money; the introduction of the silver
question into the operation has been OBJ
waited the coin reserve of the treasury
has been restored to about its former
strength, the working balance of the gov
eminent has been increased. AS doubts
overhanging the finance of a government
always have widely distributing effect,
the settlement of misgivings in this case
is matter of much congra tulation. More
over, it is boon to the banks that so large
an amount of their unwieldly cash balances
has been transferred to where the money
properly belongs. The result is more
normal distribution of the currency; and
| the period is brought so much nearer when
I the banks may hope for a moderate rate
OF interest on their loans. To some eX-
! tent, opinion inclines to the expectation
that the Secretary of the Treasury may
have to borrow still further amount to
mako for his HatipianpiaS of 10
but MIR. Carlisle appears to entertain
little doubt that he can meet all the re-
qulrements of the current fiscal year
without trenching on his gold reserve;
the latter hope, however, may depend
very much upon whether any important
amount of gold is exported during the
| interval, for in that case the banks
would be likely to exchange legal tenders
for gold.
1t is the habit of Wall street to shrink
from any prospect of gold exports. 1t
! cannot be said that such a movement is
| now within sight, although there is now
an exceptionally light supply of export
| bills; but worse contingency than an ex-
| port of 10000, 900 to IL, 700 900 of the vel
! low metal might happen. On the one
hand, it would relieve the banks of their
| inordinate glut of money on the other, it
| would cheaper money in London and on
| the continent, and thereby induce activity
on the bourses, with the possibility of
| causing demand for American securi-
! ties; which is the kind of stimulus
| Wall street is now thirsting for There
are welcome symptoms of revival of Brit
| ish trade; welcome, because recovery
| there would help recovery here. Eng
| lands imports for January show an in
| crease over those of year previous
amounting to IS, 100000 or at the rate of
! 10 per cent; and although the exports of
| home produce show gain of only $780,
| 900, yet the large gain in imports implies
that an improvement in the export mar
kets is anticipated. This is the first hope
! full symptom that England has exhibited
! for a long time, virtually since the
| Barring troubles; and il is suggestive Of
| the beginnings of turn in the universal
| depression of trade.
In this country, business still shows ev-
licences of slow improvement. There is
some abatement of the resumption of
work by long idle factories and iron
works; but that is not remarkable after
| such marked renewal of production as
occurred last month. The depression re-
mains greatest in the Western, Middle
| and eastern states, while in the far west,
southwest and south, it is much milder
From the latter sections there is fair
aggregate demand for goods, though it
| comes in thin continuous stream rather
than In active bounds, and therefore
makes little show. Taking the
trade of January as whole,
| however it shows a fair improve
ment, both in tone and volume, on that of
the previous six months. The manufact-
urers are waiting for final action on the
tariff. From such indications as the Sen
| ate affords, it seems likely that no serious
obstruction will arise to the passage of
the bill in a modified form, and a month
or six weeks may possibly find it on the
| statute book. Before that fnality, how
| ever, the duties on a wide range of arti-
Giles will be regarded as so far certain as
to admit of giving orders for them, and in
that way steady increase of business
may be expected
Although the silver storm exhau sted
! itself in midas suspension of free coinage
| and the repeal of the Sherman act its
| after lnutterings are still heard in vari-
! our quarters. The further large decline
| in bullion has reawakened the bi-met-
taliSts, whilst it has strengthened the
! conviction of the advocates of the gold
| standard that the restoration of silver is
| less likely. Mr.. Bland offers new set of
nostrums; the London supporters of the
| double standard are sounding the alarm !;
and Boston is mastering it's small
| but brave band of silverites to arms
| The decisive battle, however, has
been fought and won for the single
| standard, and these attempts to re-
! gather the scattered clans can only unset
tie the old fogies of finance In Europe,
| the disturbance caused by the fall in sill
yer has largely abated, even in the inter
ests connected with the trade of India ;
and affairs have now become so adjusted
to the new conditions that the late
shadow on the future may be said to have
! almost disappeared. In this country, the
silver faction has bcen so effectually
GCnEphn0 that whilst II ma 70
annoy, it can do little actual harm to
confidence. Upon the whole, therefore,
financial conditions seem to be working
into sounder and more settled shape,
and thofactors are beginning to disappear
which have contributed to the depression
which has befallen all countries.
FOR GENERAL DEBILITY
Use Horaford,s Acid Phoanhata