The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-19
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

New York, Feb. 17.-Wall street re-
mains in its late quiet mood, with no
great expectations and no uneasy appre-
tensions, but prepared to take the pres
ent untractable conditions patiently, and
wait until some new impulse comes from
some Unforeseen quarter. Values are
anchored to two fixed ideas-that prices
are low ana safe at current quotations,
and that the country has lost none Of it's
native vigor and recuperative power On
these points there are no misgivings; and
the only open questions are as to when
these forces tending to recovery will as.
sert themselves, and in what direction
their effects may be expected to appear.
In all such depressions as the country
is now experiencing, there comes q stage
at which men Of capital find tempting OPP
portunities for buying something or other
at prices which will yield a handsome
profit when the phase of recovery comes.
There are certain conditions which al
ways indicate the arrival of such opportu-
mites. One of the indications is excep-
tionally low prices; another, a low condi-
tion of supplies another n general reduc-
tton in wages and raw materials and costs
of transportation another, the beginning
of better demand from consumers an
other, condition OF foreign exchanges in
which there is no prospect of an outward
drain of gold; another, a state of
the money market in which it is
easy TO borrow on ordinary collat-
teral for long periods, and at favor
able rates; and another, a disposition all
around to take a more hopeful view of
prospects. When these conditions are
found all existing together, it is pretty
safe TO conclude that the depression has
touched its lowest point and that the re-
Operative forces are beginning to act
The recovering tendency may seem feeble
at first and may be sensitive to check from
slight causes but the force grows steadily
and without relapse until the normal CON
ditiOns are again established. This is the
stage at which men Of reserved means
come into the markets; and wisely, for
there is hardly a thing they can buy
which is not reasonably calculated to
yield them profit.
There are symptoms that this turning
stage in the now prevailing depression of
business has been reached. At any rate,
there are not few shrewd observers Of
the signs of the times who have come to
that conclusion and are acting accord
ingly. 1t is not difficult to trace these
beginnings in the real estate market,
where there is a distinct disposition to
buy well-situated downtown properties,
with view either to reselling on rise,
or to erecting large office buildings and
SuCu IIduSdCblOuS dT6 uOn6 al DeJJer
prices than might be expected under the
circumstances. In some of the more
staple kinds OF cotton goods, of which
there is some accumulation, manufacture
ers would find no difficulty in dIsposiug of
large amounts to speculative buyers, if
the holders were willing to make moderate
concessions of price. There are symptoms
also that the hardening tendency of the
coffee market is due to carefully concealed
of fO Ia Int fpra
advance. During the past week, impor-
tant applications have been made TO the
banks for advances on wheat collateral.
which the banks, contrary to their usual
Indifference to such loans, have readily
entertained. Most of these operations are
undertaken by men Of capital, outside OF
ordinary market transactions. upon the
conviction that prices have touched their
lowest point, and must yield profit upon
purchases. These unmistaka BILE facts are
the first rays of light breaking from a
gloomy situation, and may be fairly con-
strued as the beginning of a general
brightening-up of the prospects of bust
ness.
OF course, the still unsettled state Of
tariff legislation holds this tendency 10 a
certain eXtont in suspense. The impress
sion is pretty general that the Senate
will not raise serious obstacles 10 the
final passage Of "A modified tariff measure
but il is less certain that considerable OBJ
position may not arise 70 incorporating
with it the income tax and that is CON
tingency that throws doubt upon impor-
tant matters connected with the tariff
bill proper. No doubt, these uncertain
ties put a check upon the disposition 10
buy on speculation 10 which ref
erence has just been made This
particular source Of suspense, however. Is
likely 20 be cleared away within
the next thirty days, by the final action
OF congress upon these matters. When