The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-09
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BANKER CLEws' VIEWS.
The Financial Outlook as Seen from
Wall Street.

w all Street.
New York, April 7.-During the past
week, business at the stock exchange has
been influenced to some extent by realiz-
ing transactions Stocks bought in anti
cipation of the veto of the Bland bill have
been sold out, by both home and ondon
holders; and, in the absence of any new
stimulus, some of the large operators have
been waiting for prices to droop previous
to buying in again. There has been the
more readiness to take this course because
congress had to take action upon the
Presidents veto, and it was not unani-
mously regarded as entirely certain that
the bill would fail to become law through
tvo-thirds vote. DiScouragement
IN some quarters has arisen
also from the growing conviction that the
tariff discussion is likely to be prolonged
until near the end of May, which may
have the effect of keeping certain
branches of business for the fall trade in
suspense, and therefore, act unfavorably
uponsOmemercantil interests. One favor
able indication from Washington is that
nothing further is likely to be seriously at
tempted in the way Of urging free coin
age upon congress. Senator Stewards
bill is regarded as likely to be shelved in
committee or allowed to rest ION the
table, and it seems possible that the
silver party may deem it imprudent to
incur further odium by wasting time on
measures which the President will not
allow to become law. Should Mr.. Bland
carry out his threat to introduce q free
coinage bill, it is likely TO be dealt with
very summarily, as the House is anxious
to get at other business.
Nevertheless, the continued silver cru
SADIE has a silently unsettling effect upon
confidence There can be no doubt that,
IN the west, southwest and south, the
feeling in favor of increased issues of
silver is gaining ground rather than abat-
ing; and, unless something is done to
mollify that feeling, it may later on as
sumo more threatening dimensions.
Among two-thirds of this infationist
class, however the demand means more
money rather than more silver. They
are asking for more silver because, in de-
handing that expressly they have the in
huential backing of the mining interest
proper But at the same time, they would
be equally willing to accept some other
form of currency instead, providing it
were placed within their reach. 1t is
| therefore of the utmost importance that
| congress should, during the present ses-
sion, pass bill authorizing issues Of bank
currency, upon a basis of guarantee
which, while absolutely secure, would yet
not be oppressive or prohibitory of issues,
capable of expansion according to the re-
quirements of business, and available to
the state banks on the same terms as to
the national Such plan is now ready
for introduction to tho House. and there
is a probability of its being not only sup
ported by party leaders, but also favored
by the administration. The passage of
such a measure, though not at the mo-
ment needed for currency necessities,
would vet have the effect of getting the
constantly disturbing money question out
of the way, and-which IS even still more
important-alsO of depriying the silver
agitators of two thirds of their present
support, and finally of removing this dan
gerous issue from the field of politics.
While the immediate course of the
market probably suggests discrimination
in buying, still the distant future is
Frightening. A more hopeful spirit per-
vades business circles, and as soon as gen
eral trade resumes normal activity railroad
earnings must improve. Thus lar net
earnings have been sustained only by the
strictest economies, and in this respect at
least the depression has proved timely
lesson to railroad managers The ad-
vance in wheat will create better feel
ing in the northwest, because the
damage by the late cold snap
was not serious, and is not likely to cause
any material shortage The advance in
silver is also calculated to lessen
the gloomy spirit of the west When
congress settles the tariff question bust
ness will unquestionably experience a
sharp revival, but this longed-for result
is still about two months distant at the
earliest. Meanwhile, the market will
| have Its setDacks, but they will not be
serious, and in the long run prices must
advance.