The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-03-12
BANKER CLEws' VIEWS.
Tho Financial Outlook as Seen From
wan Street.


the beginning of the third month of the
year, for which / have ventured TO pre-
dict an improvement in business, a dis
unct relief from tho elects of last years
panic and a return of confidence on the
stock Exchange. To close watchers that
process has been in various ways
observable since the opening of the year;
put not until now has tho change
reached point Of development
at which all recognize II. In
trade at large the Improvement has now
become commonly admitted fact. In
many branches the demand for goods is
plainly ahead of the supply The reduc-
tion OF stock, caused by the INTERRUPTION
OF manufacturing and the extraordinary
falling on in imports, begins to show It's
edects upon prices; and that proves an
important stimulus 20 buying and to con
nuence. Under these conditions and in
view OF the near approach TO the final de-
termination of the new tarin duties, busi-
ness has gained much more stable basis
OF confidence, and the country may be re-
garded as being fairlyon the way towards
a steady return to a normal condition.
lhe fact that the first two months of
tho year show marked revival in the
foreign commerce of England as we'll as
IN her internal trade, affords a reasona-
Die indication that the recuperative ten
dency is becoming international; which is
an important backing to the improving
drltt OF affairs In this country Taking
the whole group of commercial symptoms,
as they now present themselves, it may
DE considered safe to expect from this
Jlme forward a continuous return to-
WardsS healthier conditions In the
commercial exchanges, the exceptionally
low prices are beginning to suggest the
probability of a speculative movement,
especially in our leading articles of ex-
port. This Is encouraged too by tho more
pacific aspect of European politics. The
conclusion of a treaty of commerce be.
tween Germany and Russia is regarded as
going far towards q reconciliation be-
tween those two nations which means a
large step towards relieving the conti-
nent OF the violent military strain that
has afflicted 00,OO0000 Of population for
some years past, and is at the same time
calculated TO revive the now suppressed
spirit OF foreign commercial enterprise
Wall street can hardly be said to have
yet distinctly formulated these various
encouraging symptoms, but il receives a
general Impression that the sky Is BRIGHT
ening all around aud promising better
sailing prospects The main local symp-
toms OF the week have been the sudden
development Of increased activity in the
The feature that has most impressed
operators is the increasing disposition TO
take large ventures, and the quick re-
sponse shown in the general list to the
revival OF interest In tho industrial group
This is regarded as implying that the
men and the means stand ready for
revival OF operations in the event Of
any well-organized movement being un-
dertaken. There are those who have ac-
"a fah laF
pending and following the panic; and
they may be assumed 10 be waiting for an
opportunity TO realize profits on their
holdings. II Is only a quest ton as 10
when they may regard the opportunity as
sufficiently ripe for action They would
like 10 see some Improvement in the
earnings of the railroads; land that may
be expected as an early effect OF the re-
sumption OF industrial operations and the
export OF produce at its current extreme
depression of prices. They look also to
the conclusion of tariff legislation as re-
moving the great source of obstruction to
home enterprise, and may be expected to
regard that as the best time for test
ing the disposition Of the market The
completion of the reconstruction of some
of the great railroad properties now In
the hands Of receivers, will also be a mat
ter OF much bull significance. The
COnsummatiOn of these various matters
will be the moro influential because they
viii be almost simultaneous; and then
will come the occasion for a great cam
paign on the stock exchange. This Is in
clear view as coming event, and the
prospect begins TO excite interest and to
strengthen an already generally strong
market. 1t is calculated TO encourage
buying, and it is a question whether
anticipatory purchases may not hasten
the elimination Of a movement which
large holders might prefer 10 see at a
stage when conditions are ripper.
The reception given by the Senate TO
the Bland seignioragc bill has had de-
pressing effect In Wall street generally,
ana has distinctly checked the buoyancy
arising from the above mentioned causes
But for the general feeling OF assurance
that the President will veto the bill, the
Scnate's action would have had far
more serious effect; but still IL is felt to
be thing seriously bearing upon the gen
eral credit Of the country that both houses
OF congress should be found capable Of re-
committing the country TO a revival of
the prosilvor policy that has been sup
posed to have been finally abandoned in
the passage Of the repeal act. it is a mat
ter Of no small Importance that we have
no other protection against Blaudism
than the accident Of having a President
who fGyors sound money.
The export Of gold continues on a light
scale; il IS movement always incident to
this season; the only thing exceptional
about it being that the outflow is much
less than is usual in the early months.