The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-20
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

Wall Street.
New York, Aug, 1S-The market has
at last been freed from the cloudy uncer-
tainty, doubt and fear which has been its
great drawback for many months The
Washington domination has practically
ceased, and railroad properties are once
more in a1position to be influenced by the
returns from gradually increasing traffic,
which is bound to follow the settlement
of the tariff question. The de probation
in values and stagnation in business has
been matter of more than year; and it
may take as long as that to bring the
country back to its previous condition of
prosperity; but the recovery is GER
tainlY coming and has already started.
The work of year cannot be undone in
week or a month, and from time to time
there will undoubtedly be gatherings and
setbacks: but with it all the foundation
of business will gradually assume broader
proportions, until the restoration of con
tidence in all lines and all quarters is
complete. Wall street is uuquestionably
the pulse of the country, and as a pa
TENTS pulse indicates his condition, so
will the security market here reflect the
COnvalescing condition in manufactur-
ing and commercial circles which
will prevail throughout the country
from now on. Europe has already
perceived the Frightening financial skies
here, and has been quick to recognize the
adyisability of accommodating American
railroad properties while it can be done
at low figures. Each day brings fresh
buying orders from abroad. and foreign
ers are getting as anxious to hold our Sc
Curities now as they were to let them 20
a while back. Added to this, the absorp-
ton of bonds and stocks, which are now
looked upon as unreaSOnably low, con-
tinues, that is, they are being bought and
taken out of the market entirely. That
the railroads of the United States are in
better condition TO recuperate rapidly
than they were year ago there can be
no doubt. The long period of depres-
sion has necessitated the cutting down
of expenses wherever and whenever
it was possible. II has taught railroad
managers how to economic and forced
them to do business on cheaper basis
than ever before; so that increases in
traffic are likely to show much larger net
returns, owing TO the low basis of oper-
ating expenses. For awhile also there are
not likely TO be many new extensions to
old roads projected, as ~ present there is
little incentive for anything of the kind
and there will not be until the business Of
the United States gets back its old mag
nitude The way should now be
clear for new departure based
upon rock foundation a con-
dition which could only have been
accomplished by rigid economy and thor
ough liquidation. The attitude for every
body to take now is on the building up
side, which carries with it cheerfulness,
hopefulness and profit TO all who put
their shoulders TO the wheel, and take
hold with a vim. We cannot do better
than point out the wisdom of our advice
of ten days ago TO the effect that the
stock market would be governed by what
is ahead and not by what has, passed /;
that the old condition of stagna-
tion and depression is rapidly be-
ing lost sight of, and that everyone is
looking forward to what may be ex pected
! TO prevail six months from now and there
after. BY that time railroad earnings
/ will have returned TO a normal condition,
/ which means more than it did under the
old situation, owing to the pruning process
which the roads have all undergone. The
thing to do is 10 discount a general i'm
provement in the future; and we still
recommend buying stocks for higher
] prices. The reactions which will occur
| occasionally will afford excellent oppor-
tunities for getting in at good figures