The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-11
BANKER cLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

NSO las peeh AOlIoNed by another week of
reco Kering confidence. The change ap-
pears to.haVe been less due to any new
buyiag movement than TO q general dis
position among the bear operators to
cover short contracts, which has pre-
vailed on the london market as well as
here, This disposition has been due
partly to the upward ten
uency in the price of wheat.
winch is construed as favorable to the
forwarding Of that cereal and therefore
to the prospects of railroad traffic. On
TINS account, there has been distinct
improvement in the tone of the Grangers,
and especially of Rock Island and St.
Paul. The better tone, however. is more
| especially traceable to the progress made
IN the Senate toward closing the tariff
discussion and the passage of that meas
ufe at comparatively early date London
appears TO have all along exaggerated the
possibilities of the bill being defeated,
and has been "bearishn toward our stocks
on that account.
Believers, as the English are, in the
! virtues OF low tariffs, it is natural that
they should construe the now more
certain prospect of the success of the
! taclH bill as favorable to our inves tments.
and they are therefore more likely 20
stand on the "bull' side than on the
pear under present circumstances
Certainly, so long as this view encourages
London to invest in our securities, New
York will have 10 objection to our
! transatlantic friends INDUCING in their
conclusion to their full bent: and we
| should not be surprised if, when the tariff
IS finally enacted-about which there
| now seems to be no room for a reasonable
| doubt-the event will be attended with a
marked improvement in the London de-
manu. There are also other circum-
| stances which for the moment are acting
| favorably upon British estimates
| OF our obligations. They have for
| some time INDUCED in pessimistic
| views about the prospects eff our govern
! ment finances but the confidence now
! expressed by the admins tration as to
! the suficiency OF future income, without
| resort to any special means for bridging
! over temporary Deficiencies, may be eX-
! pected to qualify those mistaken iudg-
! ments. The decisive rejection Of the bill
| repeating the 10 per cent. tax on state
bank notes is also calculated to have an
assuring effect abroad for, following the
i repeal OF silver purchases and the re .ection
| OF the Bland seiguiorage bill. it can only
! be construed as implying that congress
! may be trusted to discriminate against
| unsound measures of currency, if it be
| not prepared to go as fast and as far in
| the way Of Wholesome money reforms as
! the circumstances may seem to require
| For these reasons we are disposed to think
! that coming conditions will tend
! to dissipate that distrustful
! discrimination against our Investments
which has, for nearly two
years Tast, rreTOnderated in the London
market, Another motive may help to-
! ward that result. While nearly every
| other kind of security has been freely ex-
| plotted by London speculation and prices
! thereby advanced beyond what condi-
! ttoas seem to Justify, Americans have
| teen Systematically neglected il would
! therefore seem likely that the coming re
| moval of the distractions that have
caused this distrust will be attended
| with a pronounced reaction in favor of
| our investments. This seems to be among
the things that may be reasonably hoped
| for when the material interests of this
| country have been released from the dis
tracing suspense connected with tariff
| changes.
The persistence of the widespread
strikes in the mining regions has had d
! discOuraging effect which, however, is
beginning to disappear as the prospects
OF an early settlement become more posi-
tive. The struggle was one of the newt
| able results of a change of commercial
! policy that meant, as one of its earliest
| effects, reduction in the price of fuels
and ores. 1t is much better that the
struggle should come now, while the re
| construction of the tariff is in process,
! than that it should have to be fought
when the industries are resuming opera
tions under the newly-estabhshed condi-
| tiOnS. For the time being, however, it
| causes some serious interruptions of traffic
on some of the intsrior railroads, which
will be reflected in temporarily diminished
| earnings
Wall street still takes complacently to
! ba an1 infr1o cd ~
! gold to Europe The total amount shipped
! since the movement set in is now over
| 4O,OOO,600 IL IS not to be regarded as an
! entirely natural exchange movement;
! and so long as we do not need the metal
! for monetary uses, but are rather bur
! thened with it as a surperHuity, its loss
! is viewed as no special matter for regret.
! Next week Austria starts the resump-
ton of gold payments; and these exports
| are mainly incident to that event; for,
| although the gold had been long con
tracted for, yet the bankers undertaking
! the engagement had not until now de-
! livered the entire supply. IL is some
| thing of which Americans may be proud
| that they can contribute such, large por-
ton of the gold required for that great
operation without feeling ripple of mon
| etary disturbance. and without mourning
| the least discomfort in its investment mar
kets. There is no other financial center in
the world that could have endured such
drain without suffering the acutest kind
| of arrangement. The quiet and silence
with which this extraordinary contribu-
ton to the rehabilitation of the finances
of a great nation has been effected is a
| striking expression of the resources of
| the country about whose fate and tinan-
cial management European censors are so
superciliousy critical. We have, more
over, the satisfaction of knowing that we
nave parted with no more than we can
easily afford to dispense with; and it is a
safe and reasonable assumption that, il
under any future conditions, we should
| need the return Of some part OF this gold,
the power OF resource that has enabled US
to contribute it will empower US. to re-
claim it, In the absence Of any adverse
normal conditions Of exchange and the
wants of Austria having been presumably
satisfied, it is reasonable TO expect that
the export will now steadily cease.
EDEN ITEMS.