The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-26
BANKER oLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

Wall Street.
New York, Feb. 24.-In Wall street
speculative business continues to center
principally in the class of stocks known
as "the industrials." The continued I'M
certainty as to what may be the final
status, in the new tariff, of certain
articles which these trusts control natur-
ally gives to this group of stocks an active
speculative interest. This is especially
so in respect TO sugar, the duty on which
still remains undecided. II seems to be
reasonably sure that the Senate will so
strongly favor some duty on
the article that the House may
consent to its removal from
/ inclines to the expectation that the duty on
raw will finally range around l cent per
pound. The thing on which congress is
likely to differ widely is the duty on the
refined article. The eastern members
of both houses seem TO preponderate in
favor of small protective duty on this
grade, sufficient to prevent importations;
and the south also is likely to favor that
course for obvious reason of interest. But
the west, which grows increasingly
rampant against any form of pro-
! lection, may be expected to oppose
any form or degree of favor TO the
sugar trust. The difficulty. of the sub
committee of the Senate finance commit
! tee in reaching a report is suspected to
cover some possibilities of a serious disa-
| agreement. Senators are said to find
much more positive public hostility to in
! cooperating the income tax in the Wilson
/ bill than they expected to encounter; and,
| in some quarters it is deemed possible
/ that the upper House may venture on the
| experiment of returning the bill to the
! House minus that odious and unpopular
a1n fV,e
| in the Senate, the greater the danger OF
miscarriage from this cause is likely to
! become; for there can be no question that
the public hostility to the tax, through
the whole section from Chicago to Balti-
more and Baltimore to Portland, Me,
is most bitter and intense, and would
alone suffice to consign to oblivion the
party responsible for the outrage of
| adopting such tax. 1t remains to be
seen what the clouds on the horizon may
| betokeu; but Wall street has its eye upon
| them as involving possibilities important
to speculation.
| In the railroad list, there is little new
to attract the attention of either invest
ment or speculation. The scarcity of
freight is calculated to encourage 'cut-
| ting of rates" and something of that kind
! is now and then attempted, but on so
small scale that it does not appreciably
| affect general prices. AS a rule, quota
tions are steady and the bears" find
! little inducement to attempt raids.
Information comes from Paris to the
| effect that the Bourse has in contempla-
| ton arrangements for putting on its regu-
| lar call a liberal representation of Ameri-
can securities. Certain issues of our
! government are now called on the Bourse ;
| but the proposal is to at once extend the
| list to a selection of the bonds and stocks
of some our best railroads, and at later
| period to broaden the list so as to make
this an important feature of the Paris
| market. The distrust created by our
| silver leanings is shown in a disposition to
exclude from the Eourse all those of our
securities the interest or dividends of
| which are not payable expressly in gold ;
| but this point does not seem to have been
finally determined. This movement APP
pears to have arisen, on the one hand from
a marked scarcity of transferable invest
ments in France and consequent low rates
! of interest, and, on the other hand, from
the impressions made upon notable French
capitalists on their visit to the worlds
fair. So far as may be inferred from the
standing of the promoters of this move
ment and from the reception it has met
with on the bourse, it seems likely that
| the plan will be put in execution at an
early day. If so, its bearing upon both
investment and speculative interests at
| New York cannot but be highly import
| ant For it is not alone a matter of Gre
ating an early market for a Paris supply
of securities, but it will widen the Eu-
ropean market for our investments, and
help to establish a much broader arbi-
| TRACE Interchange in them as between the
several foreign financial centers.
The rates for foreign exchange continue
to rule, and under ordinary relations be-
| tween the home and foreign money mar
kets, gold would now be flowing to Europe.
| Under existing conditions, however
neither England nor the continent wants
more gold; but would prefer to allow
American balances to run until the rate
of interest improves. There is little prob
ability, therefore, of any noteworthy
shipments of specie being made; and were
it otherwise. the effect here, with our
abundant supply of idle money, would be
rather wholesome than otherwise.