The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-05-14
BANKER oLEws, VIEWS.
The Financial Outlook as Seen From
wall Street.

wan street.
New York, May l2.-In Wall street cir
cles there are symptoms of the beginning
of an improvement of tone in both invest
ment and speculative operations. The
change does not yet show itself in any in
crease of transactions, nor in any mate
rial advance of quotations; at present, it
rather prefgures than realizes such
effects.
Every day that shortens the tedious
paralysis attending the prolongation of
tarih legislation is so much gain for bust
ness; and, as the times comes more
clearly in sight when that bugbear will
disappear, hope reViVes, and there is more
disposition to discount the great revival
which that relief will bring. The coun-
try has had such a schooling in waiting
that the defermept of hope no longer
breeds distrust; on the contrary, men of
business are cherishing strong con-
tidence that, when these temporary
obstacles are removed, they will be
followed by very pronounced and thor
ough revival in all interests. Americans
know how to patiently tolerate restraint
of enterprise; but when such restraints
are removed there is no limit to their
energy; and, for that reason it is safe to
calculate upon an unusual activity of bus
mess, when the present legislative obsta-
cles are removed. Wall street is not
likely TO overlook this fact, and is already
getting ready to discount it in advance.
The concessions to manufacturers in
the Senate notifications of the tariff bill
have produced marked change in esti-
mates Us to the working of that measure.
They lift the cloud of apprehension that
has rested upon our industries for twelve
months and open the way to quicker
and more general resumption of produc-
tion than has been hoped for; and, pro-
vided there be no important retractions
of these changes in the later discussions,
there is likely to be an important revival
OF business even before the new duties
take effect
In the circles that initiate the larger
movements Of capital there is growing
Impotence atthe pOstponement ofnew I'M
dertakings. During the long months of
| idleness, plans have been devised for en-
| terprises that would give employment to
| the vast amount of now idle capital, and
1t would require no great further recovery
| of confidence to start up this class of
operations. From what is known or sur
| missed of preparations of this character,
1t would not be surprising If, within the
next twelve months, we witness an I'M
precedented launching of corporate enter
prtses. The time has rarely been more
promising for floating new undertakings,
provided they are framed upon such con-
| sentative ideas as late experience has
taught investors 10 respect and insist
upon. For not only is the accumulation
of idle funds unprecedented and the rate
of interest abnormally low in the home
market, but the same state of things
exists throughout Europe. In Europe
and here. promoters are hungry after
their long starvation, and bankers and
great spectators are eager for oppor-
tunities TO make up for the losses and the
| dull times under which they have been
suffering. These classes are waiting for
indications of the arrival of the biting
| mood among the fish of which they are
anglers, and they may be expected to be
soon seen throwing out their lines This
at least we augur from present symptoms ;
and the starting time is likely to date
from the passing of the tariff bill, or its
near prospect.
The exports of gold continue without
any symptoms of immediate cessation;
but have little or no effect upon the stock
market, for the reason that the money
can be well spared, and that its transfer
may stimulate an ultimate European de-
mand for our securities by increasing the
ease on the foreign bourses. The banks
rather welcome the outflow than other
wise; as it will help to reduce the super
abundance of cash at this center and
stifen rates. 1t is not welcome incident
that the gold should have to be supplied
from the treasury with the result of cut
ting down its coin reserve. The banks,
however, scarcely feel it to be their con-
Germ that the treasury resource is thus
drawn upon. They reason that last year
the government had experience enough to
open its eyes to tho danger of carrying
the present large liabilities payable on
demand in gold, and that, if it is not
thought necessary to take steps either to
diminish them or to protect them in some
surer way, there is all the more necessity
why the banks should husband their own
resources This seems to be a wise
policy; and 1t is TO be hoped that it may
impress the administration and congress
with the gravity of the responsibilities
borne by the government in becoming so
large an issuer of credit currency 1t is
very clear, however, that If the treasury
Is to be expected to satisfy the future re-
quirements of gold for export, it is i'm
perative that some means must be taken
to enable it to meet that demand which
has been heretofore mainly supplied by
the banks. Congress cannot too soon be.
stow earnest attention upon this question.
HISTORY OF THE CHURCH.
nr Nass tn preach IN the Found ation