The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-03-11
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BANKER cLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street


wall street.
New York, March 9.-Afairs in Wall
street have taken on more cheerful as
pect. The dissolution Of congress has re-
moved the political restraints that have
held both investments and speculative
operations in check for the last three
months, and it is felt that there is now a
clear outlook for many months ahead,
without the possibility of any legislative
freaks calculated to obstruct the even
flow OF business. The street has reached
very decided conviction that better
business conditions lie very close ahead.
They see the country full of wants;
with stocks of goods depleted to the
lowest points; with prices of goods lower
than at any time for twenty-five years,
with all sorts of enterprise deferred and
the process Of matchmaking held IN
suspense; and they can discover no suf-
hcient reason why this state of stagnancy
should be much longer maintained. They
argue that there is no lack of capital and
no obstacle to credit to warrant a con-
tinuance of the last two years paralysis
of trade; and that the fears Incidental
to the deranged condition of the public
finances have now ceased to exercise
any depressing effect upon business con-
hdence. Wall street is thus coming at
last to inhale the ozone of hope; and we
may soon witness the eXhilarating effects
of this healthier atmosphere
Very much of this Improvement is due
to the successful working of the plans
of the loan syndicate. The treasury sit
uaton IS no longer a matter Of men,
ton; its dangers are regarded as perma-
nently removed; and the whole brood
of apprehensions connected with the
endless chain" arrangements is felt to
be matter of the past.
With the Adjournment. of congress the
turn for the better is inevitable. and each
day hereafter should demonstrate that
fact. The unsettled condition of the bust
ness interests of this country for a pro-
longed period past is clearly traceable to
Washington Now that congress has adj
journed, that pernicious and prostrating
influence no longer exists. Our troubles,
therefore, are now all behind us and have
been thoroughly discounted. We have good
reason to look forward to the prospect of
good crops and general Improvement in
business affairs. The principal argument,
which the bears have used effectively as a
weapon, has been the low price of cotton.
If 1 mistake not, 1t will not be long before
these same people will admit the falsity
of their position, as 1 think it will be soon
demonstrated that the low price Of cotton
viii be the basis for an impetus in the
manufacture of goods for export that will
be a surprise to the country. Interna-
tional bi-metallism is also likely to loom
up as a factor of higher prices and in
creased activity in grain cotton and also
securities. The current in favor of inter
national bi-metallism bids fair to become
as strong throughout Europe as 1t is in
this country, and under such a pressure
mutual arrangement for international
coinage would appear to be almost inevi-
table. Within ten years the increase Of
Indebtedness of European nations has ag
gregated s., 900 100000. During this period
with the exception of the past year. the
bonded Indebtedness of this country has
been on the liquidating side, therefore, In
stead of Europe being alarmed about the
financial affairs of this country, we have
greater reason to have that apprehension
for their future condition, especially when
our marvelously superior resources and
great earning power are contrasted with
those of other nations.
AS to questions Of currency, highly i'm
portant as they are, yet they have for
a time ceased to rank among the matters
affecting the immediate course of Wall
street interests. They We're too large,
too complicated and too broad in the is
sues they involved, to be disposed of in
three months by such a congress as the
one that handled them, and possibly by
any other They are now relegated for
the consideration of the people, and will
receive the most serious attention pre-
paratory to the next national elections
Whatever may be the conclusions reached
by public opinion, they are sure to re-
fleet the cautious common sense of the
nation, and we may therefore reasona-
bly, hope that the final settlement will
be a sound one. In the meantime, we
have to deal with the matters of practi-
cal business; and, relieved of these vex-
atious theoretic contentious, the nation
will return to its work of producing and
with renewed confidence
and fresh vigor. Already, there is unmis-
takeble evidence in our local markets of
for an increasd spring bust
ness The city is filing up with buyers
from the interior; there is no longer the
dubious haggling about prices that has
prevailed for the last two years; and
manufacturers begin to express surprise
at the increasing orders for goods. To
my view, the signs of the hour mean
nothing less than a good old-fashioned
spring and fall trade