The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-04-22
BANKER cLEws' VIEWS.
The Financial Outlook as Seen From
wall Street.

New York, April 2O.-It begins to be
realized even by the heretofore most ram
pant bears that this country has turned
its back on pessimism, and that the only
way to prosper hereafter is to be optim-
istic. 1t has been a long and dreary lane
for business people TO wade through, as
It's starting point was really the Barring
panic OF November, 1890, over four years
ago. The energies of the people of this
country have been crippled more or less
since that time, especially during the last
two years. If / mistake not, the impetus
has now Iegitimately started on its up
ward movement ana will gain strength
from now onward until IL reaches eX-
tremes in many channels. one excess
usually follows another. The improve
ment thus far is certainly of a substan-
tial nature. 1t is visible not only IN the
oil market, the iron market, the cotton
market, the grain market, but also in the
security market, and last, but not least,
in the silver bullion market. As an evil
dence that the advance in the white metal
IS considered permanent, the silver goods
manufacturers have just decided to adj
vance the price Of all siver-manufactured
articles 20 per cent The successful hunt
for gold all over the world enters into
the situation. This years product of the
yellow metal is likely to be the largest on
record. There are evidences of a gold
craze IN Colorado equal to the former
silver craze in that section. Everything
faVors the development of the mines in
Colorado; the climate Is perfect, the mines
are all accessible by railroads, and the
greatest smelters in the world are To-
Gated IN that country which are equal to
all emergencies.
The real extent of improvement now GO
ing on among our manufactures is not
generally understood or credited. The
most publish" class in the country at
the present moment are the manufactur-
ers. They are better situated than any
other class to feel and measure the first
throbbings of new impulse of demand;
and it is their testimony, in almost every
branch of trade. that the outlook is most
encouraging. In many cases, they have
the courage to demand higher prices and
to wait, If necessary until they can get
them. Their orders are on a larger scale
than for the last two years, and they are
increasing their purchases of raw mate
rails in expectation that they may have
to pay higher prices for them. The feel
ing, in short, is general that, providing
the steadiness of the financial situation
can be depended upon, this country is on
the verge of an era of very unusual pros
perity. We are in position to produce
at lower costs than ever before. In this
respect, we have, within the last two
years, made very important gains upon
other manufacturing countries. The
extent contributed to this; partly by COM
polling manufacturers to improve
their methods and economic on the cost
of production. and partly by the cheap
ening of some of their raw materials.
In one article or another, they are tread
ing close on the heels of England and
Germany in the foreign markets; and one
of the early results of the new conditions
is likely to be a material increase in our
exports of home manufactures While
the conditions far production stand thus
favorably, there is an arrearage of fully
two years in the supply of wide range
of wants. Since the great spring alarm
of 1898 it has been as much as most peo-
pie could do to supply the common neces-
comfort REPAIRS, new OUTLAWS, and lux
uries have had to stand over; and one
of the first things after such an expert
ence is to compensate for these omissions
of ordinary expenditure. 1t is not merely
in domestic life that these compensationS
are waiting to be provided for. 1t IS
equally so in our industrial system, which
calls for repairs and requirements of
machinery; and in our transportation
system, whether of rail or water. In the
railroads, construction has been, com
nara lively speaking, suspended since 1892
We probably need little in the
way of new Independent lines
nor does much Cf such work seem to be
contemplated. But all over the country,
work is much needed in the way of extern
sions, double tracking and the creation
Of connecting links between existing lines.
If all the legitimate work of this kind
could be done within one year it would
far exceed the largest annual construc-
ton in our history. 1t will thus be seen
that there is enough waiting work to call
the full energy of the nation into early
activity.
London remains a steady support to
our financial markets. England has re-
Gently taken quite an important amount
of our securities; nor has she shown any
disposition to realize on them under the
recent advance in prices. Under the rise
of the past week, London follows our
market, and shows confidence in the
maintenance of values.
Taking the situation as a whole, can
not but regard it as one warranting in
creased confidence and a steady progress
toward higher prices on the markets both
for goods and investments.