The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-06-03
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall street.

MAll NNEftts
New York. June Apart from these
crop considerations, the underlying crop
conditions and tone OF the market remain
unchanged. There Is no abatement Of con-
idence in the permanence Of the revival
Of general trade which set i'm with the
spring business. The best evidence Of the
recovery in the manufacturing Industries
is the continuous advance in wages, most
ly voluntarily granted by employers. In
most cases the new tariff duties seem TO
impose M obstacle to production; in
some manufacturers find a positive adj
vantage. The problem now, indeed, seems
to be less how to compete with foreign
ers In the home market than how to Guido
them i'm the foreign markets. in which
the chances for Americans are becoming
more hopeful and are attracting increased
attention. Among those In close contact
with our industries, the conviction appears
to be gaining ground that we have en-
tered upon a period OF unusual growth
and prosperity in manufacturing enter
prise generally, and that in some of the
leading staples we are entering the lists
for an active competition In the world 3
markets.
The improved status Of our investments
in Europe show signs of further progress
The education of investors seems to be
passing from the narrow and pretentious
critics OF the press to the better informed
and more candid bankers and financiers
whose judgment really directs the course
of European investment 1t Is telling
comment upon the value Of editorial opin-
| ion in London that while economists and
| statsts have been persstently decrying
| our corporate investments, bankers have
| within the last three months placed some
! $3.50. 900 Of our bonds and stocks In the
London and this continental markets.
This week an issue of $5,0OOOJO Of railroad
| bonds drew out $OOOO,O00 OF offers from
! London before the securities were openly
| offered: and besides that $20000OO Of obli-
| cations Of an electrical corporation were
negotiated in the same market.
Europe seems to no longer attach any
serious Importance to the position Of the
silver question in this country. Observers
| there seem to have reached the conclusion
| that our agitation about free coinage IS
but an ephemeral phase Of popular ignor-
ance, destined to disappear under the IN
| nuence Of the conservative common sense
! of the people at large; and their Judgment
! is a safe one. In the south and the west,
| "a very marked reaction against national
| free coinage has set In under the diffu-
/ SION OF information l0TOukH Ailt NaiAthH
sound money agencies, and the best
| Judges of sentiment and politics In those
| sections agree that the silver kings can
make no further progress In their efforts
! to create a government market for their
| product. There Is quasi-conservativc ele-
ment among US who have chung 10 the
| hope that a settlement might be reached
| through establishing International bime-
! tallism; but the hopes of that class are
F,.lt l.afa fn aNftHnnnnH n
| the improbability of bringing about such
| an agreement: II not also from growing
| misgivings whether such an arrangement
would prove equal to providing for a pres
ent annual world product of 500 900, 600 Of
| the metal and possibly of a yearly in
crease in addition. Englands disposition
in the matter has been shown
this week by the chancellor Of
| the exchequers emphatic public de-
| claration that, under no conditions what
ever, would the British government sane
| ton any departure from the historic gold
standard policy of the nation. From the
opposite political party came authorita-
| tive warnings to Mr.. Balfour and Lord
| Salisbury that the conservatives would
oppose any concessions towards bimetal-
lism. This materially lessons the hope
! of England supporting double standard
| policy; and, as England goes, so Germany
| will follow, II not even France also.
Clearly, therefore. conference or no con-
| ference, international bimetallism is now
| surrounded with greater doubt than ever
| as a settlement of this question. recOg
milton OF that fact will tend to greatly
clarity the issue In this country, which
must later confine the choice Of our peo-
! pie between the gold standard on one
side, and the single silver standard with
free coinage on the other side. In reality,
this should settle the question:; though
| the fanatical stubbornness Of the silver
! ties may help to keep the issue in poll
| tics for some time longer In the mean
| time, II is certain that no legislation ia
/ vorable to silver could be enacted so long
as the presidency is in its present incum-
| bency.