The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-05-18
BANKER cLEws, VIEWS.
The Financial Outlook as seen From
Wall street

New York, May 1s.-There has been but
4 very limited change in the stock market
since our last review. The intrinsic c0ndi-
1ions Of business are sound. Credit is in
excellent shape. and there is less unwhole-
some expansion than for many years.
Money. too, is cheap and good borrowers
have no difficulty whatever In obtaining all
The accommodation they require Labor
disturbances are at minimum, and the
1st OF May. the usual period for dem0nstra-
lions ly professional Ia Dor agltatOrs. pass
ed OF more quietly than usual. OVerpro-
ducLOn can be observed in q few cases,
especially where modern improvements
have greatly stimulated output; but this is
not general, and can often be traced 10 de-
1erred enterprises which are held in check
by the prevailing distrust. This same
cause lnduces retailers ana loDpers 70 car
ry small stocks; not so much because they
fear a shrlnkage IN demand rs because re-
cent events nave weakened all confidence
in the future of values. and they wisely re-
fuse to be caught with large supplies on
falling market. The results are that man.
ufactuTed goods are frequently accumulat-
ing at first hands, necessitating cOmbina-
uOnS of various sorts TO sustain values
and regulate production. As buyers md
the various markets weak they naturally
stand on, prepared TO struggle for further
concessions.
of course there must be an end TO this
state Of affairs. Reaction must come
Prices cannot always continue on the
down grade; and there is every reason TO
q
appear now We're commence permitted TO
assert itself. There are thousands Of new
enterprises, extensions, improvements and
repairs which would be undertaken with
out delay if circumstances permitted
Imagine for instance the effect upon bus
mess il congress would simply pass
sound money law and then adjourn for a
period Of five or six years. The effect would
be electric. As III is, the whole country is
in an irritable mood, ready TO quarrel on
the least occasion. What the nation needs
more than anything else Is rest. Prosperity
and peace go hand in hand. But legisla-
tiOn IS so continually shifting ana med
ding with business affairs that merchant
and manufacturer alike are incapable of
forming an Intelligent estimate upon what
conditions they viii be working six months
hence. Were 20 nOt for low pol. tlclans and
sensational journalists who fOment the
war spirit and encourage friction and in
JeruatiOnal jealousy for private adVant-
age "a very different state of affairs would
prevail to-day. Without them the NeneZue-
Ian and cuban questions would cause no
such uneaslness here as exists, and they
would stand as good u not better chance
of being settled with honor and ddVant-
age 10 the United States than they now
do.
1t cannot be denied that these are the
influences which are holding back the
general revival which set in year ago.
The sound money question, which is the
question OF greatest importance, IS in
promising shape The tide is running
strongly in the right direction, and our
political leaders must soon squarely ac-
knowledge the fact unless they dare risk
defeat. Ii is my opinion that the repub-
lean platform Will contain an unqualified
gold plank, and that Mr. Mckinley, ir-
respective of his past record, will, if
elected, carry out the viii of the ma
Jority. For this reason, / should have
full confidence in the future were it not
for the danger of foreign complications.
In reality this danger is remote; but there
are good many apprehensive individuals
about, who may act as they feel; so
that values are especially sensitive to pO-
litical eXigencies. When congress adj
jOurns these dangers will be still more
remote.
The market has displayed remarkable
resisting qualities considering stagnation
and unfavOrable conditions; and it is like
~ to respond quickly to any favorable
developments. About Sl6,00000O gold has
been exported and more is likely to fol-
low; but such shipments are natural at
this season and excite little concern with
the reserve standing as high as it now
does. An object lesson in finance was
the placing of 100000 New York city
bonds in London on a per cent. basis
These were gold bonds in the strongest
terms possible; and they were eagerly
taken when ordinary American securities
We're neglected. Our silver friends can
form their own conclusions. Another
transaction of the sort was the placing
in Europe of 49, coo Pittsburg, Cincin-
natl, Chicago and St. Louis per cent.
gold bonds at 1O2. Altogether about $l0,-
600 American bonds have been placed
in Europe within a week.