The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-20
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall street.

New York, April 1S.-In Wall street af-
fairs. the past week has shown some i'm
provement of feeling. Some of the fac
tors noted in my advices of last week as
having an unfavorable aspect, have since
changed for the better. The impression
is gaining ground that President Cleve-
land is not likely to precipitate alarm by
hasty action on the Cuban situation;
which has the effect of mitigating an ap-
prehension that had become quite acute
since the resolutions on that ques Non re-
Gently adopted by congress. In business
affairs also, there has been some recoV-
cry of tone.
The export movement in gold does not
appear to warrant any uneasiness. There
is undoubtedly a light supply of bills and
some moderate amounts of gold are going
out. But as there has been a loss on
some of the shipments, ii is to be pre-
sumed that the outgo Is not entirely In
the regular way of settlements, but in
part to meet some special demand. 1t
is rumored that these special shipments
are destined for Russia, or to compensate
drawn from them by the Bank of Russia;
and ii is also intimated that the Impe-
rial Bank is preparing for the resumption
OF specie payments. We take it, how
ever, that the idea of resumption is mere
ly loose inference from the supposition
or the, fact,-as the case may be-that the
gold thus leaving New York is intended
for st. Petersburg. The rumor is dis
credited by the fact that we have little
or no information from London, nor from
any of the continental centers, that Rus
STA contemplates the resumption of cash
payments.
A matter really much more important,
as bearing on the gold movement, IS the
important change that has appeared i'm
the drift of the foreign exchanges For
each of the last three months there has
been an increase in our exports of mer-
chandise and a decrease in the imports
The returns for March evidence a con-
tinuation of this tendency-the exports
shaving Ia AZ go
ions and the imports a decline of three
millions. The imports of 1885 were extra
ordinary; first, because pending tariff
legislation had checked importatfons and
exhausted stocks in 1894; and next, be-
cause the reduction of duties naturally
had for its first effect the stimula zion If
imports and the over-supplying of the
markets throughout last year. The i'm
port movement has thus been exposed to
sudden. check; and it would not be sur
prislng II TINS years receipts of foreign
goods should fall some sixty to seventy
five millions short of those of 1895. The
condition of over-supply due to this
cause, as well as to an oVer-production
of most kinds of domestic manufactures
has promoted a decline in prices which
is encouraging our export trade; and the
improvements in European trade is fos-
tering a firmness in foreign prices which
makes it the easier TO find outside mar
kets in which we may dispose of
our surplus stocks. This tendency not
only helps TO produce a wholesome adjust
ment between our imports and exports
Dul Is diSO DIiHSiHB ABOUT a gradual re-
lief from the congestion of merchandise
stocks which is the main cause of the
present partial depression of business at
the chief commercial center. There is
therefore, a rational ground of assurance
that, however unsatisfactory may be the
present aspect of some of the commercial
markets, yet affairs are working gradu-
ally toward a readjustment that will es-
tablish a healthier and more active condi-
ton of affairs. In some of the leading
industries, manufacturers are reducing
their running hours or stopping their
works. Another source of relief must soon
be sought in the reduction of wages, which
were very injudiciously and needlessly adj
.vanced a year ago; and these expedients
will contribute toward bringing about
healthier conditions of business.