The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-03-16
BANKER CLEw's VIEWS.
The Financial Outlook az seen From
Wall street.

New York March 14.-In Wall street.
there Is little change in the tone and vol
ume of business In investment securities,
the movement is healthy; but in the specu-
lative list transactions are fitful and gov
erned by the changing tactics Of profess
sional operators. The general situation re-
mains sound as to undertone, but languid
as to operations.
In most trades here, there is consider
able complaint of dullness and more or
less show Of a pessimistic spirit. Mer-
chants sales are not propOrtioned TO their
stocks, and buyers see that something Is
the matter among the distributors and are
mouth policy Of buying. All this Is in con-
trast to the conditions and the feeling ex-
listing in the interior From the large
western cities come accounts of satisfac-
tory state Of business and Chicago re-
ports a healthy activity SO, at the south,
conditions appear to be unusually healthy;
the steamships and railroads connecting
with that section are having very salts
factory traffic; and the large increases In
the earnings of the western roads show
that, in that section aIso, there Is really
healthy movement of merchandise.
In brief. there can be no question that
the condition of trade Is far more satisfac-
tory throughout the south and west than
II is at this center. This contrast with New
York is very singular, and needs some eX-
PLANTATION. Why Is IL that this city Is
moody and complaining while the sec
tons from which 1t draws its trade are
prosperous and satisfied? IL Is not TO be
denied that New York is subject to a con-
stantly increasing composition from the
western centers for the distributing trade.
Nor is there any doubt that cities like
Chicago and ST. Louis are rapidly extend
ing their hold upon that branch of business
The increase of population would In some
measure account fer this increase; but
does this factor explain sufficientlyY IL Is
doubtful New England is now undoubtedly
sending direct TO the west large quanti-
Of ms fapfnFpa hfrn formally were
distributed through New York agents.
Such a drift Is not calculated to create
a cheerful tone at this center Equally
our trade with certain sections OF the
south Is being attacked by the active dis
trlbuting houses Of the west: so that, TO
some extent, we are meeting with new
competition, If not losing business, in that
direction. Then II is to be remembered
that New York occupies position of pc
GUITAR responsibility as an intermediary
between the Industrial centers and the
jobbing interest Of the country. A very
large amount of capital is employed in rem
dering that kind of service; and in the
performance of the service there IS some
considerable risk, arising from advances
upon goods. loans to manufacturers and
investments in mills to which they have
become uEwillngly committed.
If New England manufacturers are will
ing to sell direct to western jobbers and
thereby save the cost of New York inter
mediaries, so much the worse for the
great frst-hand trade of this city. More
over, this particular interest is exposed
to much of the risk attending a lack of
due adjustment between the production
of certain large Industries and the demand
for consumption. There have been threat
ening arrangements in that relation. For
years past the improvements in mechan-
zeal power and in working machinery have
been carrying this country as well as 9TH
ers. towards a production In excess of the
possibilities of current consumption. There
was "a check to the process In the great
panic of 1893, which served as an offset
O. that crisis of small value BIt the
machinery we then had we have still.
Its owners are anxious TO Keep IL employ
ed; and upon every appearance OF an inn
provement in demand they are liable TO
rush into an over-supply of goods. The
last twelve months of improved business
has already produced glut of stocks in
some important lines of goods The com
mission houses have to bear the brunt of
the consequences, such as urgency to real
ize necessity to shade prices, and holding
back of buyers TO get concessions in
prices
All we have previously said as to the
depressing effects of political agitation
and congressional folly upon the financial
markets may be again repeated. Con-
gress has given itself to the creation of
Sensations and receptions for effect upon
the coming party conventions and cleo
tions to follow What they are prepared
TO do for this purpose is shown in the
dangerous folly of the action of both
houses on the Cuba question When the
legislative chambers can be prostituted
10 such dangerous methods of playing pol
itics there is no certainty of what may
not happen With any nation better able
TO defend itself than Spain. the Cuba res
olutions would have probably precipitat-
ed a costly war; and, in spite OF the pro-
tests of an outraged public opinion, there
is no saying to what lengths of danger
this same playing with fire may not yet
be carried. Jingoism, or rather the at
TEMPT to create it, has become real pub
lie danger; so Serious that nothing short
Of the adjournment of congress will abate
hdsv . This
tors that is preventing the revival of
confidence in trade circles and in the
financial interests that center in Wall
street.