The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-10
BANKER OLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.


New York. Aug. S.-The condition of af-
fairs in Wall street remains more or less
stagnant. Public movements have reach
ed stage of development which scarce
ly admits of anything but a large absen>
ton from operations. The convention
phase of the political excitement has
passed its elimination. The issues are
made up and the candidates are chosen.
The first shock of the Chicago convention
and populistic platforms and nominees
has had its acute effects in which those
factors have been discounted at their
worst. The time for surprises is there
fore about past, and attention is now
fixed upon the developments of the ante
election canvass and the probabilities OF
the November vote. This is not exactly a
stage for alarms but for observation and
elaboration; and most people are dis
posed to postpone operations for the pres
ent at least.
have already submitted to heavy losses
under the recent decline in prices. 1t IS
quite likely that they may regard the
present shrnkage as commensurate with
any adverse circumstances that have hap
pened or are reasonably likely to happen;
and for that reason, in the absence of
new threatening factors, there seems TO be
a fair probability that, as a rule, invest
ors will hold on to their stocks with some
tenacity from now until November; when
important matters now in suspense will
become accomplished certainties. In the
meantime, Wall street is disposed to a
reaction from its mood of continuous ex-
element. The growing stagnancy af-
fords an opportunity for operators to take
recreation; and the arena of financial and
political discussion is transferred from
the stock exchange to the corridors of the
rural hostelres. All this is conducive to
quiet. few timid holders of securities
are still selling in moderate amounts,
which easily affects prices unfavorably;
but the cessation of alarms is likely to
bring forward others who see in such real
izings a favorable chance for buying back
stock which they had sold at considera-
bly, higher prices.
AS to the influences outside of politics.
they have passed into distinctly more
favorable condition. The London market
for our securities has been much steadier
under the rights that have affected our
market than might have been expected
showing that foreign investors find rea-
sons for confidence which have been less
appreciated at home. The transfers of
gold to the treasury by the banks, and the
wise arrangements of the foreign bankers
for Warding off exports of gold have plac-
ed the treasury in position of safety
against drains of gold for some time to
come; and although these ameliorations
are to some extent temporary vet they
ward off causes of disturbance for a pc
riod long enough to admit of a return of
calm and of making arrangements that
will protect the future. The suspension
of gold exports thus effected will also
have the result of checking the tendency
towards stringenSs in time loans, and will
enable the banks the more freely to ac-
commodate the demand for currency Incl
dent to the fall crop movement. Another
wholesome factor in the halt in the south
ern railroad war, with the probability that
the Intervention Of the court may result
in a satisfactory settlement of the de-
structive hostilities between the compa-
MES concerned.