The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-02
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

Ahe ~ LhuhcARA outlook as Seen From
Wall Street.
New York, Jan. 1.-The year closed with
most gratifying Improvement in every
department of industry, trade and finance,
as compared with the conditions existing
at its opening. The recovery does not
consist so much in realized profits as in
the bettered conditions of confidence and
credit and in the reduction of surplus
stocks of goods and the healthier relation
between supply and demand in the mar
kets at large. The year, however, has
not been without its additions to the ac.
cumulated wealth of the nation. This is
very evident from the large amount OF
idle capital now seeking employment and
the prevailing low rate of interest, as well
as from the fact that many millions of
our floating capital are now finding tenn
pOrary employment in Europe--a state of
things almost new in the history of our
foreign financial relations
During the five years that our material
interests have been in a condition of col
lapse we have made an addition of $780,
600 to our population, most of which must
be regarded as going to the increase of
our productive capacity-to swell the pro-
duction of our manufacturers rather than
of agricultural produce. Within this pc
Rod we have been subjected to a necessity
DfOuucA1Dn,
which, together with the new productive
inventions has enabled us to adapt our
selves to the constantly declining tenden-
cy of prices; and conspicuous facts clearly
demonstrate that in certain important in
dustries we have already reached a posi-
ton where we can compete successfully in
the foreign markets with the foremost in
dustral nations of the world. This is no
transient accident Of extraordinary times
no outcome of a necessity to unload sur
plus stocks regardless of price; it is the
consequence of our having gained a posi-
ton IN advance of other nations in those
conditions which conduce to cheapness and
excellence of production. This is an
achievement of stupendous Importance.
For, as already said, we have reached a
point i'm our national development at which
nearly our entire large increase of popu-
alton must so into industries other than
agricultural and that makes 1t imperative
chat we be able to compete with other
0untries in the al-controlling factor Of
rice 1t is In the highest degree crafty
ing that we seem to be reaching that TO-
sltion WITHOUT the Intervention of a great
Industrial crash which too easily might
nave proved an inevitable step in the tran
stion
1t now only remains that we find a
lreadth of new markets sufficient for our
nlarging surplus of manufactures. Most
pportunely, the drift OF political events is
Jlacing that essential desldoratum within
ur reach. The events of each successive
avs are making il more certain that the
0,O00000 Of Chinese population are to be
llaced within reach of the Industrial ma
ions. This fact means that 1898 is to be a
Fear distinguished in history as the OPEN
ng of a great new commercial era. For US
& remains that we see to II that no oppor-
unities are lost through our supineness
or gaining our due share in this prospec-
i've new commerce.
Apart from these new prospects. the out
ook for 1895 is full of prom Sc 1t may be |
5afely expected to turn out 70 be a realiza- |
ion Of an expansion Of business for which |