The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-04-10
BANKER cLEws' VIEWS.
The Financial Outlook as Seen From
wall street.


New York April S.-During the past
week, there has been an erratic change in
the general aspect of affairs in Wan street.
IN every respect the situation is an extra
ordinary one; and il has aspects which,
taken altogether, produce a speculative
spirits Of extraordinary vigOr. The gen
erdi run of experience has been that. after
an unusual rise IN the prices of securi-
t,es the controlling speculative interests
would sell out and use their influence TO
precipitate a material decline. In the
present campaign, We have mad a reversal
of that experience. 1t is true there has
recently been extensive realizing and not a
little effort to break down prices, and that
by some of the shrewdest operators. But,
for once, there has been an exception to
the almost universal rule. Though the
selling and the bearing have been very
active, prices have scarcely yielded to
what might have been expected under the
circumstances; the market throughout has
exhibited considerable bottom strength
This has been maintained too in the face
of quite stringent and rigid discrimina-
ton in collateral securities money market
caused by decline in the legal reserves of
the banks and of higher rates in foreign
exchange.
1t is not generally fully realized TO what
en- extent the business of the country was
held IN restraint by the grave uncertain
ties created by the silver agitation from
the year 1893 10 the end of 1897. Capital was
alarmed and refused to go into permanent
investment until there was some certainty
as TO what should be the future value of
the dollar. The consequent absence of new
enterprises was of itself an important
source OF industrial depression. In all di-
recuons, there was a contraction of con-
ed; few industrial enterprises were start
edi industrial plant was allowed to run
on without needed repairs and with few
extensions; the same rule applied to pub
lie works generally; the railroads and ship
ping deferred outays for repairs and re-
placements; Congress and the legislatures
were compelled 10 restrain public OUTLAWS
within the narrowest limits possible; and
besides these influences tending to the
contraction of trade, financial institutions
We're moved by apprehension TO restrict
their credit operations within the narrow
est limits
Thus, for five years, the business of the
whole country was held in a state of vir-
tual paralysis. For that period, the ordi-
nary wants of seventy millions of people
were only partially supplied; and in that
way a vast accumulation of unsatisfied
requirements was postponed until public
commence was restored. Ihat restoration
set in with the defeat of the silver candi-
date of 1896 and the election of a sound
money President Then came a year of
abundant crops, with the restoration of
prosperity and good feeling in the agri-
cultural West and South
The tirmness of the money market Is to
be regarded as, on the whole, a healthy
symptom as il Is an evidence of business
activity. Before the expiration of this
month certain operations requiring large
transfers of funds however, will be out
of the way, after which there is nothing
in sight to prevent a steady and compare
lively easy state of the loan market until
next fall