The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-07-20
BANKER CLEWs, VIEWS.
What He Has to Say About the Money
Market.

MhTRtIs
NEW York, July 1S.-The stock ex-
change moves along sluggishly, with its
daily sales of about 1907 shares, one day
favoring the "buls" and next the bears, -
but with no fixed tendency either-one way
or the other. Only one thing remains
tixed-the predominant conviction that
stocks are intrinsically worth the prices at
which they are how held. This estimate
protects the market against the attacks of
the room traders, but it does not elicit any
outside buying. 1t may possibly prove TO
be the basis of n buying movement at some
later stage, but at presents its benefit to the
market is rather negative than positive.
In the absence of influences nearer to
hand, Wall street has followed with some
interest the extraordinary court inter-
changes that have just closed in Great Brit
ian. Whatever may be calculated to affect
International politics in Europe has, at the
special time, ali unusually direct bearing
upon financial interests Europe is now in
state of armed peace. The leading ma
tions have divided themselves into two hos
tile camps, eacn side equipped for conflict
and waiting only the accident that shall
precipitate one Of the greatest struggles of
modern times. Under such state Of
things and Immediately subsequent TO the
renewal OF the driebund, it is an incident of
nv olAlull importance LDhJ Emperor w Ill
lam should become the guest of Great Bri-
tain and receive from that country extraor-
dinary expressions not only of national
regard but also of court attachment. The
| event is no mere exchange of imperial
FAMILY courtesles. no mere excursion for
the qualification of the ambitions of a Young
ana adventurous emperor. Coming, as 1t
does, contemporaneously with "A perpetua-
| tion of the offensive and defensive alliance
hat (laprttnpxy i
Italy as aga nst Russia and France, the en-
| peror's visit must be regarded as a virtual
declaration of at least England's sympathy
| with the driebund, and as implying
that she has interests which run
parallel with those of the triple alliance,
and which she would find it to her welfare
| to protect in the event of their being en-
| dangered from any threatened ascendancy
OF Russia and France over their triple oppo-
nents. Although the secrets Of the dlplo-
matte conferences of last week at London
may not be divulged yet Europe will hence
| forth regard the driebund as virtually
| backed, at least under certain contingencies,
by the moral and physical force of
| Great Britain. This is a change Of profound
| Importance III the situation Of European
politics. It places Russia and France at
snch an overwhelming disadvantage as tC
| virtually bind over those countries to keep
| the peace, on penalty Of utter discontinue
| IL would be an inestimable blessing should
| this new situation merely protect Europe
against the horrors Of a long>impendine
war; but IL is not impossible that a COM
bination so overwhelmingly powerful may
also make it possible to bring about q reduc
tion Of the costly ornaments that are nov
destructively draining Europe Of Us re
sources; or, in any event, constan
increase of armaments will become the les
necessary.
1t would seem reasonable TO antciuat
that, after the first natural expressions o
chagrin and retaliation from Russia anC
France, the political situation of Europ,
will assume a more settled and pacific
aspect. Public opinion is likely to conclude
that new guarantees for an enduring peace
have been won; and that assumption will
remove the most powerful obstacle tha
now exists to confidence in financial affairs
| The cause that above all others has crippled
! the larger movements Of enterprise anC
has induced the European kings Of finance
| to hold their resources within ready
reach has been the fear that each
recurring spring might find the leading
! powers in the throes OF q great European
conflict. Whatever abates that paralyzinI
fear makes for confidence in financial cir
cles, and for the achievement Of the politi
cal and economic reforms that are nov
pressing upon every European government
| II these inferences are reasonable it IL per
missible to hope that the events of the las
few days may infuse into European finance
new confidence and check the discourage
ments which the disasters of last fall have
spread over every branch of enterprise II
every transatlantic center OF finance ant
| commerce.
Such a result would bring direct advau
tages to this country. All that is needed tC
give full effect to the benefits of our abund
ant harvest is q restoration of confidence il
the countries with which we have com
mercial intercourse 1t would mean better
foreign markets and better prices for oul
grain. as well as for all other exportabl'
products.
The home influences affecting the stocl
| market show no material changes. NJ
variations in the wheat crop have arisen tC
modify the original estimates of output
The railroads maintain their late rate Of
earnings. Money continues to flow hithel
from the interior, though in lighter volume
and the banks keep up their reserves al
about double the surplus of the last two
years; while the exports of geld seem &c
nave virtually ceased. To this extent the
situation is favorable to a recovery oi
activity at later stage.
SOLD SOLE OF HER SKIN FOR 500