The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-05
BANKER CLEWs, yraTs
The Financial Outlook as Seen From
Wall Street.

Wall Street.
New YORK, Dec. 3.-During the week.
We have had the first clear indication OF
what the Brussels conference is likely to
prove willing to do toward settling the sill
YER problem. Alfred de Rothschild's
proposals that, for each of the next i've
years, the European governments shall COL
tectIvely buy Fl, O00, 600 worth OF silver at
. maximum prics Of 43 pence per ounce and
that the United States shall for the same
period continue TO buy 81. 000, 900 ounces,
may perhaps be taken as q test, but proba-
bly, not the full measure of what Europe is
At present disposed to do. / take it that the
United States will not be found willing TO
oestow any serious consideration
on this simple proposal, without ma
ser1al amendments. On its face,
she scheme 10 an attempt TO saddle the
United States with the responsibility OF
taking, for the next five years, twice as
much silver for monetary use as all Europe
chat. after having thus added 270,-
900 900 ounces to our stock of silver
and In much larger measure increased
the amount of legal tender notes
payable in gold or silver, there will be the
same absence OF any concerted protection
tor silver as there is at this moment. whilst
its depreciation will then be subject to a
uoW AAhPCbun. ~ Qo IeObueCuliu AuSlslS
upon standing on his very limited PROPOSE
ton he could not have undertaken to devise
this country a method Of deliberate finan-
oial suicide, which would at the same time
afford Europe an opportunity of becoming
the SUCCESSORS to our large stock of gold, he
could not have suggested plan more GER
tain Of such refusals. All such petty ex-
pedients are but a mockery of the
large and serious demands arising out of
the present position Of silver. The
foreign powers cannot be too soon given to
understand that the United States sue for
no favors in this matter. They regard
themselves as being, in common with all
the great nations, exposed TO serious dan
gers from the depreciation of silver; and
they are willing to take their just quota of
responsibility in any common feasible effort
TO restore the metal to a stable status; but
beyond that limit of commitment they will
decline to go; aud IL for fifteen years, they
have ventured TO fight the decline OF silver
single-hsnded, they regard that rather as a
reason why they should in future be ex-
pected TO do less to arrest the depreciation
than as aHording ground for making In
creased demands upon them. 1t looks very
much as though the result of the conference
might be to leave US no alternative but to
immediately suspend all government pur>
chases of silver and put In force such means
as lie within our power to accumulate gold
In order the better TO maintain the value of
the silver money we already have That
being done. we shall be safe; and Europe
may then be disposed to undertake the
radical and only sure method of dealing
with the question which they now are
maneuvering to evade.
THE SILVER CONFERENCE.
The effect Of the silver conference upon
values is somewhat unsettling, because it
arouses public attention to dangers which
have long been realized by only very
few. In reality, this agitation should tend
to restore confidence; for once the dangers
are fairly realized, the remedy will be the
sooner applied. As the movement for stop
page or government purchases OF silver is
likely to be led by Senator Sherman him
self, the outlook in this direction ia more
encouraging, AT the moment Wall street
Is more disturbed at the prospects of gold
exports than any other single influence.
Foreign exchange remains firm, owing to
the relative scarcity of grain and cotton
bills and. as Europe still refuses to buy our
stocks and bonds, there is also an absence OF
security bills. Meanwhile money rules
easy. owing to the enormous expansion of
silver currency, consequently Europe finds
IL easier TO draw upon US for gold. While
there is no occasion for immediate alarm
over gold exports, exceptional as they are
at THE asasoo, still 10 Is impossible to re-
Another factor of uncertainty is
the early opening Of congress with all its at
tendant agitations. Business men have an
unusually unsettled period in prospect, and
with all sorts OF tariff changers and discus
sions to be met, they are likely TO remain in
very conservative mood. Then, too, rail
road earnings are not so satisfactory as
few months ago, and this deprives the mar
ket OF the support it has had from that
means. The oHly supporting features are
the generally sound condition Of the mer-
camille, industrial and railroad affairs, and
the fact that unusually large amounts for
dividends viii be distributed next month,
whioa ought to develop good investment
demand for desirable stocks and bonds.
Speculation in the industrials have been
active, but operations in these have been
largely of an artificial character, and rail-
road securities were influenced but slightly
by their movements. Concerning the fut-
ure We can only renew our advice Of eau
ton; buying on the breaks and selling upon
all good rallies