The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-08-15
BANKER CLEWa' VIEWS.
The Financial Outlook as Seen From
Wall street.

Wall street.
NEW York, Aug. 13.-The stock market
has had several influences to contend
against which could not have been toreseen,
viz: Reports OF damage to the corn crop,
unfavorable rumors concerning the Read
ing deal and further shipments of gold.
The latter we're not important, but the time
of year aud our peculiar sensitIveness at
seeing the precious metal flow TO Europe
attach greater Importance 60 these ship
ments than they would otherwise receive.
Unqusstionably there is great deal Of un-
essiness concerning the future Of our cur
rency system both At home and abroad,
which this loss OF gold stimulates At the
same time, there is more alarm than neces-
sary in some quarters, and though the dam
gers are real they are still quite distant.
The very fact that they are better under
stood to-day than ever before ia OF itself an
omen of good. Foreigners who have
been sending back their holdings of
Americans for months past on this account,
have failed entirely in measuring the
change of sentimens toward silver which
has taken place In the United States. They
fail TO appreciate that the power OF the
silver lobby st Washington has received Its
first real rebuke, and that henceforth the
tide of battle between silverites and anti
silvertes ID likely TO be in favor of the lat
ter. Unless all indications fail, the next
congress will witness a more vigorous and
able campaign against existing silver follies
than has yet been seen. 1t Ia shis nope that
the remedy will be applied before the crisis
comes, as well as confidence In our ability
to carry the burden, thai has Induced
American bankers and capitalists 30 pur-
chase and hold the securities which Europe
has sold. 1t was the want OF this oonfi-
dence, as we'll as the unsatisfactory state of
trade and finance abroad, which forced
Europe to sell.
The efforts of the bears 10 force out stocks
by means OF false rumors about the corn
crop were not very successful. All such
rumors were silenced bV the government
report for Aug 1, which showed the con-
dition OF corn 20 be 82.5 per cent, against
81. l per cent. the previous month. In some
sections there has been considerable damage
by drought, especially in Kansas, but later
reports of subsequent rains are more salts
factory. To most observers the August
crop report seems TO have been disappoint-
ment; yet 1t should not be overlooked that
present prices for wheat, corn and cotton
are all due 30 the overproduotion Of last
year. A smaller yield of these staples this
year. provided quality proves fair, Is really
the most fortunate circumstance that could
happen. There is no prospect whatever Of
q shortage CT cotton, corn or wheat. There
Will be surplus enough or each left over TO
meet all possible deficiencies of the coming
season. Had we experienced another year
Of such abundance as last year, there 10 no
telling at what prices the chief farm staples
would have dropped to.
The immediate course OF the market Is
uncertain. In view Of present low prices
and the confidence with which stocks are
held by big capitalists, there would seem to
be room for an advance, particularly as all
the unfavorable influences now visible are
either diminishing in intensity or have
been amply discounted. As the public are
not In the market, any real activity or adj
vance would have to be inaugurated by
some OF the big leaders who have not yet
manifested any disposition Of this sort. One
or two attempts were made in the indus
trials and few special stocks; but their
success has not yet tempted any imitators.
Possibly, the fact that there is an outstand
ing short interest of some consequence dis-
cournges operations the bull side; though
in case Of q genuine ball market this would
be an element OF strength. Upon the whole.
the situation is not au uLfavorable one
but until the legality Of the coal combine Is
decided and other tendencies become more
settled speculative operations will have to
be conducted with caution.