The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-25
weekly Market Review.

F1nance-The feature of the week has
been the large Withdrawals of gold for
export, thus reducing the reserve TO a
| point causing alarm in financial circles.
The causes of the continued drain are
numerous, and would seem to be almost
! irresistible. The balance of trade is
| against us, instead of being as it should
be enormously in our favor. Our people
Will persist in buying from Europe many
articles which could just as well be
bought at home. We have besides to pay
many millions of interest on European
capital invested here. In addition, per-
haps as many millions are annually taken
over by tourists and others who are eager
to spend abroad the money the product
iveneSs of this country yields. And final
ly of recent years many millions are an
nually paid to Europe by multi-million-
aire families as dowries to matrimonial
All this goes to show that while Amer
lea is the wealthieSt country on the globe
In point of resources, the benefit of it,
through the persistent foolishness or van
ity of our people goes to Europe. In other
words, America simply makes the money
for Europe to enjoy.
Even this, however might be over
come to some extent, If Europe felt as
sured that we could be relied on to MAIN
tain what they regard an honest policy
in regard to our currency. That is, if
investors over there felt secure, they
would be willing to let us owe them, ed
allow the money to remain here pro-
ductiVely employed; then the drain would
cease. But If the uneasiness increases
it can only result in the wholesale with
drawal of principal as well as interest;
and the magnitude of the effect of such
action upon cur financial condition cam
not easily be imagined.
Furthermore, there is some uneasiness
on the subject by our own people, causing
gold to be boarded. This means that
gold is already the more valuable money
whether quoted at a premium or not.
Hence, under such circumstances, any eff
fort of the government to maintain the re-
serve is merely indefinite temporizing at
best Apparently the only remedy is
lative action.
Chiefly owing to the gold shipments
stocks in New York have been duh and
heavy for about everything. The bears in
the industrial list have awaited of the op-
portunity to depress these issues, especial
ly, by renewing the talk of legal entangle-
ments outside competition. etc. Mean
while the leading trusts, such as sugar
and tobacco, go right on paying their an
nual u per cent. dividend, and are quite
likely to continue so doing, talk to the
contrary Notwithstanding.
Cotton-Speculation has been fairly ac-
tive, and although about the middle of the
week prices were depressed to the lowest
point, yet reached since the advance, that
is to SO3c for January in New York a de-
cided improvement followed, and at the
close the feeling is distinctly firmer, about
80 points above the lowest, and % points
net advance for the week. The gain is due
to the strength and activity of Liverpool,
where the spot sales have been large; slim
movement falling short of all estimates,
and with similar indications for the new
week.
New York still acts bearishly, making
but a niggardly response to Liverpoors
lead; believing, or affecting to believe that
the crop is larger than currently estimat-
ed This bearishness of New York is seen
from the fact that during the past month
or two prices there have lost about 30
points as compared with Liverpool.
1t is probable that this crop has been
marketed more rapidly than any crop of
recent years, producers having been anx-
ious to get the benefit of prices so much
higher than expected when the crop was
planted. If this view proves correct,
prices will move upward as those who
now doubt its accuracy become convinced
of their error.
Wheat-Receipts continue large at
spring wheat centers, but a heavy falling
off in deliveries from first hands is an
nounced. The visible supply, however,
piles up and the market was dull and
heavy almost all the week December
reaching the low point of 55%c. Towards
the close firmer tone set in, and prices
recovered l2c. closing with a healthier
feeling, giving some grounds to hope that
we may be near the long expected turning
point.
Exports are fairly liberal. probably
above the proportion, which our crop as
a whole would Justify. The new winter
crop is backward, in poor condition gen
orally, and also on a materially reduced
acreage.
The situation is such that the appear
mand would result in a rapid and ma
terial advance, and it is difficult 10 see
what could happen to cause any further
considerable recession in prices