The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-21
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall street.


New York. Oct. 19,-WaH street remains
dull and devoid of speculative interest.
The situation affords little to attract out
side interest. and trasactions are chiefly
confined to the professionals. The mar
ket, however, still shows considerable in
herent strength in the absence or any
important realizing on long stock.
Some uneasiness has been caused by
return or nrmness in foreign exchange.
The imports continue large. and the al
Vances IN cotton and wheat tend to limit
the exports and consequently to keep down
the supply of commercial exchange There
IS also some disappointment at the course
OF the local money market, for in sp.le
OF the still large drain of currency to the
interior the rate of interest keeps low
rms latter feature is discOuraging to the
nope that the foreign exchanges might
be eased by relatively higher rates of in
terest here that prevail in Europe An
other undesirable feature has been the re-
turn OF stocks from London: that how
ever; Is not positively discouraging fact
as there is steady outflow of bonds to an
extent which about Offsets the reffux of
shares These facts tend to neutralize
the hope that the course of the foreign
exchanges would prove to be steadily
DOWNWARD and would ultimately reach a
point admitting of the Importation of gold
Though not calculated TO excite any i'm
medlate distrust, this drift brings another
cloud over the prospects of the next tnre.
months, on which considerable hone had
oeen built; Meantime there is stin ar
absence OF definite indications as 10
means
likely to be early devised for strengthe-,-
ing the treasury against the next deman:
LOT goia Tor export. 1t is to be kept in
mind, however, that the hghtness Of the
exports OF produce means nothing more
than a postponement of that movenent
Inc higher prices for cotton and whea;
give value to those resources greater
than that of last years supplies: ann
the fact that they are now being Withheld
from Shipment only means that they will
70 out IN correspondingly larger volumes
ar a later stage. Moreover the longer o11r
holders of produce refuse to sell. the
greater becomes the difficulty Of mafptain
ing market prices; so that tho bioctat,
OF exports may be trusted to work lis
own cure. WIN ~"
The most stubborn factor in the foreien
trade situation is the largeness If H.
imports For the month of Snpton,be-
the arrivals of foreign merchandise SHOW;
an increase over 1885, Of S146o9 OlO ~, %
per cent; and for the first rine rnonf1s
o. me current calendar year the Increase
n nas peeh $yISQV0, or nearly % pc~ cent.
IN Tue olner hand, the exports of NOR
ehandlse are almost Identical (both Tor
SgeptemDer ana the nine months) with
nose OF the same time of last year. Thus
ne course OF our foreign trade since
Jan. J. 1895, has been S97. 500 0O) less "a
NSFaole than 1t was for the same Deriod
~ ~ 1888, IN these nine months of 1894
me me exports exceeded the imports bv S73
OOOOJO: It's year the imports exceed Tho
exports by SS,OOOOO0. Contemporanco uSlv
49, 80 ~ Ih oo net exports of gold amounted
70 3f5uOO0O, while this year they have
heen $43, 100000. The circumstance tbst
me net export of gold has been so much
less TINS year than last, notwithstand-
cnandlse imports in 1895 is to be explains
chlefy from the fact that since Febr1Iarv
last we have been able to make a net
SlOOW0O0. The latter movement now
ever, mss now fallen to small dimensions
TOW Iar we may hope to place our Sc
G r1l,l.s abroad during the next few
months must depend principally n unon
What may be forthcoming in respect TO
the treasury gold problem. and ~ up9n
Ihe outcome of the 'Kaffir" craze in Lon
' uUil anq farls As to the former all is
uncertainty. As to the "Kahir Circus .
nothing is more certain than il must
come down with terrific crash and that
At no very distant period. This weeks
mas peen surmounted without serious dis
IurDance; but solely through adroit
financing OF the most desperate charac-
yer. me whole speculation rests upon
me cardboard foundation of one daring
adVenturer, whose almost sole resource
IS the wind by which he has succeeded in
lhnatlng to the last point of tension hun
dreds of millions of issues mostly davoi1
of any intrinsic value. There is no solid
capitalist interest behind the sDeculation
10 sustain ii when the point of collanse
mas been reached; and meantime the
process OF diStruSt and realizing is push
ing affairs towards the crisis, The end
therefore is likely TO be sharp and sud
den and must develop into a great SEN
S S,b II IS not easy to, see, however,
why 1t should severely or lengthy affect
more solid interests or more substantial
securities. The coming break down has
been anticipated and no doubt in a meas
ure provided against and when the end
arrives the first feeling will be that az
relief, and the next that of disposition
to consider what issues of a bona fide
88hharacter are deserving of attention.
when that point has been reached
Americans will have their chance of re-
celVlng better consideration.