The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-21
BANKER CLEws' VIEWS.
The Financial Outlook as Seen
From Wall street.

From Wall street.
New York, Dec. l9.--Financlally, 1896
win close with highly satisfactory po-
sition of our foreign relations. What may
be the course Of affairs beyond that date
is, of course, largely a matter of conJec-
ture. We may expect some considerable
Increase in our imports of merchandise,
as result of the improved feeling In
trade but 1t Is possible that the uncer-
tainties connected with tariff legislation
may hold that tendency In check for some
months to come. While the imports are
increasing, the exports will naturally be
declining. both in cotton and breadstuffs.
There is however, a good-siZed visible
supply of wheat, which will admit of con-
siderable further exports and at prices
which, with the corn exports, will make
this an important sources of exchange
for the next two months. Ordinarily, .Ae
earlier months of the year are attended
with considerable exports of gold; but,
with probably more than an average sur
p.us OF food products and ample cotton
yet awaiting export, and a creditor bal
ance Of $S5,000O90 carried over from 1896,
IL Is not easy TO see any probability of
IN portant exports Of gold Tor the next
few months. Indeed, IL is rather a ques-
tion whether the situation does not sug-
gest a probability that, befO we have
TO make any shipments OF gold, we may
have some further imports. That must
depend upon the comparI I - rates of In.
terest here and n Europe.
A rise in the rate here, as compared with
London and Berlin, would be very apt TO
bring gold this way. A rise abroad. not
followed by New York, might possibly
produce a renewal Of local purchases Of
foreign bills. and might even cause some
shipments of gold 10 Europe. One fact
is 70 be kept sight of-that our recent
imports of gold have affected London
unfavorably and Berlin quite severely.
Both the Bank Of England and the Reichs-
bank may be expected TO keep their dis
count rate high and use all other means
in order to get back some Of the metal;
but the situation here Is a stubborn one,
and New York Will be much more willing
TO extend credit TO those centers than to
let them have Its gold. One thing is
clear, however, that the present relations
between London and Berlin on one side
and New York on the other are not favor
able to our exporting any securities. For
some time, therefore, the local stock mar
ket must expect to paddle It's own "a
noe" It is not unlikely that Germany
may take some sS,0OO00O OF gold from ua
next week. II so, II will be for a neces-
sary shipment by the Reichsbank to the
Bank Of Russia, and Is therefore a wholly
exceptional operation and will signify
nothing as TO any general tendency.
AT the moment. the most sensitive eie-
ment IN the stock market is the situation
OF affairs in Cuba. The feeling In wall
street, as well as in business circles gen.
orally, Is very strongly against the United
states committing Itself unnecessarily 70
any serious complications with Spain. The
paramount sentiment Is that congress viii
not be serving the best interests or this
country by plunging Il into a war. Such
a siruggle would not bring TO US any credit