The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-19
BANKER CLEws' VIEWS.
The Financial Outlook as Seen
From Wall street.

From Wall street.
New York, Oct. l7.-Since our advices of
last week, we have had another upward
squirt in the market for securities, with an
advance Of to 3 points. Partly, it has
been the result Of the active revival of gold
Imports. The amount now on the Attain
tic. though not exactly known, is est.ma-
ted to be at least eight millions, and
among foreign bankers it is expected that
next week arrangements will be made for
the shipment OF eight millions more; which
would make the total sum received and
to be received, from the time the move
ment set in, about seventy millions. At
what figure the movement may end ii is
not easy to estimate; opinion incline to
the probability Of eighty millions, and
some entertain more sangu.ne eXpecta-
tons. So far, there is no sign Of any
abatement in the supply of export bills.
The September exports of merchandise
from all ports including silver and it's
ores, show an increase over last year of
80, 10000; while the imports are less by
Sl4,5O0000; which makes the trade balance
for last month $i6.9J0O00 more in our favor
than 1t was a year ago; and. including
the silver movement, gives an excess of
exports over imports amounting to $780,
O03,VD0. These figures, following similar
condition Of trade balance during the two
preceding months, sufficiently explain the
large influx of the yellow metal.
Much surprise was felt at the Bank Of
England not advancing its rate of dis
count to S19 or per cent, as had been
confidently expected, both here and in
London; the more so as the bank lost
q, 10000 Of its gold during the week, and is
presumably aware that $10000OO0 more gold
is likely to be sent hither next week. 1t
seems as though the managers were will
ing to let the pressure of the specie drain
have its full effect, in order to produce an
impression on the London market that
may tend to check the gold outflow and
force relief through lower prices for Sc
curites. 1t is remarkable, however, that
so far no relief has come to the London
pressure through the return of our secu-
tiles. From the beginning of the large
drain London has been quite as much a
buyer of our stocks as a seller. 1t has
responded closely to the successive recov-
cries in prices on this market, and, like
our own people, seem to have confidence
in the outcome of the election and in the
choice of Mr.. Mckinley introducing an
era of higher prices This confidence is
natural enough when it is considered that
the amount of American stock floating on
the London market is now exceptionally
low, and that a great rise in our invest
ments is expected to follow the overthrow
of the silver agitation.
In the meantime, the course of our for
eign trade relations is in the highest de-
gree encouraging. Sterling exchange is at
4S2 for 60-day bills and the Bank Of Eng
land apparently deems it hopeless to check
the consequent outflow of gold to this
country by advancing its rate of interest.
Export orders for our food products are
greater than we can provide freight room
for from now up to next March. The esti-
mated deficiency of 1OO,0O0,O0 bushels in
the worlds wheat crop will have to be
| supplied largely from this country, and
| the consequent rapid advance in the price
| Of wheat is causing an extraordinary de-
| mand for our Indian coma demand
which is likely to be hereafter continued
| when it has thus been extensively used
| by European consumers. Europe is saying
to US, I'VE will take all the food supplies
| you can send us, but while your money
| basis is in doubt we don't want anything
| you print" We are expecting to give 70
our foreign critics assurances on this
| point which, within twenty days, will
| compel their congratulations as well as
command their confidence. SO that they
will not only buy our food staples, but in
| vest in our enterprises.
| The stock market shows less activity
| than might be expected from the impend-
| ing possibilities of higher prices following
! the election. The reasons for this do not
| need much explanation. In the first
| place, owing to the past severe depression
of business and the condition of the mon
| ey market. there are few outsiders who
| have the means for buying on specula ton.
| In the next place, the hard and perilous
| times have crushed the speculative spir.
| and made men unusually conservative
| and timid. Again, many of those who
have both the courage and the means to
| seek fortune under the present extraor-
! binary conditions have already laid up all
| the stock it is at present convenient Or
! prudent to carry and are content to wait
with their present load until after the
| election. Again. there is in Wall streer,
as elsewhere a singular uniformity OF
feeling to defer operations until after the
Bird of November. And, perhaps as i'm
| portant as all these causes put together,
| the terms for time loans on stock colia;-
| eral are almost prohibitory, which OBJ
structs operations in stocks which con-
template the possibility of carrying the
securities for weeks or months. salts
factory outcome Of the election, however,
will dissipate all such obstacles and Wah
street will then resume its normal activ-
| ity.