The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-06-01
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

New York May 29.-Wall street is stin
held in complete suspense by the excite
ment and uncertainty attending the APP
proach of the political conventions. The
market is entirely in the hands of the
professional operators. who under such
circumstances find selling most congenial.
so that the predominant tendency is to-
wards a slow decline in prices. Outside
these political conditions, influences are on
the whole favorable. 1t is true, the ox-
port of gold continues; but Wall street has
not taken that factor very seriously, and
there are indications that the movement
VIII soon come to an end. There is also az
absence of return of securities from Eu-
rope which is rather remarkable consid-
erlng the agitation of the free coinage is
sue IN the elections The railroads also
are doing well. Managers generally re.
port good business and encouragins
prospects, and are making liberal provis-
ion for accommodating the coming crop
movements. The earnings make a GOOD
showing compared with last year which
IS the more gratifying as a year ago the
business was upon an increasing scale. In
the mercantile business, the conditions are
varied, some trades reporting a fair move
ment but at low prices, whilst others are
full of complaint The dry goods distrib-
utors especially find it difficult to move off
their seasons stocks and have to adap,
and a slow demand.
The early adjournment of congress will
nave somewhat of an assuring effect
upon confidence. 1t will mean an end to
lnterferences in the Cuban and Vene-
zuelan questions; to disturbing silver
schemes, and to virtual repudiator res
buttons for preventing the government
from protecting its notes by borrowing
golq, and thereby precipitating the silver
Al the same time, it will require the
most jealous oversight over the caliber
81 the men who are to be put in nominal
tlon FOR congressional functions. At the
next session some of the most important
problems will be pressed for solution that
nave ever occupied the attention of con-
gress and no effort should be spared 10
secure the nomination of candidates who
not only have competent understand
ing of financial question, but also can
money principles. The undeniabe revival
of silverism, as shown by the political
symptoms of the hour. has naturally in
creased the solicitude of reflective men
about the future of monetary readjust-
ment. 1t is becoming more evident that
the settlement of this entire problem is
not likely TO be effected by any one bill
or at any one session of congress The
large general question involves subsid-
larry parts, upon each one of which there
are likely to be wide differences of opin-
ion, and which also will require separate
The first branch of the general issua
to be disposed of must be the future
position of silver. The nature Of the coin
standard is a matter so fundamental
tndt all OlneI money legislation must
depend upon what is done in respect TO
that question. Upon the action in respect
TO silver must largely depend what IS
possible or what is probable in respect to
other branches of treatment
After silver, would naturally come the
legal tender problem. This may be found
a much more difficult question than it
is now supposed to be. Although it may
be assumed that, as a rule, the eastern
Sound money sentiment faVOrs the
withdrawal of these notes, yet il is NOT
to be overlooked that, even in tha sec
ton, there is an attachment TO this form
of money that would raise obs tacles to
q complete retirement of the notes. or at
least would demand that their extinction
should be accomplished through a very
slow process. AS to the south and the
west the old greenback faction and the
likely to present a stubborn opposition
10 any sort of interference with the
notes. The silverites, also, so far as they
are inhauonists, may be expected to re
s.st any Withdrawals of paper circula-
ton; the more so as they are aware
that, as free coinage would mean a de-
precia ton of all paper money, a larger
volume of circulation would be needed
under a silve3 regime. 1t Is thus clear
that the treatment of the legal tender