The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-02
HENRY CLENNS' VIEWS.
The New Tnri1 Hill and the Business
situation Discussed


situation Discussed.
New York, July Sl.-The tariff bill mas
become law, congress has dispersed, and
many important opera tors have responded
by week of realizing. To the initia led
this result was not unexpected. They had
discounted both events in advance, and
the moment of consummation was for
them the Time for selling. The conse-
quence has been that, during the past
week, a large amount of stocks have
changed from large speculative holders to
investment buyers hands. London also
has been a seller, for reasons which mere
had not been expected to have any infiu-
ence. We have had many intimations that
the London exchange and British investors
attach more Importance than ourselves to
currency legislation as an element affect
ing the value OF our securities and be-
cause the Senate deferred immediate ac-
ton on the Presidents request for author
tty to appoint currency commission,
mainly because the members were anxious
TO go home Tor their summer vacation.
London has thrown considerable amount
of stocks upon this market, as an evil
dence of disappointment in reference
thereto.
Many of those VINO have sold out during
the last few days may be expected to APP
pear as an element in the bear contingent
until they are able to get back their stocks
at a lower range of prices. For a brief
period, therefore, we are likely TO have
bellGerent market, with some Irregular
.ty in prices; which, though it may be
unwelcome to sanguine operators, will act
as a wholesome test and conduce to ac-
tiyity in transactions. At The moment,
there are influences calculated to encour-
age those who are DESTROYS of buying at
a concession in prices The effect of the
adverse turn in the weather upon har-
vest prospects and on the corn and cotton
crops naturally produces some hesitation,
the more SO because the outs find it to
their interest to exagserate the impor-
lance of those adverse conditions. Under
all the circumstances, therefore, the in
duences of the moment seem to incline to-
wards a temporary halt in the upward
movement of prices.
This, however, is to be regarded as only
a passing cloud All the conditions that
have been for several weeks contributing
towards a permanent rise in prices are
still in full force and must inevitably re-
assert themselves after this brief halt. AS
to crop prospects, two things become more
certain as the season develops; first, that
our wheat crop is likely to prove one OF
the largest ever raised; and next, that the
foreign deficiencies of wheat supply are
extraordinarily important These factors
now seem to be established beyond any
possibility of change by later reports. The
prospects as to corn are less developed
than those relating to wheat At the mo-
ment, either large crop or deficient one
may be considered possible; but there is
a hopeful probability that the present dis
turbed atmospheric conditions may be
followed by a run of weather favorable TO
the maturing of the crop.
These agricu. lural conditions mean, in
the first place, a large increase in the earn
ings of the railroads, which may be expect
ed to appear from this time forward In
the next place, we may reasonably expect
an unprecedented export of agricultural
products, the increase applying to values
as well as to quantity. The relatively high
price of wheat together with the eXtraord-
mary volume of surplus home supply, will
have very important bearing upon the
current Of our foreign trade. To this
must also be added the export of an i'm
mense cotton crop. The outward move
ment in these two great staples gives
certainty of year of extraordinary exports,
On the other hand it is to be taken into
the account that the imports promise to
be relatively light. How far the advance
in duties, under the new tariff. will eX-
clude foreign goods remains TO be proved;
it cannot fail to have some appreciable in
huence in that direction. But it is al
ready an accomplished fact that fully
$780, coo worth of merchandise has been
imported in advance of the wants of the
next twelve months; and what is of special
Importance in this connection is the fact
that large portion of those imports have
been already paid for, so that their effect
upon the foreign exchanges is a thing of
the past II is plain that these conditions
lay the basis for an extraordinary foreign
trade balance i'm our favor during the crop
year upon which we have entered
The probabilities thus point to an unus-
ually important import of gold. And al
though we may not be in any real need
of an increase in our stock of the metal,
yea its possession will have very valuable
effects. 1t will give rs continuous ease
in the money market by replenishng the
reserves of the banks; and, should t-c
banks be- disposed to voluntarily transfer
portion of their gold to the treasury. IL
will also strengthen the metallic reserves
of the government. In any event. pending
the earnest attention that is being direct
ed towards the condition Of our currency
system, II can only have Il highly benefi-
cial effect, both at home and abroad to
see the nations gold stock rising towards
the foremost rank in the world, and that
by a purely normal process. All this in
eVitably means restoration of confidence.
commercial ana financial, that will carry
US into a condition of great national pros
perlty. What this means for our various
forms of corporate investment hardy
needs to be said Nothing can prevent
vance in securities SURPRISING anything
that Wall street, in its still conservative
mood is as yet calculating upon.