The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-27
BANKER CLEWs' VIEWS.
The Financial Outlook as Seen From
Wall Street.


New York Dec 24-In its general as
poets, business at the stock exchange does
not vary materially from the conditions
existing since the late upward turn in
prices. Some prominent operators, whose
buying started that recovery, seem to have
realized their profits and are now operat-
ing in a transient off and on sort of way
but no longer constitute a persistent bull
element The market is therefore depend
ent mainly upon lis intrinsic strength back
ed by the moderate buying of a bullish
outside contingent and the expectation of
the rise that usually attends the distrbu-
ton of investment earnings AT the open
ing of the year.
The continued fall in prices has made it
possible to export variety of articles for
which we have hitherto been unable to find
a foreign outlet; and this, with other con-
ditions, foreshadows the full main tenance
or the increase in exports of manufactures
which has been steadily gaining for the
last two or three years. The value of this
lies not merely in our gaining new sources
of trade but equally in the relief which is
afforded to our congested home markets.
and the consequent better opportunity for
the realization of industrial profit. 1t is not
easy to overestimate the Importance of
THIS growth in our export trade The total
foreign shipments of merchandise for the
last eleven months exceed those of the
same period of 1896 by $4,000 900 and Of 1896
by $242, 100000. This gain has been largely
due to our extraordinary shipment of
breadstuffs; but, judging from the fact
that our winter wheat acreage sown this
year is estimated to exceed last years by
per cent, while the European acreage is
reported to be under that of 1896 there
seems to be a probability that next year
also we may have large surplus of wheat
for export Thus, SO far as the business of
next year may depend upon our export
trade, the outlook for business in 1898 is
most hopeful
The operations of the railroads continue
to exhibit an extraordinary increase of
earnings. The gross traffic receipts of 131
roads for November show an average in
crease of 20 per cent over those of 1896
For the first eleven months of the year, 12i
roads show an increase of $50 500. 900: dur
ing the first half of the period however,
the earnings showed but slight increases.
so that most of the gain has been made
within the last six months. Although there
mas recently been some considerable irreg-
ularlty in rates, the increase on net earn
ings has been in a higher ratio than on
gross. For the month of October, 1870 roads
show gain in net earnings averaging g AZ
per cent, and in gross of only Z per cent.
For the first ten months of the year. the
net business of 11S roads shows an increase
OF liz per cent, whilst the gain in the
gross earnings was only so per cent. This
is a very satisfactory exhibit and evidences
improved management in this class of in
vestments.
The opening of congress has had little
visible effect upon the interests represent
ed in Wall street. Little new an policies
was expected and little has appeared. The
common expectation was that the Presi-
dent would announce a strictly business
policy; and that is just what he has given.
much to The satisfaction of the people at
large, who above everything want rest
from disturbing political agitations. The
general purpose of the Presidents finan-
cial policy, and especially his declarations
in favor of the maintenance of the gold
standard, have awakened a responsive
chord among the conservative eIasses. at
large and also hepled confidence in our
prospects abroad. The intense hostility of
the silver element in congress 20 this fea-
ture of the message is a measure of he
estimate placed upon the sound money pol
icy of Mr.. Mckinley. He has made himself
a center around which the conservative
sentiment of the country may safely rally:
which is an important gain towards the
procurement of some measure of currency
reform.