The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-04
BANKER CLEWS' VIEWS.
The Financial Outlook as Seen From
Wall Street,

New York, Jan. 2.-The last week of the
year closed with a steady and confident
feeling in Wall street The chief events
of the week have been the western bank
failurs and the more hopeful aspect of
the Cuban situation. In well informed
quarters, the bank troubles are not re-
garded as warranting unsettling infer
ences as to the condition of the western
banks at large.
The Cuban situation, to all appearance,
seems to be entering upon a more hope
full phase. Although many reports have
been circulated, more or less definite, the
precise nature of the relations between the
state department and Spain do not appear
to have yet been explained Sufficient,
however, has been directly or indirectly
admitted by Secretary Olney to leave no
doubt that negotiations are pending for
bringing the Spanish government and the
Cuban leaders into pacific conference,
through the medium of the United States;
which is a very hopeful sign of an early
settlement of the troubles between Spain
and her colony.
In this respect, the business of 1897
opens with much more encouraging aus
pices than existed a year ago. In other
ways, also, the prospect has greatly i'm
proved. The silver ghost no longer haunts
us. The earnestness with which the
House of Representatives is taking up the
reason for hoping that in those much de-
ranged branches of our finance some anne
liorations may be effected; and the more
so because the business interests will
bring a very strong pressure to bear upon
congress for bringing about currency re-
forms.
It is also to be kept in mind that the
now strengthened position Of the treasury
gold reserve is calculated to have an en-
couraging effect upon public confidence.
The large mportations Of gold during the
recent months have enabled the govern
ment to raise the reserve $37, 100000 above
the $lO0 900 mark, and the local banks
are holding fully their average stocks Of
gold. The amount of foreign bills of eX-
change held in this city will probably
more than suffice to settle the adverse for
egn balance which generally accumulates
during the first three or four months Of
the year; so that there is little prospect
of the treasury being drawn upon for gold
expectation. Virtually, therefore, it may
be considered that the treasury gold re-
serve is likely TO be kept above the legal
limit throughout 1897. In the meantime,
there is a favorable chance for arrange
ments being accomplished, either by con-
gress or through an unders landing be-
tween the government and the banks by
which the treasury will in future be shield
ed against foreign drains upon its reserve
of gold. These facts, showing such an
unusual measure of exemption from de-
pendence upon foreign finance are of the
utmost consequence TO the recovery Of
business during the year upon which we
have now entered. 1t has taken us three
fun years to realize this independence:
but. now that it has come. we may in
dulge some pride over the achievement.
There is another achievement of the
wear which should afford us no little salts
faction We have been clearing the deck
of our corporate insolvencles. During
the year, six large and many smaller