San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-12-08
british bANkHRS
Do Not Relish Financial
recommendations
OF MKlNLEYS MESSAGE, BUT
THE BIMETALISTS REGARD
1T HOPEFULLY.
The Message Will Strengthen Amer
icat Securities Abroad According
To Barring Bros, But Not Ac-
cOriing To J. P. Morgan
And Company.


the World from London says:
Lord Revelstroke, head of the bank
ing firm of Barring Brothers, was ask
ed today for his opinion on the effect
of President McKinley's message.
Lord Revelstroke said:
1.-The currency suggestion has been
decidedly disappointing. We expect
ed something more tangible than
scheme contingent upon Congress,
which the president gives no ind,ca-
ton of any intention to bring about"
do you consider the pacific
tone of the message calculated to i'm
prove the market for American secur-
tiles over hereT' he asked.
YES" replied Lord Revelstroke, sit
is certainly a relief to find nothing
aggressive in the message. / antici-
pate that business with the United
States will be very brisk after the new
year. They are having prosperous
times over there and confidence is be-
ing gradually revived.
English investors are already buy
ing, although to small extent, but
after the new year l expect that bu-
siness will improve decidedly.
"0f course, the currency is, after all,
the main factor in restoring conf
dence, and until your government
places thai on a sound basis, inte-na-
tional financial relations cannot i'm
prove substantially"
Mr.. Gordon, who succeeded the late
Walter Burns, in the direction of the
London branch of ]. p. Morgan &
Co. said:
Several stock exchange men, who
have been in here this morning tell me
there is general disappointment felt
at the currency paragraphs of the pre-
sidentS message and the American
stocks are weaker in sympathy with
that feeling.
There is no stability in the present
condition and nothing to prevent a re-
eurrence of panic
IF the scheme Swallowed forth by
the president of re-issuing green
backs against gold alone was effected
it would suffice, but he does not prom
Use to do anything TO meet the needs
OF the financial situation, which is
growing worse.
at is gratifying to find nothing bel
ligerent in the message but a pacific
policy will have no effect in restoring
ionfidence here in American invest
ments.
what is wanted is currency reform
and that Mr.. Mckinley postpones
pending the balance of revenue ex-
penditures being attained, but gives
no Indication of doing anything to Sc
cure that balance.
"As the international bimetallism,
that is as dead as a door nail and
Senator Wolcott knows it. There is
no hope of relief in that direction"
J. H. McNiell, secretary of the BIZ
metallic league, said:
.Bimetallists regard the presidents
reference to the Wolcott mission
with considerable satisfaction.
1--WE do not regard the reply of the
British government as in any way
closing negotiations. The fact that
the Wolcott commission has not yet
reported, together with the presidents
expressions, encourages the hope that
the United States and the French gov
eminent contemplate further action
early.
British bimetallists are more conf
dent than ever. We need an interna-
tional settlement and the recent fall
of Indian exchange shows that the
Indian government officials were in
error in replying to the Wolcott COM
mission proposals that they were
about to secure settled exchange