The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-05-02
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall street.

wall street.
New York, April S0-Naturally. under
existing conditions, attention is being at
tracted to the money market TIE pres
ence here of the Secretary OF the Treas
PRODUCTION of a loan on the market. AL
though there is no probability Of any
large amount of money being Immediately
needed by the government yet the Secre-
tary is evidently impressed with the de-
sirableness of ample appropriations being
made as early as possible Between now
and August Is usually a period of ease in
the loan market. Three to four months
hence, however, money will be wanted for
the Interior in large amounts and mpor-
tant treasury negotiations coming concur
rently with that movement might cause
conflict between the two currents of de-
mand detrimental to each. For that rea-
son, the banks are in accord with Seere-
tary Gage as to the Importance of effect
ing the negotiation of the new loans with
the least possible delay. This is among
the factors of the future already discount
ed. The banks are putting themselves In
position for contracting for large
amounts of the new bonds. This is hav-
ing some influence upon the discount mar
ket and on time loans; but / see no rea-
son to apprehend that such effects will be
az all serious in their bearing on the gem
eral business of the country. Within the
last ten weeks the loans and discounts
of the local banks have been reduced
$67, 900 600, which shows how much the
banks have already done in anticipation
of the special financial demands that have
nnur avfg ta IN. ha a
however that this contraction Of credit
has fallen principally upon commercial
borrowers, for as a matter of fact a large
portion of the liquidation has arisen from
the settlement of various syndicate opera
tons TO which the banks had made very
large advances. have reason to believe
that the banks have entire confidence in
the financial situation and are prepared
| to give all consideration to the wants Of
| their customers.
Moneyed Institutions would be unwise in
contracting time loans; as such policy
would tend to make money tight; and
that might too easily be used as an argu-
ment in Congress that there Is not money
enough; in which case the tendency would
| be for Congress to legislate for an increase
| in greenback issues In place of a bond is
sue. Should this be done IL would be a
very serious matter.
War with Spain should be prosecuted
| with VICAR to bring il to a speedy termina-
ton. For nation like this TO fight a fec
BILE one like Spain will bring no credit I'M
less it is done quickly, as the Germans
whipped France in their last war. Within
a week the Germans were in Paris to de-
| mand an indemnify and got it on THEN
own terms and In cash. too 1t would be
worth our while to fight such a nation as
France in place of a bankrupt nation like
| SPAIN because an indemnity would COM
| pensate US, which il will be impossible TO
obtain from Spain under any circum-
| stances; 50 that the only prospect of gain
| ing glory will be in conquerlng Spain
| quickly.
There Is no reason to be apprehensive
OF the Spanish squadron attacking New
| York city, as the Notifications for it's pro-
lection are located twenty miles from the
city and are considered impregnable. The
! guns in use have a carrying power Of ten
miles, which will keep the enemy thirty
miles from the city. No guns in use any.
where Will carry a distance of Over ten
10 twelve miles. New York city, therefore,
should be considered perfectly secure from
attack. 1t is a well-known fact that a
gun placed on a solid foundation can throw.
2 projectile further than one on the deck
| of war vessel
| The stock market hereafter will fiucuate
\ according TO the fortunes or misfortunes
OF war. Disasters will put prices down.
victories will advance them and huactua-
lions will hereafter be influenced by peo-
| pies spirits, which war news will affect
| from time to time. Operators must keep
a sharp eye on the projecule guns.