The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-05-30
BANKER CLEW'S VIEWS.
The Financial Outlook as Seen From
Wall Street.

Wall Street.
New York, May 2S-The successes of the
war, the prospect war has opened of an
expansion Of our commerce and the eleva-
ton Of our rank among the leading nations
have suddenly opened the yes OF our people
10 a truer conception of the greatness and
destiny of the United States; and Wall
street is not slow to catch the inspiration
of these unexpected revelations No one
now stops to take serious account of the
costs of hostihdes, although 1t is conceded
that they may turn out considerably larg-
er than was at first anticipates for, hav-
ing had new opportunity of measuring
ourselves by other great nations, we begin
to see that few hundred millions. more or
less, counts for relatively little In a nation
conceded to be the wealthiest in the world
In our timd reckonings previous to the
war, we measured our ability to bear mil
ltary Durthens mainly by the standards of
orr civil struggle; further inquiry has
taught us that while, since that period our
population has more than doubled our
wealth has more than quadrupled
1t is therefore seen that this arousina of
the dormant energies of the nation may
easily prove to be worth far more than 1t
COSTS viewed as a means of stimulating
our people in the Struggle of international
competition which is becoming so acute in
all parts OF the world. 1t begins to be
toreseen that this controversy with Spain
Will prove TO be the occasion of a great
national awakening that will result In an
extension of our influence and commerce
throughout the world. Such elements as
these become in many ways a reinforce
ment OF public confidence and instead of
arresting the operations of finance tend
q
The Spanish war is thus consigned to a
secondary place as "a factor in the stock
market. No one now has any misgivings
as to the outcome of the struggle; aud
hence other influences predominate such
as the unprecedentedly favorable condition
of our foreign trade, the prosperity of the
railroads as indicated by their continued
large earnings, the extremely favorable
crop outlook, and last but not least the SUI
perabundance of money and the constantly
lower rates prevailing, the competition
now being with loaners and not with bor-
rowers.
The present position of finance In this
country Is most extraordinary one In
the midst of war, the condition of the for
ei8n exchanges is such as to place the
money centers of Europe virtually at our
mercy We are permitting balances due
TO this country, TO the amount of probably
close upon Sl00. 0OO008, to remain on tenn
porary loan, and yet are buying extraordi-
narily large amounts Of our securities held
IN England, Germany and Holland Within
year, we have drawn from Europe fully
A000000O0 of gold and are in a position ia
draw about an equal amount more. If our
convenience should so require. our stock
| of the yellow metal has reached the high
est total in our experience and for the FIRST
time exceeds the holdings of any other ma
| ton. In the face Of a heavy military
taxation ana IN prospect of large govern
/ ment borrowings Wall street is buovant
| and the prices of securities are steadily
! advancing. Such a concurrence of condi-
| tons indicative of financial strength in the
| presence of an important war, has hither-
| to hardly ever befallon nation.