The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-04-04
BANKER CLEW,s VIEWS.
The Financial Outlook as Seen From
Wall Street.


New York, April 2.-During the past
week, business in Wall street has been
attended with some singular phases OF
excitement and oscillation. On Saturday
last, set in a sharp covering of large
outstanding line of shorts, which was con-
tnued on Monday, accompanied with some
speculative buying, with the result of a
rise in prices ranging from 8 to 8 points.
At the same time, the official report on
the Maine disaster disclosed nothing car
culated to raise alarm about our relations
with Spain and the Presidents confident
hope of accomplishing a peaceful settle
ment of the more general question helped
10 produce more hopeful feeling through
the market. These new aspects of the po-
litical situation were construed as afford
ing an opportunity for at least a transient
"bull" movement, and there was conse
quently an active speculative buying of
stocks, principally by local professional
operators. This reversal of the previous
downward tendency of prices was, how
ever only momentary. On Thursday, real
izing set in, with an average drop of
points, and prices have since continued to
decline. The wide oscillations of prices
throughout the week have been as much
due to the speculative situation as to any
real change in our relations with Spain
or the prospects as to peace or war. Wall
street, however follows the rising tide of
excitement in the country at large, and
there is no predicting with accuracy a day
in advance what will be the course, OF
values. Buying and selling are alike at
tended with more than the ordinary risk.
There is one good feature in the other
wise threatening situation. The condition
of the foreign exchanges abundantly for
titles US for the possible contingencies Of
war finance. The importations of gold
still continue, and UP to date the con-
signments to this port, via Atlantic and
Pacific ports, aggregate about $45, 900 900.
Although there has been, during the week.
some sending forward of foreign bills held
here for temporary investment, 1t is esti-
mated that some $4,000 600 more are still
so held; representing so much resource
of early maturing obligations either to be
liquidated in gold, or extended or settled
for by the return of securities in the event
of an acute war scare. This constitutes
a resource amply sufficient to protect our
financial position in the event of the Gu
ban question developing into actual war.
This fact alone shields us against the in
ternational financial arrangements when
usually occur as one of the immediate
effects of the outbreak of foreign hostil-
ties. Instead of being exposed 10 the re-
mittance of balances due to foreign coun-
tries we are in the position of a largely
creditor nation and able to call home a
heavy amount of loans extended to other
countries. It is not easy to over-estimate
the value Of this situation. Should the
government be driven to THE last resort
of war the banks would be strongly pro-
tected, and so the whole structure of COM
nercial credit would he safe. Whatever
other danger or losses we might have 10
face, we should be safe at the point where
our Internal system Of finance is most de-
pendent This fact would greatly contr-
butte toward averiing the interruption of
industry which ordinarily sets in with the
occurrence OF foreign hostillties. and there
fore should tend to prevent any appre-
hension Of really serious business disturb
ance.