The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-06-20
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BANKER CLEWS' VIEWS.
The Financial Outlook as Seen From
Wall Street.

The Financial Outlook as Seen From
Wall Street.
New York, June 1S.-There is no abate-
ment of the revived prosperity of the rail-
roads. On the contrary, che crop prospects
promise another harvest of unusual album
dance, and though the prices of the new
crops may not rule so high as those of the
past season, yet the results of the rail-
roads should equal those of the crops of
1897 The war goes steadily on towards The
final success of our arms, with a reason
able prospect that next fall the Spanish
possessions in the West Indies and the
Philippine Islands will have formally been
transferred to the United States The feel
ing is taking strong hold of the public
mind that costly as this brief war may
prove to be, ii will yet result in a great
awakening of the American people to a
consciousness of a destiny broader and
higher than they have dreamed of, and
that it will result in new policies which
must largely develop the commerce of the
country and elevate our standing among
the nations. This is a, bull factor which
must add continuously to confidence in
American investments and enterprise. The
growing strength of the financial situation
which makes the providing of $500 ZOO, 900
for immediate war expense a matter of
degree of monetary disturbance, carries
with 1t a most material contribution to
public confidence and makes any really
important reaction in the securities mar
ket almost impossible. The statement of
our foreign trade for May exhibits anoth-
err surprising addition to that excess of
exports over imports which has been for
many months past pbling up an extraordi-
nary balance in our favor due from ma
tions which have always been large len
ders to us upon open credit
1t has not suited the purposes of the SELL
ers of stocks to take much note Of another
remarkable foreign commerce statement.
and the figures, published on Wednesday,
consequently gave no stimulus to the mar
ket The facts of the official exhibit are
not however, TO be deprived of their eff
feet by conveniently ignoring them. The
May exports of merchandise exceed those
of 1897 by 32,4OO,OO, and are $50, $50 900 in
excess of the value of the months i'm
ports. For the first eleven months Of the
fiscal year, the merchandise exports ex-
coed the imports of goods by $571 $3.50. 900,
which confirms the expectation hereto
fore expressed in these adVices that the
surplus Of exports over imports will reach
fully $500 100000. If we add to the ship
ments Of merchandise those of silver
(amounting TO A0,967 900 the total excess
of exports for the eleven months will
amount 10 1912, 900. In liquidation of
this creditor balance we have imported
s97. 040 600 Of gold, making the net creditor
balance, for the eleven months. $5i5, $685.
600. Making the most liberal allowance
admissible for the items. debtor and cred
itor. not included in these purely trade re-
turns, and also for the net debtor balance
on account of the foreign movement IN our
securities, It hardly seems allowable TO es-
innate the balance now due 10 this country
by Europe at less than $5O,OOOOOO to 500, =
900, COO
AS The present relative rate Of interest