The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-09-26
BANKER CLEWS' VIEWS,
The Financial Outlook as Seen From
Wall Street.


New York, Sept 24-The past week has
been marked by continued dizziness and
some irregularity in prices. Bear opera
tors have awaited themselves of the fact
that, though the money market is In a
substantially sound position, yet the furth-
er decline of three millions I'm surplus re-
serve shown in the last bank statement
evidenced that the turn towards ease had
not yet arrived; and this inference has
been confirmed by an advance in the rate
of interest on call loans This encouraged
attack upon certain lndustrials with some
effect; but upon the more stable securi-
ties, prices have been on The whole fairly
maintained, and the week closes with a
more hopeful feeling.
The money market has reached a point
at which turn toward ease can be but a
matter of a few more days. Each day of
the week, the subtreasury has been q
large debtor at the clearing house; and
the amount of money sent to the interior
has been quite nominal. The great factor
portending ease however has been the ac-
uvity of the gold movement from Europe
Up to the close of yesterday, the foreign
engagements for the shipment of gold to
New York aggregated close upon $t4.0 600 GOO
By the end of next week, the whole of
that sum will have found it's way into the
city banks; and the large supply of export
bills coming forward indicates further
large importationS of the metal. London
feels the loss of specie rather acutely and
there are reports that the Bank of Eng
land, in addition to Thursdays advance
in the rate of interest to per cent. may
resort to borrowing gold on consols; but
the drain is not likely TO be checked much
until the imports of gold here have de-
pressed the local rate of interest below
that of London, when relief may come
from New York buying sterling bills for
transient investment
Some unwecome surprise is felt at the
silver issue again raising its head In West
ern politics. The politicians of that sec
ton feel impelled to take up the old fad
In the absence of other policies that would
attract public interest. The money con-
ference recently held at Omaha showed
by the composition of its attendants and
the spirit of its speakers that there Is
still enough of the old free coinage spirit
among the politicians to keep up a certain
amount of agitation; and this Is unfortti-
nate in view of the distrust which the
past excitement has created in European
investment circles. 1t is well that this
foreign Jealousy about our money stand
ard is so vgilant; for 1t is precisely at
that point that any attempt to force the
adoption of free coinage would meet its
first check. For we may prostitute the
force of law by compelling our own cih-
zens to accept an unstable or deprecated
form of money. but we can apply no
such compulson to foreign countries. For
all that we buy from them they would
demand settlement In gold: and If we
should drive our gold out of the country,
then our settlements must be made in
silver, not at its fictitious face value. but
at its true billion value. on the other
hand, our exports would be paid for not
in gold, but In silver at its current rate of
depreciation. No country so situated can
successfully compete In foreign commerce
with nations which pay and receive pay
ments in the most stable form of money
To meet this pregnant fact with the enptv
assertion that we can afford to assume a
position of independence OF foreign com
merce, Is merely to substitute braggadoclo
and falsehood where honest argument
falls.