The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-03-14
BANKER CLEws' VIEWS.
The Financial Outlook as Seen From
Wall Street.

The Financial Outlook as Seen From
Wall Street.
New York, March 12.-Wall street shows
little or no recovery from the collapse into
which it has fallen under the influence of
the Cuban situation. The investment de-
mand for securities. though encouraged
by the low average of prices, is compare
lively nominal. In the speculative mar
ket, there is an absence of outside active
operators.
At last. the large floating foreign bal
ance due to this country has proved too
ponderous to yield to the various arrange
ments for postponing its settlement and
gold is therefore flowing in from Europe
in large volume. The amount shipped and
engaged for shipment since the influx set
in is about $l5,OO0000; and the low rates
of exchange indicate no immediate abate-
ment of the movement. II is helped by
large supplies of produce bills; but the
main cause appears to lie in the fact that
this deferment of settlements has reached
the limits of financial convenience. How
far the movement may run, it would be
difficult to estimate. If it were to be
measured by the amount due to us, the
imports of gold would be extraordinarily
large; but the European banks could i'll
afford to part with any very large sum in
view of the moderate supplies now on
hand and the existing threatening de-
rangements in European politics, which
must be causing a good deal of liquida
ton of international accounts AS we
have, on this side the Atlantic, no pres
sure for money, but rather a plethora, the
probability would seem to be that, so soon
as the Withdrawals begin to make them
selves severely felt in London arrange
ments may be made for further extern
sion of the credits we are now granting
to Europe. At the same time it Is to be
considered that we have now reached a
period when the proportion between inn
ports and exports usually causes the for
eign exchanges to balance against us, and
the factors contributing TO that condition
may be expected to have a certain influ-
ence in that direction soon, though far
from sufficient 10 liquidate the balance
remaining due to this country. Some al
lowance, however, must be made for the
possibility that we may have to remit
for war vessels or military munitions pur-
chased abroad but those payments would
not be immediate, nor could they be really
serious in amount.
1t is most fortunate that the trade bal
ance should stand so largely in our favor
in the face of the possibilities of foreign
war. We have now $129 100000 of specie
in the New York banks and $169,010oOO
of gold in the treasury, which, with the
current imports of $15,000,000, after deduct
ing the 100 millions of reserve gold,
makes a total available supply of $780,
Co00O0 To this may be added, on a very
moderate estimate, $50,00000O represented
by foreign creditor balances still due to
us; which, in the face of war possibilities,
gives us a total available gold resource
amounting to over $4,000 O0O-to say moth
ing of the other stocks of the metal in this
country amounting to over $3.50, 900, 900.
These facts show an ample financial pre-
paredness for whatever may come out of
the condition of our present foreign rela-
lions, and justify confidence in the finan-
cial future from this point of view