The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-31
BANKER cLEwy VIEWS.
The Financial Outlook as Seen From
Wall Street.

New York, Jan. 2s.-During the past
week, the WaH street market has taken
a sharp upward turn. The movement has
disregarded the furry arising from send
ing the man-of-war Maine to Havana and
the constituencies created by the Teller
resolution in the Senate. It has arisen in
part from the growing Dull" feeling on
the stock market. but more specifically
from certain conspicuous facts showing
the striking Improvement in the finances
OF the railroads due to the last six months
increase of traffic. A statement has been
made of the earnings of Rock Island COW
erlng the last nine months showing an in
crease IN net earnings, over the same per-
lod OF last year, amounting TO N,5OOO0O.
Inc gross earnings of Missouri, Kansas
ana Texas for the last six months are re-
ported at $7,Oe0,000, which leaves surplus
OF $1,000 over operating expenses and
flXed charges, for disposal at the discre-
non OF the management. The Vanderbilt
STOCKS nave also shown a large advance,
upon somewhat indefinite, but apparently
well founded outgivings of new and fav-
ofaDle arrangements in connection with
the New York Central and Lake Shore
systems 1t is also stated that it is in
tended not only to merge the West
shore organization with that of the New
York Central, but also to bring the Lake
Shore actually into the New York Central
corporation. Also il Is intimated that
the scheme under consideration involves a
union of the Lake Shore and the New
York Central under the latter name, with
advantages to stockholders of both COM
panies. Further the deal Is understood
TO embrace the Incorporation of the Mich
lgan Central In the Vanderbilt system, by
exchanging its stock for per cent deben-
lures of the West Shore Railroad, at a
rate not yet stated.
dn my advices of last week reference was
made TO the large amount to which New
York Is under advances to Europe. Those
loans have since been increased. and it
appears doubtful whether 900 would
now cover the total Other home centers
have made like transactions l have oil
rect knowledge of two loans of 81 900. 900
each to large German banks made by
Chicago banking institution at 4 to Az
per cent, and other like transactions are
said to have been made at Chicago 10 an
amount approximating 100000. Ad-
Vances to European banks have also been
made by Boston banks and capitalists;
to what extentAI have no positive know
ledge, but estimates of the total range be-
tween $40, 100000 and SIS 100000 Putting
these facts together, it would appear that
this country is now lending TO Europe $780,,
100000 to $90,000O00. This is significant not
only as showing the extraordinary acCu-
uluAdtiouS Ol CdDltdi dl our HUME ntldl';ldl
centers, but also as demonstrating that
we have become full participants in the
credit operations between the worlds
financial centers, able to lend upon
large scale, as well to borrow when
our convenience calls for it,
The revival of the silver agitation in
Congress, in connection with the resolution
of Senator Teller, has for its purpose MAX
ing it imperative on the part of the gov
eminent to recognize the word "coiu,H con-
tanned in the United States bonds, as
meaning either gold or silver as the money
in which both principal and interest shall
ybe payable 1t is not at all likely, how
ever, that this new attack upon the gov
eminent credit will pass into law. AS
matter of fact, it is absolutely impossible
during the present administration. In view
of this new attack upon government cred
it, the following statement will serve to
show the strength of the United States
treasury at the present time, and how rid
iculous the bringing forward of such a res
olution is:
Total issue of greenback notes ...$346 6S1. O16
Total issue of Sherman notes.. 1O6 94S, $50
- -
Iotal $403, UZJ, ZJ6
Silver held to secure Sherman
notes at 57s4 cents per ounce
(the present price, ...............$ 6S,S59, 026
| Greenbacks in treasury ............ "a 100000
hOlSS .ssss..s.ssssssss...s E,JUf, o4f
---
Total ACKNOWLEDGEMENTS. .$15O, 1863, $40
Deduct this amount from the outstand-
ing greenback and Sherman notes and 1t
leaves in actual circulation 1902 065, SS7 AS
an offset thereto, the United States treas<
ury has on hand free gold amounting to
1853, sc, 600, which deducted from the out
standing notes leaves balance of $685.
395,SS7 unprotected by actual gold or its
equivalent and backed only by United
States government credit. Surely the vast
resources of this nation ought to be ample
to protect this small residue of notes and
make them as good as gold in public esti-
nation, without ii being necessary to have
the actual yellow metal in the treasury.
AS an evidence that this country has
had silver enough already infused into it's
national money, the average cost price of
the $1O2 2S4,736 silver now held by the
treasury against the outstanding Sherman
silver notes was 921a cents, whereas the
present price is 57% cents per ounce, thus
showing a loss to the government thereon
of $SS 425, 40. Before the Mckinley admin
istration expires the worlds output of
gold will aggregate enough to nullify all
attempts to force a double standard in
any country in the world where the sim
gle standard exists. With this in view
1t certainly does appear absurd to try to
foist upon this country the free coinage
of silver at IS to l, when the ratio should
be 80 to to equalize the value of the two
metals.
-Handieapped.-"Who is your favorite
author?'