The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-10-24
BANKER CLEws' VIEWS.
The Market situation as Seen From
WALL street

o
able material. the room traders, who are
just now the only active element in spec
ulation have turned their attention TO the
elections, which they construe as having
a bearish influence. BY proposed betting
and talking by numerous formidable out
side operators on the street. it has been
sought to produce an impression that the
probabilities favor the Democracy, which
financial circles have not recently been
accus omed to regard as the most friendly
TO business interests. There is some disap-
pointment that, in sections Of the interior,
the silver issue shows symptoms of more
vitality than had been expected; and if
here The Democracy has refused to recog-
nize white metallism, it is felt to be rather
from motives Of political convenience than
because they sincerely eschew that doc
trine of Organism. The refusal of the
Democrats to recognize national questions
is regarded as attended with some danger
10 sound finance. An entirely new House
of Represen tatives has to be elected; and
some thirty senators viii have
TO pc chosen by the various
legislatures, many of whose mem
bers have to he designated now. Under
these circumstances, a party that holds
ats advocates silent upon the Vital ques7-
tons that now occupy the nation certain
ly suggests a very unassuring political sit
by the Congress now to be elected are sill
yer, the currency, the status of the new
territories acquired through the war, the
large constitutional problems arising from
our exercise Of a prOtectorate over Cuba,
the future status of our army and navy,
and the creation of an effective military
reserve out of our national guard. Yet i'm
respect to these largely new and momen-
tous problems, one of the parties refuses
70 take any position, virtually saying to
the peopse-''if you want our services an
Congress, you must take us entirely C
faith. it does not suit our convenience or
our purposes to explain"
This attitude is simply an unparalleled
monstroslty in politics, a virtual affront in
deed TO public opinion, which may wen at
tract the serious attention of the large in
terests in this city, the great financial
center To such as think the Democracy
likely 10 carry the elections, this must
present a very unwelcome outlook They
must feel themselves entirely in the dark
as TO the future of legislation upon most
important and difficult subjects; and the
fact that the Democratic leaders have not
sufficient confidence in their policy to de-
clare 1t before the country is at least sug-
gestiVe OF fear that 1t might be repu-
dated by public opinion. For my own
part, l cannot but regard the assumption
Of such an attitude by one of the great
national parties as a most surprising and
unsettling omen; and, for the remaining
two weeks before the election, when this
state of things will become more fully un-
derstood, IL will not be surprising IL this
threatening anomaly makes itself more full
iy felt than It is now among financial inter
ests. 1t IS much to be hoped that this af-
front to the people will bring out a vote
which will keep these abettors of a policy
Of silence out of power; but, until there is
some distinct assurance of such a result
wall m he tot
an attitude of caution.
1t is true that some of the subjects of
legislation above referred to may be dis
posed of by the present Congress; but
about that there can be no certainty in
advance, and even accepting the most
hopeful view of that aspect of the case,
1t would not prevent a future stage of
business uncertainty, If the party of 81
lence should happen to have a majority
in the new Congress
Apart from these election uncertainties
the influence of which cannot be disre-
garded, conditions affecting the stock
market are improving. The European
wheat trade has come TO understand that
Notwithstanding the moderate increase in
the worlds crop of this year over that
of 1897, the supply from new crop and
stocks on hand will not be up to the
average standard, and they are conse-
quently advancing their bids for Ameri-
eign demand may be inferred from the
fact that, within the last ten days, en-
gagements have been made for the export
of 10000, 900 bushels of wheat This shows
that a point in price has been touched at
which our farmers are willing to sell; but
II remains to be seen whether, after
such large foreign purchases at the cur
rent range of values, growers may not
hold for a further rise. This ten millions
of bushels coming to seaboard will be a
severe tax upon the carrying capacity
of the railroads, and our Chicago CORE
spondent telegraphs us the business the
Northwest railroads are doing is marvel
GUS"
1t is as yet too early to estimate the eff
feet of these grain exports upon the gold
movement. Some moderate enga gements
are being made for the export of the met
al to this side; and, although the opera
tons are light and only occasional they
show that the exchange market is in a
condition which might readily yield to the
pressure of the bills to be made against
these wheat shipments. That, however,
would not NECESSARILY mean imports of
gold. The higher rate for money at Lon
don than at New York would afford
tempting opportunity for sixty days en-
ployment of idle funds in the purchase of
exchanged form of transient investment
which has been much resorGed to within
the last twelve months, and at one time
to an extent estimated at $4,000 900. In
truth, We have no reason to anxiously
covet any further additions to our al
ready extraordinary stock of the yellow
metal A year ago, our national holdings
of gold reached their highest point, $15,-
900, 600 Since then, we have made net i'm
ports amounting to 1925. 600, and the
domestic production and receipts from the
Klondike region must amount to $70OOO-
600 more; which would make our present
national stock over $500 100000
This places us far ahead of France,
which has been the largest gold holding
country in the world, and puts our stock
nearly 500, 100000 in excess of our former
highest figures. The receipts this week
at San Francisco (from Melbourne)
amount 10 $3,750000, and at this port 81
800 000 making the weeks arrivals over
s., 100000 1t is to be hoped that some more
productive use may be found for our in
creasing creditor foreign balances than
piling up stocks of gold in excess Of all
requirements for money or banking pur-
poses.
The phenomenal increasing foreign trade
In n orr favor immense frafg bt