The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-03-27
BANKER CLEw's VIEWS.
The Financial Outlook as Seen From
wall Street.


New York. March &.-Affairs in Wall
street continue to drift along in a SOME
what cratic and irregular manner, though
on the whole more active than during the
last few weeks. The elements of excite
ment on the Stock Exchange have center
ed around the Industrials, certain of
which have huctuated wildly and from
reasons about which there is little agree
ment of opinion. AS to American Sugar,
In which the transactions and fluctuations
have been most extreme, there appears to
be little doubt that negotiations have been
at least attempted for effecting a pacific
understanding between the trust and its
new competitors. The rumors about
those interchanges of views have been
used for stimulating buying and frighten-
ing a large short interest into covering;
but, as yet, nothing appears TO be definite
~ known as TO the real relations between
the competing interests
Taking the present situation as a whole,
however, it is not calculated to encourage
large expectations as to prices, for the
coming week at least. The immediate po-
siton of the money market cannot be re-
garded as encouraging to sangutne expec-
tation. The surplus reserve Of $4,000 600
is not up to the average fo- this season of
the year; while 1t is really a narrow re-
source for a situation surrounded by I'M
usual and indefinite special demands for
cash, We have yet to find out what may
be the effect on the New York banks of
the financing of great trust negotiations in
all parts of the country and providing
them with working resources which will
make them comparatively independent of
bank loans. We have scarcely yet got
over the transfers Of deposits connected
with the Chicago and Alton deal. The
banks are carrying an extraordinary
2 amount of government deposits, and. lit
tie can be known as to the extent to
which the treasury will draw against
them
There is a great deal of current discus
sion about the so-called trusts now so rap
idly being formed. The name of these in
dustrials would be more appropriate if
called trade combinations" as they are
really not trusts The preponderance of
argument seems TO be, as far as publicity
is given thereto, a raid against them 1t
is not, therefore, inappropriate to set forth
many points in their favor.
To state the case of these combinations
in plain and simple terms, the object
sought to be attained is to put various
interests belonging to different parties to-
gether so as TO form a large concern rep
resented by stock capital without person.
al liability, having in view a reduction in
expenses, greater efficiency, and produc-
ton on larger scale, and the realization
of greater profits without advancing prices.
When a number of small individual plants
are thus united for common object under
efficient official management the expenses
are materially cut down. with the in
creased capital which this method admits
of better machinery is secured, with bet
ter results in meeting foreign competition
which adds largely TO this countrys ex-
ports In this way this country has, dur
ing the past ten years, increased its ability
to compete successfully with Great Brit
ain and other European countries; thus, in
the seven months ending Feb. l, our ex-
ports of manufactures increased 143 per
cent, while the total exports, including
manufactures, increased only 43 per cent
and the exports of all articles excepting
manufactures but S.3 per cent. That we
would never have arrived at this pitch of
prosperity in manufacturing without cap
ital combining for this very purpose will
be seen more clearly if instead of seven
months in one year we make the COMPARE
son for the past ten years, taking seven
months ending Feb. for each year Of the
ten.