The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-06-08
BANKER CLEW'S VIEWS.
The Financial Outlook as Seen From
Wall Street

The Financial Outlook as Seen From
Wall Street.
New York, June 6.-Last week seems
to have witnessed a perfect outbreak
of adverse factors against Wall street.
Extensive labor troubles, big failure
in Canada, Unexpectedly large gold
shipments and extraordinary meteoro-
logical conditions all combined to ex-
ert a depressing influence upon secur-
lty values. The climax seems to have
been capped not alone by too much
rain in the West and too little in the
East, for the country seems to be. un-
der the scourge of both fire and water
to an unusual degree, and heavy losses
have undoubtedly fallen upon property
and crops in various important sec
tions.
The Canadian failure vas not COM
plete surprise. Canada has been sn-
Joy1ng for some time most phenome-
nal BOOM which was materially Stimu-
lated by an influx of American capital
and American emigration. AS a result
good many questionable ventures
We're recently started, some of which
have come to grief with disastrous
consequences to their supporters. Such
catastrophes are to be regretted, but
they clear the financial atmosphere and
create a feeling of prudence that was
conspicuously wanting and is to be
warmly welcomed.
OF the crop situation it is much too
early for anything like final or relia-
BILE conclusions. The condition of wheat
has undoubtedly been injured by I'M
favorable weather; yet the outlook re-
mains for a big crop. For corn the
prospect is less promising. This crop
is exceedingly late, increasing the
chance of injury by frost, and floods
have done considerable damage. Cot
ton is also very late and exposed to
danger by frost, while condition is ex-
ceptionally low and acreage but slight
ly larger than last year in spite of
high prices. Nevertheless it is much
too early to form any reliable estimates
about the harvests, because reason
ably fair weather for the next three
months would give ample time for re-
covery The South seems assured of
good prices for it's next crop of cot
ton, and this will add materially to
the prosperity of that section.
The monetary situation calls for
some attention. Since the beginning
of May we have exported over $16,000,
900 gold; the bulk going to Paris and
considerable to Argentina, the, latter
also for settlement of our European
Indebtedness. This movement, how
ever, need cause no alarm. We usually
ship gold at this season; besides we
are large producers of the precious
metal and the Klondike is said to have
accumulated $4,000, 900 of gold this win
ter, which will come forward with the
early removal of the ice blockade. AS
bearing upon money supplies it should
be borne in mind that Secretary Shaw's
refunding scheme has been brilliant
success, the evidence of which is that
$40, 900, 900 old bonds have been convert
ed into per cents, which will adj
NIT of corresponding amount of bank
bills being issued by the banks. Ac-
cording to official statements the banks
have increased their circulation nearly
$4,000, 900 since June L, 1902, which
makes the national bank issue now
about $400, 900, 900, the largest on rec
ord Our financial condition is, there
fore, much improved. The process of
readjustment has been going steadily
along, somewhat painfully>to some, but
for the betterment of all. .