The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-07-19
BANKER CLEws' VIEWS.
Resume of the Market, with EOre-
cast For the Week.

CuSI FOr N0e week.
New York, July 17-There has been
some setback to the hopes entertained
two weeks ago of the maintenance of
strong bull market through the summer
months. The realizing of profits has run
further than was expected, and those who
wanted to lay in stocks, including opera
tors of Importance, seem to be in no
hurry about buying, but prefer to take
their chances on the possibility of quiet
market between now and the end of the
recreation season. In the meantime, there
are no new conspicuous elements of slim
illus to give prices a fresh vigorous up
ward start. The tariff question has ceas-
ed to be live issue, and the completion
of the bill may be the occasion of as much
realizing as buying. The great coal strike
is matter about which Wall street can
not be Indifferent, and were it not thai
the professionals hesitate to take chances
upon such tickle risks, the bears" would
probably have been free sellers upon this
interruption to an important branch of
industry with its hurtful bearings upon
other branches of trade. Under these con-
ditions, the speculative market lacks In
terest for the moment, but has lost none
of it's settled firmness, and all the indica-
lions are favorable to a steady and well
summer.
Al Washington the indications point to
an early close of legislative proceedings.
Owing to differences between the two
houses, the tariff discussion seems likely
TO be prolonged a few days beyond what
has been expected but. from the symp-
toms of the moment, il appears likely that
no further important measures will be I'M
dertaken in congress. The President has
again postponed the introduction of his re-
quest for the appointment of a currency
commission; which, in connection with the
delay of the conference discussion on the
tariff, suggests a probability that the
money question may be allowed to stand
over until December, and then be handled
directly by the administration without the
mediation of an eXtraneous commission.
This is the more probable because the Sec
rotary of the Treasury is preparing
measure of his own. and in doing so is
consulting with representatives of the In
diana polls convention. Although the Pres
ident has promised TO bring this question
before this special session of congress, yet
in view of the possibility of such action
clashing with the tariff bill and of the
fact that the now late stage of the season
would leave only four months for COM
pleting the extensive work of the com
mission, public opinion would hold him
excusable should he conclude that circum-
stances Justify him in refraining from
more likely because an influential public
sentiment inclines to the view that Il Is
questionable whether this question could
really be best approached through an out
side commission.
Congressman will naturally feel that II
their action Is to be formulated from out
side their own ranks, Its initiation should
be undertaken only by the administration.
under the guidance OF the Secretary Of the
Treasury. IL may well be asked whether
Il Is not a delicate Invasion of the priv
lleges and functions OF the houses of CON
gress to ask them to authorize "A body OF
private citizens 20 devise measure which
they themselves have been constitltlonally
chosen TO frame; and II is hardly to be ex-
pected that such an Intrusion upon iegls-
latiVe functions would be graciously re-
ceived I'm congress or that IL would con-
duce to the best possible result Congress
may be expected 10 feel that II Il Is 10
be held responsible for It's action Il should
be left free In shaping It's measures. Mr.
Mckinley Will, we do not doubt, be SUD
ported by public opinion II he should final
" act upon this view OF the subject
The contamination OF arrangements for
constructing the entire mortgage debt Of
he Chicago and Northwestern railroad
pom a 3iA per cent. basis Is another great
tep towards placing our railroad finances
pOn a sounder and more economical foot
~. This movement Is but Ia rs Begin
Ing and Is destined 10 cover some thor
ands OF millions OF mortgages before n
caches It's contamination. Its ultimate
feet upon Junior securities and upon pre-
erred stocks and on the better class OF
ommon shares - self-cvldent. and taken
n connection with the reduction IN the
rices Of materials and machinery used
the roads the change amounts TO q
stinct elevation in the character and
lfety Of railroad Investments az large
his may be calculated upon az one OF the
nuonces that will be steadily tributor,
awards The restoration OF railroad stock
I'm their ave eyfraordirerr 4 raes
The extraordinary exports OF this coun-