The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-31
Views of Henry Clews.
anker CleWs. of New York, in review

Banker Clews of New York, in reviewing
the financial situation, says:
Among the factors affecting the market
favorably is the general tendency towards
an Improvement in the earnings of the rail-
roads, both gross and net, as compared with
those of year ago. The gross earnings OF
amount to $6,316,4 1885, an increase of $2OS,Z95,
or 3.41 per cent; while tifty-six roads for
the second week OF May report $5,l 100 an
increase of $3.50, 4S7, or 5.31 per cent AS to
net earnings, 1875 roads show an increase of
81 615,000 for March, or at the rate of about
per cent, while for the first three months
of the year 179 roads exhibit a gain of ST.
651 900, or at the rate of nearly 3 per cent
One of the most satisfactory features of
evenly over the roads of all sections, snow
ing that the recovery is due to causes COM
mon to the country at large co.,.
1.-The decision of the United States SUI
preme Court in the case of the Interstate
commerce Commission against the Cincin-
natl New Orleans e. Texas Pacific Rail
road Company has had a favorable effect
upon railroad interests. The commission
has maintained that it has the power TO
determine, within certain limitations, what
is a reasonable rate of freight power
which has hitherto been reserved to the
courts of law on this point the court ruieG
against the commission thereby relieving
the roads of very embarrassing exposure
to official Intervention. If the matter is al
lowed to rest here the roads will become
the more free in the regulation of their
rates, which would be q valuable advantage
to their business; the probability: however,
is that, having Deen QeIedieU III Ille Il1SllSSt
court the commission will be disposed to
cooperate with the companies in securing
the consent of Congress to some system or
pooling accompanied with power for the
commission to determine what rates are
reasonable: in which case the roads would
have the benefits OF harmonious co-opera-
ton while the commission would have the
satisfaction of being endowed with larger
functions than the law now gives them: In
any case, the decision puts the railroads In
a better strategical position than they have
hitherto occupied in their frequent disa-
greements with the commission.
Naturally, Wall street Keeps a Keen eye
upon the crop prospect which is already
becoming an element of buying At present
the conditions favor phenomenal crop or
snrine wheat The failures in the winter
soWn crop are being compensated TO large
extent by blowing the wheat in ana plant
ing corn in its stead Reports indicate an
altogether unexpected crop of wheat in OK
lahoma; recent press dlspatch STATES tlat
the WELD may reach 20, 100000 bushels, which
however may be tinged by the character
istic enthusiasm of that Sangulne popula-
ton The crops along the route OF the
Northern Pacific are reported as promising
an excellent yield. Taking the crop outlook
much beyond what we dared TO look Ior
earlier in the season. Wall street begins TO
appreciate this change in the situation, ana
the weather continuing Favorable the crop
prospects may be expected TO give an I'M
portant stimulus to buying and TO prices.
Gold continues to go out, the week s
shipments being estimated. at the moment
of writing at about $2,S00OU. Forelgn eX-
change inclines to weakness, and the pres
emf indications favor decline IN the out
flow of gold. AS the shipments are largely
due to abnormal causes of a KIND Whlch
are likely to later modify the foreign trade
balance in our favor, this movement is not
viewed as an adverse element.