The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-05-31

strategical position than they have hither-
to occupied in their frequent disagree
ments with the commission.
AS above intlmated, Wall street is in
disposed to attach much practical impor-
lance to the outside issues that have been
so long interfering with operations. 1t
gives little heed to the Cuban question.
The Senate's passage of the belligerency
resolution scarcely produced a ripple on
the stock exchange; for the reason that
the House is regarded as favoring cooper
alton with the administration rather than
the Senate; and because the President
though reticent is trusted to favor a
conservative and pacific course in the
long run. The ultimate adoption of tar
If bill is accepted as certain: and al
though it is not expected to satisfy every
body. yet the feeling is general that ii will
start up the long idle wheels of industry
and restore confidence in commercial cir
cles. This Is the event upon which hope
for the immediate future of business turns
more than on anything else.
The Greco-Turkish affair, though 1t has
entered upon a new phase attended with
new difficulties still affords promise of an
early and safe settlement. At the mo-
ment, the sultan finds himself confronted
by a fanatical anti-Christian sentiment to
which he is compelled to show some SEEM
ing respect, and hence his present show
of opposition to the terms of peace propos-
ed by the powers. He may be allowed
temporary leniency for the purpose of soft
ening offense to this sentiment and its sup
porters in the palace, but it is plain from
the latest information that Russia, Eng
land and France are infexiby opposed to
any material departures from the peace
terms they, with the other governments,
have presented and that Turkey must ac-
cept peace with no other gain than mod
crate money indemnity. The foreign money
centers evidently regard this as the final
outcome, and, although hesitating at the
beginning of the week, are now showing
a general revival of confidence, excepting
possibly at Berlin, where the great bankers
seem to be COMPOUNDED by their emperor s
inexplicable affection for the Turk. During
the beginning of this week. London sent
home some 10000 shares of our stocks,
principally owing to transactions con-
nected with settlement day." but, later.
the feeling there has become more buoy
ant, purchases have been made at New
York and private advices report dispo-
sition to follow the upward tendency on
this market.
Naturally, Wall street keeps a keen eye
upon the crop prospect, which is already
becoming an element of buying. At pres
ent the conditions favor phenomenal
crop of spring wheat. The failures in the
winter sown crop are being compensated
to a large extent by blowing the wheat
in and planting corn in its stead. Reports
Indicate an altogether unexpected crop Of
wheat in Oklahoma; a recent press dis
patch states that the yield may reach 90
OOOO 900 bushels, which, however, may be
tinged by the characteristic enthusiasm of
that sanguine population. The crops
along the route of the Northern Pacific
are reported as promising an excellent
yield. President Thomson of the Penn
sylvania railroad, after tour of inspec-
tion over his system of roads, says: "rhe
universal opinion In the west is that the
crops of the coming season will be I'M
usually heavy Altogether, / come back
with the feeling that the time is not far
distant when we will see decided i'm
provement In railroad traffic. If II is pos
sible to obtain some favorable legislation
at the hands Of congress. which will en-
able railroad managers to feel more con-
hdence in the future, have no doubt that
additional expenditures by the railroads
will contribute very largely toward the
restoration Of good times"
Taking the crop outlook as a whole. the
prospects for the harvest go much beyond
what we dared to look for earlier In the
season. Wall street begins to appreciate
this change In the situation. and 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 mo-
ment of writing, at about $4,000. For
elgn exchange inclines to weakness, and
the present indications favor decline In
the outflow Of gold. As the shipments are
largely due 10 abnormal causes Of a kind
which are likely to later modify the for
I eign trade balance in our favor. this move
ment is not Viewed as an adverse element