The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-05-31
BANKER CLEWs' VIEWS.
Resume of the Market, with Fore
cast For the Week

u Fore
east For the Week.
New York, May 29-During the past
week Wall street has shown an improv-
ing tendency Step by step normal condi-
tions are gaining ascendency; and the adj
verse incidents Of politics, domestic and
foreign, are steadily losing their effect.
For long period these special extraneous
factors have stagnated the investment
and speculative markets alike, and nor
NAL influences have been held entirely In
subsection to their paralyzing effects. Now,
the relative standing of these different
sets of conditions is reversed, and the
intrinsic causes regulating values receive
their old-time attention and have their
legitimate effect in determining the course
of prices. This Is a healthful and hopeful
symptom for it shows that the outside in
fluences which have so long disturbed
confidence are gradually disappearing;
which is the one thing needful to a res
toration of activity. The accidents of pol
itics, the probabilities of war and the
excitements Of popular passion, all have
a very quick bearing on prices, but they
do not create activity. but rather stag
nancy, because of the special uncertain
ties attending such causes and the only
influences on which the men of Wall
street will operate freely are those upon
which they can form a reasonable judg-
ment. 1t is, therefore, hopeful sign
when influences of the latter kind are
coming into control.
Among the factors affecting the market
favorably is the general tendency toward
an Improvement In the earnings of the
railroads, both gross and net, as COM
pared with those of a year ago. The
pf he
first week Of May amount to s6.3l6, ass, an
increase OF SOS, 29J. or 3.41 per cent: while
nfty-six roads for the second week OF May
report IS. 1853, 760, an increase OF $3.50. 4S7. or
5.3l per cent. AS to net earnings, 1876
roads show an increase Of $l,6l5,000 for
March. or al the rate Of about 3 per cent. !;
while. for the first three months OF the
year, 179 roads exhibit a gain OF 81 ,65l 900.
or at the rate Of nearly per cent. one
OF the most satisfactory features OF this
Improvement IS that II extends pretty
evenly over the roads OF all sections.
showing that the recovery is due 70 causes
common to the country al large.
The decision OF the United States SUI
prome court IN the case OF the interstate
commerce commission against the Cincin-
natl New Orleans and Texas Pacific Rail-
road Company has had a favorable effect
upon railroad interests. The commission
has maintained that il has the power to
is "A reasonable rate OF freight" a power
which has hitherto been reserved 20 the
courts OF law. on this point the court
ruled against the commission, thereby re-
lieving the roads OF a very embarrassing
exposure 20 official Intervention. n the
matter is allowed 70 rest here. the roads
will become the more free In the regula-
ton OF their rates, which would be a val
liable advantage to their business; the
probability. however II that. having. been
defeated IN the highest court. the commits
sion will be disposed TO cooperate with the
companies In securing the consent OF con-
gress 20 some system of pooling accompa-
MED with power for the commission TO de-
termlne what rates are reasonable: ia
which case the roads would have the ben
ents Of harmonious cooperation. 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 Ia q better