The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-05-17
BANKER CLEWS' VIEWS.
Review of the Markets and State
ment of the Outlook.


New York, May 15.-WaII street still re-
mains sluggish, though with no abatement
of the general steadiness of values. One
of the conspicuous features of the stock
market is its ready response to favorable
influences and its comparative insensibiI-
ity to such as are unfavorable. The pre-
dominant underlying conviction appears
to be that the prevailing level of prices is
not only safe one, but below the real in
trinsic merits of securities, considering
exising conditions and the prospects fairly
deducible from the general situation of
affairs. But as this view counts more
upon things anticipated than upon exist
ing conditions, favorable occurrences do
not lead to any really active and sustained
upward movement. In brief, it is largely
an expectant market, and in that sense
not yet sufficiently developed to induce ac-
tive operations.
This hopeful tone has been confirmed by
a steady and really important improve
ment in the condition of the cereal crops
during the last week or ten days The
government weekly crop report states that
crop conditions in the Upper Mississippi
and Missouri valleys, for the week ending
May 10, have been the best of the season
and really excellent for farming opera
tons and the growth of crops. Under the
favorable weather conditions prevailing in
the principal corn states. corn planting has
been pushed rapidly during the week
Planting is now in progress as far north
as southern New England, Michigan and
South Dakota and will begin this week i'm
Minnesota. In the Middle Atlantic states
and to the southwark of the Ohio and
Missouri rivers, planting is generally near
ly completed. Winter wheat continues
prOn1icipor MiddIa
and in Kentucky and Tennessee, reports
from the two last named states being ex-
ceptionally favorable. Further improve
ment is also indicated from Ohio and In
diana, and the crop is reported as doing
well in Illinois, Missouri and portions of
Kansas.
In Oregon and Washington the outlook
is very promising, but in California the
crop has been greatly injured by hot
winds. Spring wheat seeding is practically
completed, Minnesota and North Dakota
having about finished during the week.
over the central and southern portions of
the spring wheat region the early sown
has good start and is growing well. Pri-
Vate reports Of later date, from some Of
the western centers are still more san
guine. These accounts suggest the posi-
bility of a better spring wheat harvest
than has been hitherto expected, though
they do not suffice to offset the probable
tiles of a short general crop, owing to
irremediable' injury TO the winter wheat.
All the information from foreign markets
points TO the probability of short world s
crop of wheat. European buyers are show
ing disposition 20 discount that prospect
by making contracts in our markets, but
their bids have thus far been too low 20
admit of transactions. The probability,
however, seems to be that, upon such sur
plus Of cereals as we may have for export
from the next harvest, we shall realize
relatively high prices.
London movements have favored this
market during the week. That center has
still taken a hopeful view of the outcome
OF the Greco-Turkish war; and the reduc-
ton OF the Bank OF England rate OF dis
count TO two per cent is construed as inn
plying a settled conviction in the highest
financial circles that, upon one basis or
another a peace between the bellgerents
is sure 10 be reached. The London sltua-
ton has thus favored speculative opera
TONS and New York sales of stocks 20
,hat market have reached about $1,000
shares for the week. These transactions
have supplied from sl.2j0O0O to 81 800 900
Of exchange. which II Is 20 be presumed
has so far limited the amount OF gold
which otherwise would have been ex-
ported. AT the hour OF writing, the gold
shipments OF the week are expected to
aggregate about 100000. AZ the current
rates OF exchange gold can be shipped TO
the continent at a moderate profit and
as the supply Of produce bills Is not large
there Is no visible prospect OF an imme-
date cessation OF the outflow In estl-
mating the importance Of this movement.
however. Il IL 10 be kept In mind that the
current rcmittanccs are due chiefly. II not
entirely 10 quick payments for the extra
ordinary importatons being made In an
ucipation Of an advance On tariff duties;
the effect OF which VIII be TO correspond
iuaiv diminish rcmittances which, Ia the
some months later.
Another significant transaction has been
contaminated indicating the tendency to-
wards q permanent reduction Ia the rate
OF interest upon Investments. The Tlii-
nois Central Railroad Company has nego-