The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-04-12
HENRY CLEws ON THE MARKETS
The Outlook Believed to BE in Favor
of Higher Prices.

of Higher Prices.
New York, April 10.-Affairs in Wall
street are in a somewhat uncertain and
vacillating condition. The supreme court
decision relating to the Trans Missouri
Freight Association has for the time be-
ing at least broken up the steady drift
towards higher prices which had previ-
ously been in operation. Much realizing
has resulted. some breaking up of cooper
alive "bulr' arrangements, and a new and
confused situation is the result. AT the
moment, each operator is going ION his
own hook; :" there is no fixed conviction as
to the future drift of operations: and con-
sequently there is little to attract outside
operations, and the market is chiefly con-
fined to professional operators. The pessi-
mistic side have taken rope freely, and
the market Is considerably oversold, which
at the moment gives the bulls an ad-
vantage Just now London sees nothing
in the situation to encourage either buy
ing or selling, and maintains simply an
eXpectant attitude. In a word, the pres
ent condition is a simmering one, and for
the most part operators are waiting for
indications of the future drift.
The supreme courts deferment of the
Association
case until the first week in October has
had a generally wholesome effect. 1t with
draws public attention from the case. for
six months and thereby allows the mar
ket to drift away from the doubts the
litiga tion has raised, and leaves il free to
follow other and more normal influences
What these influences are likely to be thus
becomes the question of the moment. At
least it may be said, that there are no
disturbing factors conspicuously in sight
ON the other hand, there is an abatement
of certain distractions that have helped
to unsettle confidence. Popular excitement
on the Cuban question has greatly moder-
ated. The administration shows a dispo-
sition to avoid unnecessary entanglements
in 1t, and Spain exhibits a respect for the
maintenance of amicable relations with
us, which together encourage the hope that
peace between the two nations may be
preserved Also there is reason to hone
that in the relations between the Euro
pean powers and the Greeks and Cretans.
the danger point has been passed. The con-
cert OF the powers Is cautious in its
steps, on the one hand seeking to avoid
provocation to the Greeks and the Gre
tans and on the other holding Turkey in
check and influencing her toward pacific
attitude-all of which is favorable toward
cooling the violent ardor of the would. be
belligerents. There is, in no quarter, any
among the great powers; and so long as
that position Is maintained, there viii be
little chance of the Greeks precipitatine
a Greco-Turkish war, with its possible
European complications. The steadlar
tone in the European financial markets
Is evidence that this view prevails there
which is q factor of no small importance
The reduction OF the Bank of England
rate of discount to 2A per cent. also M
dicates a hopeful estimate OF the political
future. There Is therefore a distinct gain
of confidence, so far as respects Euro
pean complications, compared with the
conditions existing last month; which Is
distinctly In favor OF this market
An indication In favor Of railroad securi-
ties is suggested by the fact that the rail-
roads show no disposition to turn the legal
challenge against their freight assoeia-
lions into an occasion for cutting Of rates.
As rule. their relations remain harmoni-
Gus. with a prospect that they win con.
tinue so until at least a decision Is reach.
cd In the supreme court In the case OF The
Joint Traffic Association. The steady in.
crease Of gold in the treasury Is also :,
highly encouraging circumstance. Tho net
stock nold by the government Is now Si52.-
10000. which Is the largest sum held since
November. 1890 Nor has this accumula-
ton been made At the expense OF the
metropolitan banks. which last week heid
S5sg0.oOo with such supplies. we may