The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-10-31

il is not to be overlooked that the absorp-
ton of the rolling stock in transporting
cereals has tendency 90 impede the traf-
hc in other articles and so enables the
roads 10 get better rates than they other
wise might upon other classes of freight
There is. therefore. some reason for the
disposition in Wall street TO take no real
~ serious view of the effects of the cur
rent cutting of rates about which so much
is said.
There is every prospect Of this season 3
exports Of wheat equaliing the eXtraor-
binary movement of last year. Already
the shipments have brought forward
heavy supply of export bills which seems
likely to be kept up until the end OF the
year. The disparity between the current
rates for money in London and in New
York creates a ready demand for ex-
change for the temporary employment OF
balances and thus the rales for sterling
are wed sustained and our creditor bal
ance with Europe f. bringing US no gold;
about $3.50, 900, however, Is coming from
Australia by way of San Francisco
Outside of the Stock Exchange, some So
licitude is felt as to what may be ne out
come of the sensitive relations between
England and France. War between two
such powerful nations, with the possible
ity that other countries might become IN
volVed, Is not matter to which New
York could be indifferent. One OF the hrst
effects must be a sharp disturbance i'm all
the money cetners of the world, the re-
suits of which IL is impossible to pre-
judge. England Is by far our largest Gus
toner Including the colonies, we send to
the British domlnions 70 per cent. OF our
whole exports, and they send TO US one-third
of our entire imports-makins business
of close upon 100000 900 between the re-
public and the empire.
The possible disturbance of such a large
volume of our ocean trade is a matter
the mere possibility of which is apt to
make both countries uneasy. 1t would
seem incredible, however, that France will
allow the dispute to run into hostilities.
In the general estimate of public opinion,
her claim Is a very fiimsy one. And, II
it were not she so entirely lacks the quail
tiles and resources for utilizing barbarous
populations, that the gamet would not be
worth her powder. Moreover, she could
have no chance In war against the doubly
powerful navy of Great Britain, and
would, in all probability, come out of the
struggle stript of the colonies of which
she takes so much account, but makes so
little use. Sober Frenchmen foresee this
so plainly that it seems reasonable to eX-
pect that France will finally take con-
servative course. The only chance for
her being less prudent lies in the posi-
bility that the military party may pre-
cipitate war in order to divert attention
from the shame brought upon the coun-
try by the false trial of Dreyfus, and
also TO save the nation from revolution
which is near possibility
The Joint Traffic Association decision
by the Supreme Court had but little APP
parent effect in Wall street for one rea-
son-that 1t was simply a repetition of the
decision by the same court in the Trans
Missouri Traffic case, which was handed
down some time ago. The shock then was
a very serious one. and 1t discounted the
present decision, as many of the railroad
managers have been quite positive in their
belief that the Supreme Court would not
be likely to reverse ITSELF it's first decis-
ion not only being very harsh, but all
points being covered in most positive and
unmistakable terms. Besides, since the
Trans-Missouri case was decided, the rail-
roads have formed their alliances in
way that Is to all intents and purposes
an evasion of the decision, while at the
same time not legal violation of 1t. The
decision was a warning to them to pre-
pare and be ready for similar one to be
rendered in the Joint Traffic Association
case. All the railroads that have been
connected with the now pronounced ille-
gal traffic associations have learned dur
ing their connection Herewith the princi-
PIES of the agreement, which has kept
harmony amongst them, so that by COM
mon consent they will disband their or
CARNATIONS, but will keep together just
the same, and, being In honor bound, will
live up to the principles which originally
brought them together. This doubtless is
understood to be the action that will be
taken by the various railroad managers,
and is so understood A,y Wall street hence
the effect of the decision in financial cir
ces was without serious consequences.
There is one method of meeting the
United States Supreme Court decision by
the railroad managers. They can form
social clubs at the various great railroad
centers and there have casual meetings
and arrange a mutual understanding as
gentlemen do In matters connected with
social life, and thereby be bound by word
of mouth which gentlemen recognize the
same as though in legal document form.
There Is no doubt that the railroad man
ayers are much perplexed by the harsh
decision of the Supreme Court, but they
claim that the roads are now so busy that
the effect of the decision will not hurt
them now; but 1t certainly will do so when
business slackens off unless some method
is adopted to hold them together through
a bond of honor or otherwise, as without
il the roads will strike out as in times
gone by for each others customers. This
is sure to occur with enterprising COM
petitive roads in dull times, but there is
no danger of this now while all the roads
have as much business as they can han
die. 1t is very evident that the various
cliques have put their shoulders under
their specialtes to hold them up and
bridge over the adverse effect of the Unit
ed States Supreme Court decision as they
are warranted in doing by the phenome-
nally large business that the roads are
all now doing, together with the immen-
sity of the amount of stuff in sight that
will have to be moved sooner or later.