The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-01

of the rolling mill. which has not been running
this year. The new steel rail mill has never
turned q wheel, on account of the high tariff on
steel blooms The reports from other manufac-
turers in indianapolis show that generally under
the circumstances. they have done fairly salts
factory business"
HAS there been as much speculation during
this year as in 1887
"lf there has been any less it has been due to
there beng less capital in the hands of the men
who want TO speculate; however the same spirit
prevails as in former years The Sherifs' sales
and mortgaged farms all through the country
Indicate the extent to which the business of
speculation has gone. One thing that the In
dianapolis Board of Trade has never done is to
sell grain margins. Every sale has been on
the actual stuff. There has been a strong
pressure to make margin sales, because by doing
so the bucket shop business could be suppressed,
but it has been held by the better influences of
the board to be illegitimate, and it has been dis
countenanced."
How do you Jew the outlook for next
year,"
Il don't see anything that is likely to be dam
aging to the business interests of the future.
Prices are down to rock bottom, and especially
in the cereal line. know nothing of the feeling
among manufacturers and merchants. The
money market is close. The bankers are max
ing few loans. i told that the First Ma
tional Bank has not made single loan since Mr..
English took control of it, but l do not know
how true the assertion is However Affecting of
distrust prevails, and bankers are disposed to be
very cautious in making loans. 1t is an assur-
ance of safety that business men must have cap
ital. With those who have reached place
above borrowing, this financial stringency
makes no difference The effect, how
ever, may probably be to cause some
decrease in the volume of business transactions.
The caution of the bankers altogether is for the
best If there was less restriction upon borrow
ing money business men might overreach them
selves. There is need of more banking capital
in Indianapolis, but it must be upon the basis or
paid-in capital instead Of deposits To avert a
general reduction OF the national bank clrcuia
ton Congress should pass laws aHordlnS sucn
reasonable protection as will induce the renewal
of charters that are now expiring ana 10 hi''Ae
provision for government bond upon WHICH, "
base the circulation"
lis the condition Of the times such tha1 C'ioi'
is any need for bankrupt law| :, .
mo commercial country IL the "orlo 49, s pU
the~IJnited States, is without some provision toT
bankruntcy. 1t would be for the general
good Of the country if Congress should at
once pass properly-guarded and equitable
Sankrupt law by which the creditor may be
projected against unfair preferments and frauds,
and by which the debtor may, after making
true and faithful application of all his property
in payment of his debts, be released and re-
stored to active business pursuits. There
should also be law prohibiting speculative and
gambling contracts in marketable products,
which, more than all others things combined,
destroy commercial integrity and cause COM
,nercal pancs Seventy-fve per cent. of all the
bank failures and defalcations in the last five
years have been the result, directly or indi-
recty, of speculative Investments.