The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-06-25

for undertaking large works of corporate
and public character With the enormous
amount OF capital now held idle and yield
ing almost no return Ii is hardly conceiva-
BILE that these conditions OF extraordinary
cheapness can much longer fan TO nave
their natural effect OF forcing this unem-
ployed wealth TO investment. Its owners
are not putting their means largely INTO
existing stocks or bonds; IL is therefore
reasonably inferable that they are waiting
for the ripe moment for investing in new
undertakings created under the prevalence
ripeness of opportunity when values nave
touched bottom; when the general situatlon
has lost some OF its uncertainties wnen
the self-curative tendencies or depression
begin to exhibit themselves, and the coun-
try has grown weary of idleness-then a
few bold leaders of capital set an example
OF confidence to the conservatives, ana a
process of sure and rapid revival sets IN
That process is now before us. How near
or how distant il is not easy TO judge.
Nor is it easy to say how mucn nearer the
end OF the tariff confusion may bring ~
nor how much IL might be helped Dy tne
success of the diplomatic efforts now In
progress for introducing European dis
armament: nor how much IL might be en-
couraged by assurances that Congress VIII
soon give currency system that Will
remedy the serious obstacles TO investment
connected with the present unsound state
plenty of conceivable contingencies tnat
might at any time start up revival or
confidence and of Investments: but AT the
moment, none are distinctly in sight, ana
we can therefore only wait for develop
ments This may not be a situation lmme-
dately favorable for buying movement,
but Ii certainly Is not one that warrants
selling. The favorable probabilities greatly
outweigh the unfavorable ones. both In
number and Importance, and the prospec-
tive situa ton is that will have no re-
wards for pessimism. =
wall street was taken somewhat by
surprise this week by meeting OF bank
presidents to consider whether the banks
should not help the treasury in meeting
the continued extraordinary demand Tor
gold for export AS the treasury mas al
ready lost forty millions of the gold 1T re-
Gently borrowed and the export movement
may possibly call for another fifteen MIL
lions before IL is satisfied this is not an
inopportune question for the banks to con-
slider. Confidence Is still sensitive, and the
experience of last year under similar con-
ditions is not forgotten; it was therefore
prudent TO prevent any further unneces-
sary drains uDon the government gold re-
serve. already reduced TO $6I, OO0, OO0 With
800 100000 of specie in their reserves, the
banks can well afford TO show this con-
sideration for the treasury. and the more
there is reasonable probability that
with the opening Of the fail months con-
siderable amount Of gold may find itsSway
back TO this country, thereby replenishing
the reserves of the banks. We are now
verging towards the season when the in
terror begins to draw money from this
city for crop-moving purposes. IL is not
improbable that those Withdrawals may
prove quite important. This suggests a
probability of higher local rates of interest
at later stage and that would be cal
culated TO bring gold out of the present
extraordinary stocks of that metal
Safurdny,s Rink Cleariugs,