The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-07-02

WEEKLY FINANCIAL REVIEW.
The situation in Wall street last week is
thus described by Henry Clews, of New
York:
Within the past week, Wall street has
SHOWN some reaction from the improving
tendency apparent during the previous part
OF this month. The change, however APP
pears to have been due rather TO specua-
tive maneuvers than to any important
changes in material conditions. The bears
seem TO have got up a concerted move
ment, including European cooperate for
raldlng the market their main depend
strike, on a perverted construction put
upon the banks supplying the Treasury
Nm eh SUI anu on Misrepresentation as 10
tne cdsh resources OF the government,
coupled with contemplated large sales of
STOCK The preliminary slxirmishings of this
movement had during the first half. of the
week quite an effect upon the prices of
certain specialties; but on Tuesday the
Iorce OF the scheme was broken by a Sc
res OF explanations and denials. respecting
the c0ndItlon OF the treasury, issued by
President Cleveland. Although generally
approved. still there was some difference
or opinion as TO the necessity or expsdi-
ency OF the President making such open
reference 10 these matters, his frank state
ments. however, had the indirect effect of
defeating the plans of the bears. Buying
orders came from London, which i'm Dur--
suance or the scheme, was to be a seilC.:
and here the previous sellers became active
IN covering their shorts, and some import-
ant recoveries in prices were the conse-
qcence. II thus happened that the move
Heht mat was intended 10 break conf
dence IN the market has resulted in failure
ana mas become a new element of strength.
ne really important event of the week
N@S been the sympathetic strike of West
I'm railroad employees 1t is impossible al
yTeSent. 10 estimate the extent to which IL
iay interfere with the carrying trade or 10
which II may affect large interests depend
ent upon railroad facilities To those ia
lnlliar. however. with the interests inn
meuiately concerned. il is not likely TO ap-
pear by any means unmixed misfortune
II Will raise questions and lead TO changes
which the strikers seem to have little an
ucipated. The roads have long felt that
under the existing depression of business
ana the great decline in prices large re-
auctions IN operating expenses had become
necessary not only as a means towards
making both ends meet. but also Of en-
aDling them TO make concessions on freight
charges in certain directions. They have
hesltated 10 make those adjustments
through general cutting down of wages
though they have done all that is possible
through a reduction in the numerical
strength of their employees. Their hands
nave now thrown down the gauntlet on one
Issue. the Pullman strike; the roads seem
quite willing TO accept the gauge, but on
another issue. general reduction OF wages
30 FAR as can be foreseen. therefore he
strike begun on Wednesday is likely TO
run TO lengths which will put IL within the
power OF the railroads 10 effect a general
reduction In wages. The fact that this re-
duction has not yet been effected has been
for some months past, the chief point of
weakness in railroad securities and has
earnings. The occasion has now come for
this adjustment of the carrying interest
70 the new conditions prevailing in the in
conditions could hardly have been more
favorable 60 the success OF the roads I'm
this struggle. The strikers have against