The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-12-31

one; this years is not much more so. 1895
was year OF unwelcome causes: 1884 has
peen one of very unsatisfactory effects;
lo0, y may reasonably be hoped, VIII be
that such series of outward events come
together with such a comparatively brief
period. Through both years have suf-
fered from the effects OF great and uni
Nersal industrial reaction. From causes
dating back to the general introduction of
world has been working towards an enor-
nous Increase of all the forms of plant,
that growth of productive power would de-
velop into a supply Of products exceeding
the worlds ability TO consume. That po-
sit1on OF affairs reached Europe in $780, and
first expressed itself in the Barring failure
Three years later the crisis reached the
United States. and the scare created by our
great explosion. Because the match hap
pened to be currency incident, and. there
lore affected first and: especially, the
traceable TO bad silver legislation; during
the past year, however, We have discov-
cred that the most stubborn element of the
depression has been radical want of pro-
portion between the ability to produce and
the ability to consume. 1t is through the
disturbance of this complex ma
ture brings that we have been
suffering for the. the past year. Con-
undertaken legislation breaking up the old
relations between our domestic manu-
facturers and our foreign commerce. which
has surrounded industries with new
and perplexing difficulties Added to this
has arisen disturbing gold question, in
tain the convertibility of it's 500 millions of
demand notes. The banks and the govern
ment have become antagonistic competitors
for the metal. and in the conflict the posi-
ton of the treasury has become more and
more involved. and at the end Of the year
its way out of its difficulties is less clear
1 beginning. Affairs
across the Atlantic have done nothing to
afford relief rel 4, on. on this side of the ocean
China and Japan and the Armenian atroci-
ties have combined to create a political sit
peace of the old world. With the spirit of
distrust thus excited on the European
financial markets our interests abroad have
sympathized. The position of the treasury
and the pending adjustments of the affairs
of great bankrupt railroad corpora tons
have afforded nutriment for this spirit of
and considerable amounts of securities
have been returned home. with consequent
large exports of gold, which have aggra-
waited our domestic gold deransements.
''It is rarely that such complication of
persistent troubles has befallen Wall-street
interests. None of them are of kind to
yield much to ordinary methods of arti-
fetal relief: most of them must wait for
the establishments of time and natural re-
action we have therefore had but little
recourse but to sit still and wait until the
| troubles worked out their own cure. Such
nancy of capital, postponement of enter
| prise, decline in values, and general eau
actually been the experience in every ' in.
| terest, from the beginning of the year to
| it's close The marvel is that such a situa-
with so little positive disaster. In spite Of
| so much that is disturbing. credit has been
reasonably sound failures have been com
| paratively few, and there is nowhere the
apprehension that might be expected under
such circumstances. 1t cannot be that.
under the circumstances, there have been
! this year the usual new creations of
| wealth; and consequently the market for
| investments has been extraordinarily in
| active But. while inactive, it has been sin
| gularly steady in respect to values, and
| the year closes. IL not with expectations
| of any large change from the present low
range of values, yet with apprehension
Of a further decline
THE setting of 1894, however. throws
out some RAYS of hope for 1895. Among the
| various trades there are indications of a
more hopeful feeling for the spring bust
| OF failures at the close of the year is con-
| strued as indicating a sounder condition of
business than had been supposed to exist.
| The earnings OF the railroads show
tendency towards Improvement, and the
progress towards settlement of the af-
| fairs OF roads in the hands of receivers is
suggestive of an early removal of that
| source of depression from the investment
| market. The feeling is thus steadily gain
| lowest stage of prostration and that the
| new year will introduce tendency to-
/ WarlS STEADY recovery.
For the moment. the stock market
shows no features of special interest The
| new currency bill would become an inn
1 portant element of revival could there be
| any confidence in it's being so far amended
| as to afford any hope of its passing; but
| on that there is. at present. much doubt.
| Current symptoms indicate that the gold
| exports are not likely TO grow into very
| large volume. which. as an element favor
! able to the treasury, has an assuring
| tendency"
| Saturdays Bank ClearinRs.
| CHICAGO, Dec. @.-Claarings, Sl25l3, 254;
| total for week, $40. 135. OBJ; corresponding
| week last year. s7O,14s.25O. Money. f041a
| per cent. on call; 5Q6 per cent. on time.
| New York exchange. no market; sterling
| comm ercial, "a S6s4 "A S7a4.
| AT st. Louis-Clearings, $3,6SS,079; balances
] s617917
| At New York CIearings, $s1, 951 u.s. bal
| ances, $63S7, Gil.
| At Boston-Clearings, s12,94S,57O; balances
| S1,553594.
| AT misunderstanding, s2,7OO,G4S; bal
| ances. S526043.
At Observation-Disclosures, 81, s79, 749; bal
| ances. 81, S48,3i1.
| AT Cincinnati-Money, 21sGe per cent. New
Il xaho