The Indianapolis journal., 1894-03-26

WEEKLY FINANCIAL REVIEW.
Henry Clews, in his review of operations
In Wall street last week. says:
There are many good and sufficient
reasons for taking a cheerful position re-
garding the future of the stock market; A
few OF them may be briefly enumerated as
follows:
'FFirst-Confdence Is certainly reviving.
Business is slowly but surely emerging
from the distress brought on by the silver
crisis and grievously prolonged by tar1H
agitation. Stocks of merchandise nave be-
come so exhausted, with few exceptions,
by prolonged curtailment OF production that
universal resumption at the mills will be
imperative soon as the tariff fright is
over. Outside Of the. tariff question the
manufacturing situation is exceptionally
favorable, because wages and materials are
lower than usual and the consumptive
abilities of the country have not been I'M mn
paired in any such degree as It's productive
abilities. The business situation may be
dismissed by the simple statement that 1t
is exceptionally sound and improves daily.
''Second-Easy money is assured for
months to come. Rates are exceptionally
low and there are no immediate prospects
OF better rates. Even the approaching April
settlements. usually period of disturbance,
are attracting no attention. Thls question
Of easy money Is an important factor, De
cause IL not only facilitates speculation out
I'm the long run encourages the demand Tor
intereSt-paying properties.
'"Third-There is a scarcity OF good rail-
road investments in Europe, distrust or our
currency system having caused heavy
return OF both stocks and bonds. when
will be, a marked revival in the European
demand for Americans" will inevitably fol-
low.
vival at home or abroad in the demand for
railroad investments the supply would be
found inadequate 10 the demand Tor rail-
road building In the United States has not
for five years past kept pace with the
growth OF industry and population In the
East our railroad system Is alone fully de-
veloped. but this is far from true In some
sections OF the West
.sF'ifth-The industrials have not been a
success as investments. Even as specula-
tions they have caused greater proportion
ate losses to Venturesome operators than
railroads There is naturally more secrecy
Ia management and conditions OF trusts
than is possible in the case of railroad COM
panies Intrinsically the railroad Is vast
IN more tangible affair than the trust
and far less dependent upon individual
whim or skill Unquestionably recent eX-
periences with this class OF investments VIII
lead 10 a reaction In favor or railroad stocks
and bonds.
''Sixth-Several immense properties are
still undergoing the process OF reorganiZa-
ton, the first effect or whlch Will pe 10
greatly strengthen the railroad sltuation
such securities are usually concentrated IN
strong hands or are at least very hrmly
held for better prices.
'Seventh-Decreases in earnings are
steadily growing smaller. and the earning
power of the roads soon promises 10 ex-
economies, chiefly for renewals and i'm
prOvements. net earnings have been re-
m0rkaDly we'll sustained. and the Tears OF
reduced dividends. which warranted the
earlier decline in values. are slowly dis
appearing. The reports of rate cutting and
the opening OF navigation have had a
slightly adverse effect, but these are ele-
ments always met with about this season.
"Eighth--Small gold shipments have oc-
Cured thus far. and at the moment no
heavy outflow seems probable. This Will
be assuring 10 those who are apprehensiVe
on the subject. though as a matter Of fact
our banks could readily spare round
amounts without any Inconvenience. In
fact. were the silver question out OF sight
q liberal efflux would be welcome TO lenders
through the stiffening of money rates that
would follow
"Ninth-The veto OF the Bland bill will
probably settle the silver question for good
SO far as this administration is concerned.
This Is not only the most important but the