The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-21

piled no conspicuous motive for new ven-
lures on either the bull or bear side, and
the two forces seem to be about evenly
balanced. With larger supply of stock on
the market. sellers might possibly be able
TO make some impression on prices; but,
with the present limited holdings, the bears
cannot sell any important lines of stock
without encountering difficulty in borrow
Ing shares to maize their deliveries and ex-
posing themselves to being squeezed. On
Wednesday a better feeling was developed
by Illinois Central declaring its usual rate
of dividend, In place of making reduction
as was generally expected. There are also
other considerations calculated to bring the
better class of dividend-paying stocks into
demand. 1t seems to he generally conceded
that they have seen their worst ex-
perience, and that the fall in prices has
more than discounted the recent adverse
influences affecting them, so that, at cur
rent prices, they should be good purchase.
During the latter half of the week, this feel
ing was distinctly apparent, and the trans
actions in expectation of better prices for
good properties produced a more hopeful
tone than has been apparent for some
time.
1.-The treasury report on foreign COM
merce for the calendar year 1894 furnished
matter for some transient pessimlstlc COM
foreign distrust excited by our silver iegis-
lation of 1890 more strikingly than the re-
turns of any of the three preceding years
during which the Sherman act had been in
operation. For the two fiscal years 1901
and 1912 combined, the foreign commercial
showed an excess of exports over imports
amounting to 800 millions, average per
year of 165 millions. Taking the amount
needed for payments of interests and uivi-
dendS at the usually estimated sum of 100
millions per year, 1t follows that the bal
ance of IS millions went to pay for returned
securities or to settle Withdrawn credits.
For the past year, We had net trade bal
ance of Isl millions in our favor and yet
made "a net export of gold amounting to 81
millions, leaving 262 mLllons to be accounted
for. Assuming 100 millions of that sum to
have. gone in the payment of dividends
and interest, the remaining 1872 millions will
represent our Hquidations of various forms
of foreign financial indebtedness such
securities sent home real estate mortgages,
banking and other running balances, the
owners of which preferred to withdraw
from here. With the foregoing figures
covering three and half years, it is easy
to how, during the four and half
years for which the silver act of 1890 has
been in operation we may have been driven
into the liquidation of fully $50 millions of
the principal of our various forms of debt
to foreign countries.
There be little question about the
cause of these immense withdra walls of for
eign capital to Europe. In the main, it
signifies that our foreign creditors have be-
come diStrustful of our ability to save our
selves from drifting upon the silver basis.
Their fear is not much about the pos
sibiiity of our taking care of such silver
money as We at present have 1t is that
the silver faction, which has shown its abl-
ity to force on the country already 500 mil
lions of what are virtually 50-cent dollars,
and that it may still retain force enough
to yet further increase these issues indefi-
nitely; and they say that We have no salts
factory assurances to the contrary to adj
vance-but hopes only, which, it is claimed,
IND little backing in the present phases of
federal politics. In all this there is a great
deal of exaggeration of the worst features
of our case, and perhaps little disposition
to give due credit for the certainty with
which we always ultimately correct our
blunders; but the fact nevertheless, is that
our critics choose to take their own view
of the matter, and their opinions can be
changed only by some sort of conclusive
demonstration that no further issues OF
silver money in the United States are pos
sfble
THE prospects of currency legislation by
the present Congress are fast vanishing, if
they have not wholly disappeared. Any
general scheme for dealing with bank cir
culation becomes more impossible of hur-
ried realization as diversities Of opinion de-
velop. Time must be allowed for the COM
ment seems to be drifting in favor of the
appointment of a national commission of
eminent experts. who shall hear witnesses
and report conclusions at the next session
of Congress. There is much to be said in
favor of that course, especially as Con-
gressmen are imperfectly informed on the
question, and as this method of treatment
might develop the mature judgment OF
those best qualified to counsel better than
any other. But the deranged condition of
the treasury finances and especially of the
gold reserve is a separate matter, which
will not admit of any such postponement.
measure providing in the first place for
deficiencies of revenue, and in the next for
fixed gold income, imperatively needs to
be enacted at the pending session of Con-
gress, and it is hardly conceivable that the
administration will fail to urge the adop-
ton of a law to that effect at an early day.
That being accomplished, the more acute
and urgent difficulties will be overcome
and the question of retiring the legal ten
ders and filling their places with bank notes
can be we'll allowed to stand over for a
year without any immediate serious incon-
venience. That is in the nature of a gem
eral currency measure; whilst the treasury
problem is the much narrower one of re-
establishing recent departures from the GUS
tomary usages of making payments to the
government in gold or gold certificates"
Saturdays Bank CIearings.
At Chicago-Clearings $13, 154 900; total for
week, 1886, 600; corresponding week last
year, $50, 535, 0O0 Money, 4a415 per cent on
call; 5Q6 on time. New York exchange 15c
premium Sterling exchange, actual, $4.8S
and $3.50.
AT New York-Clearings, ss1, 602, s4s bal
ances, A,497,O for the week, $513, SCI ,063;
balances, $S4, 995, 1884,
:. At St Louis-Clearings, s4O09, sos; balances,
S1,27S 005.
At MISUNDERSTANDING, So, 7SS, 15a; bal
ances, 81, 422, SIG. For the week. clearings,
500, 4s9, 666; balances, $10.40 7S9
At NEUTRALITY-SUSPICIOUS., $3.50, $40; bal
ances, $685. S3. For the week. clearings
$l5, 400, S46; balances, $2345,515.
At Boston-Clearings, $14,312, 377; balances
81 81. 02S; for the week. SS3, 241, 116; banances
$10,147.745
AT misunderstanding. s2.Os7.55o.