The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-03-11
weekly Review.

weekly Review
Henry Clews, of New York, in his re-
view of operations in Wall street last week.
takes a more optimistic view Of the future
than he has done for many months. He
says:
Affairs in Wall street have taken on a
more cheerful aspect. The dissolution of
Congress has removed the political re-
straints that have held both investment and
speculative operations in check for the last
three months, and it is felt that there is
now clear outlook for many months ahead
without the possibility of any legislative
freaks calculated to obstruct the even flow
of business This change has the more eff
feet because 1t is perceived that the same
cause is fpfusing a more hopeful tone into
mercantile and industrial circles and is sug-
costing the probability of healthier trade
the last four seasons. Men have become so
wearied of the past two years of worry,
suspense, apprehension and actual loss that
they are not disposed to prolOng their pes
simism, but rather to indulge in more OPP
timistic views, il 1T be only for the luxury
they reason that, even il their hopes should
be disappointed, they will be in no worse
case than If they had continued to nurse
their fears, and would at least have the
advantage of happier frame of feeling
At the same time, as matter of cool bus
mess calculation, the street has reached a
very decided conviction that better business
conditions lie very close at hand. They see
the country full of wants; with stocks of
goods depleted to the lowest point; with
prices of goods lower than at any time for
twenty-five years; with all sorts of enter
prise deferred and the process of wealth
making held in suspense: and they can dis
cover no sufficient reason why this state of
stagnancy should be much longer main
tanned They argue that there is no lack of
capital and no obstacle to credit to warrant
a continuance of the last two years paraly-
sis of trade, and that the fears incidental
to the deranged condition of the public
finances have ceased to exercise any
depressing effect upon business confide nee.
Wall street is thus coming at last to inhale
the ozone of hope; and we may soon wit
ness the exhilarating effects of this health
Ter atmosphere Very much of this inn
provement is due to the successful work
treasury situation is no longer matter of
mention: it's dangers are regarded as per-
manently removed; and the whole brood OF
approximations connected with the endless
chain arrangements is felt to be matter
of the past.
1.-THE mystification growing out of large
London sales of stocks on our market for
nearly two weeks past has been explained
in a way to remove the doubts, felt in some
quarters, that the syndicate might encoun-
ter obstacles in the execution of their pro-
gramme 1t now appears that those sales,
instead of being an expression of English
distrust or meaning that little value was
placed upon the syndicate's Intervention.
were not sales at all by English holders of
our securities, but by the London agents OF
New York bear operators This discovery
removed the miSgfvings about the erect OF
the syndicate operations and has increased
commence InaI the great DdIlhtTS WLi cOH-
duct their operations t6 a safe issue with
out any disturbance to the interests CENTER
ing at the Stock Exchange. In the mean
time, the business of the railroads begins
to show a gratifying degree of improve
ment. especially the lines doing Southern
and Southwestern traffic. The unexpectedly
favorable character OF the pennsylvania
railroad hes also produced favorable inn
preston
unusually lively attacks from the bears, the
significance of which is not difficult to di-
vine. 1t certainly cannot De que 20 any
bearish policy. On the contrary, the FACTORS
affecting values are distinctly turning in
favor of the opposite side. The feeling is
better and the facts are better; and it needs
no special keenness of sight to perceive that
the TIDE has p ha aet Is 70 Be fund
an explanation of the pretentious agrees
sveness of the bears. They are in large
ing on the WALL and are making a great
show of selling, both In New YORK and Lon
don in order to conceal their b Duyng ge to
when they would have been made to pay
heavily for their telnerity. But, in these
conservative days, they may escape scot
with the adjournment of Congress the
d a hereafter 1 should demonstrate that fact.
The unsettled condition of the business in
terests of this country for a prolonged pc
riod past is clearly traceable to Washington.
Now that Congress has adjourned, that per-
nicious and prostrating influence no longer
&.
hind us and have been thoroughly discount
ed We have good reason to look forward
to the prospect OF good crops and a. general
cipal argument, which the bears have used
effectively as weapon. has been the low
price OF cotton. If mistake not. it will not
be long before these same people will admit
the falsity of their position. as think it
will be soon demonstrated that the low price
in the manufacture of goods for export that
will be surprise to the country. Interna-
1lfcyr, Eo1x
factor in favor of higher prices and in
creased activity in grain, cotton and also
tional bimetallism bids fair to become as
strong throughout Europe as 1t is in this
f t,,oi ana mndef fo Sufn pressure tt mu
would appear to be almost inevitable. With
in ten years the increase of Indebtedness of
900. During this period, With the exception
of the past year, the bonded indebtedness of
this country has been on the liquidating
alarmed about the financial affairs of this
country. we have greater reason to have
especially when our marvelously superior re-
sources and greater earning power are con-
trasted with those of other nations
"As to the questions of currency, highly
important as they are. yet they have for a
time ceased to rank among the matters af-
fecting the immediate course of Wall street
interests. They are too large too compli-
Gated and too broad in the issues they in
volved TO be disposed of in three months by
such a Congress as the one hat handled
them. and possibly by any other. They are
now reiegated for the consideration of the
people, and will receive the most serious at
tention preparatory to the next national
elections. Whatever may be the conclu-
sions reached BY public opinion, they are
sure to reflect the cautious common sense
Of the nation, and we may therefore rea-
sonably hope that the final settlement will
be sound one. In the meantime. we have
TO deal with the matters of practical busi-
ness; and, relieved of these vexatious theo-
retic contentious, the nation will return 10
it's work of producing and merchanting with
renewed confidence and fresh vigor. Already
there Is unmistakable evidence III our local
markets of preparations for an increased
spring business. The city is filing up with
buyers from the interior. there is no longer
the dubious haggling about prices that has
prevailed for the last two years. and manu-
facturers begin TO express surprise at the
increasing orders for goods To my view.
the signs of the hour mean nothing less than
a good old-fashioned spring and fan trade
Saturdays Bank ClenrinEx.
At MISUNDERSTANDING, sls52.123; bal
ances. S303 1913.
At ST. Louis-clearings. ss.772, sos: bal
ances 1850