The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-02
MINING SHARES
WEEKLY REVIEW

Mollie Gibson. OBSERVATION-DISCLOSURES 80
Portland ACKNOWLEDGEMENTS.
Mount Rosa. 1874
WEEKLY REVIEW
THE stock market begins TO exhibit a
more settled Tone" says Henry CIews, of
New York. bad news has been pretty
thoroughly discounted. For nearly three
months the market has been under the in
huence of currency agitation. the Kafir
craze, European political difficulties and
distrust of the industrials. During this Pc
riod majority of the active railroad shares
have declined 10 or more points. Liquida-
ton has been persistent and complete but
no weak spots have developed in conse-
quence. and none are expected. 4 great
many of the stocks lately offered OH this
market have come from tim:d holders or
exhausted margins am have fallen into
strong hands. so that conditions favor a de-
eided change when the leaders of specula-
t.on are ready for shift of position. When
TINS VIII come are not prepared TO pre-
dict, but IL Is sufficient to know that infiu-
eness which caused the decline are changing
Tor the better. and that prices long
must reflect these changes. AS for currency
reform, while the two political parties may
u,sp n az TO it detail both are ALIVE as to
that the country is In earnest on the ques-
ton. and will hold that party responsible at
the next election which fails TO do it's duty.
Tho silver question Is practically a dead is
sue. and the possible embarrassment of the
treasury can be nothing more than tenn
porary affair. easily tided over by some ex-
peiient until Congress acts. The Kaffir
craze has had wholesome check The
losses were severe. but they have not been
or the character. either IN London, Paris or
Berlin. 10 affect the general financial or
business situation. The disease has been Of
a local and not general nature. The most
important factors Affecting railroad SECURE
~ m
pec.s of business In the United States. Trate
IS always quiet at the end of the year. and
the present setback is merely temporary.
When the corn crop begins to move general
business will revive. and the railroads will
unquestionably be taxed 10 their utmost TO
carry both grain and general merchandise
Just now some OF the grangers are show
ing remarkable earnings, because of the
heavy wheat, ore and lumber tonnage
Later on this activity will extend to other
roads. especially TO corn carriers. and we
may expect much larger gains than those
now current.
There are things looming UP i'm the finan-
ciaI horizon which suggest at least the
possibility of revival OF speculation with
the opening of the new year. Coming
events cast their shadows before:' and
some shrewj observers think they can al
ready trace the outlines of such shadow.
Strange to say. these seeming suggestions
Of good times coming are traced in the
very movement that has lately created so
much apprehension on the bourses of Eu-
rope and to a less extent in this city.
Kaffir speculation that deserves attention.
The shares have not fallen at either Lon.
don or Paris nearly 80 much as had been
expected; and there has now come a sharp
ness OF reaction In them that excites sur
prise. The scrutiny to which distrust has
subjected them has publicly developed the
fact that while many of the enterprises
were worthless, and more were overcapital-
lied or uncertain as to their results, yet the
great speculation. taken a whole means
that sources OF gold have been discovered
N
history. In other parts Of the world also
important deposits of the yellow metal
have been unearthed: and In Colorado a
goli-mining excitement has arisen which
seems TO imply really valuable discoveries.
All this Is important. not so much for what
il is in itself as a branch in speculation
as for what IL implies. 1t means that the
world is TO see forthwith very important
increase in it's supply or gold. No less an
Paul Leroy-Beaulieu. states in The Forum
that in two or three years the annual new
supply of gold will amount TO from $500. 000,-
coo to &40.0c0,00Q and that this output will
continue for twenty-five to thirty years.
and possibly for fifty years. Comparing
this estimate with that of other authori-
one. and may possibly be materially sur
passed by the event. This prospect. 80 con-
spicuous.y brought before public attention
by the Kaffir excitement, is beginning to
receive practical attention In speculative
circles in Europe. 1t is argued that IT fore
shadows a virtual imitation of the cardinal
gold will induce increase in the amount
Of paper money based upon it, and that
the world Is thus closely verging upon an
i is reasoned o means continued low rates of
interest, abundance of money, an advance
in the prices Of all products. and from that
an increase OF production. These condi-
tions. IL is further inferred. must lead TO u
universal revival of trade, TO the creation
Of new enterprises and to reversal OF
the depressed state OF affairs that came
with the BaringS failure.
.sIt cannot be denied that there is more
than mere plausibility in these foreshadow-
ings. The present circumstances have In
them much the same elements of revival as
have attended some of the most remarka bic
After FIVE years OF comparatively proftless
business. all classes are eager to participate
i'm movements that portend recovery and
anxious TO take ventures that promise COM
persation for past losses: and there is
evidence enough that these five years Of
economy have yielded surplus that awaits
investment. Moreover. the political feeling
in Europe is assuming u much more hope
full tone. Not only Is there no longer any
danger of bad situation arising out of
Turkish affairs. but that test Of the under
lying attitude OF the powers on certain
explosive questions incident TO events in
China and Turkey has developed evidences
which are calculated to allay the distrust
that for years has hung over the money
are cited as at present occupying attention
In the higher circles of finance across the
Atlantic, and IL Is not difficult to foresee
what kind of effect they may soon have
on speculative operations of every kind.
At New York there can scarcely be said to
be as yet any distinct perception of the
working OF these influences But, to close
observers. there is consciousness of
better tone a sense of a more bracing at
mosphere. and intuition OF the approach
Of better financial weather. In view OF
these considerations. we counsel a more
hopeful feeling, and regard the situation
as favorable 20 better prices for the time
being"
saturdays Bank Clearfngs.
Al MISUNDERSTANDING. s2.2ll.ssS bal
ances. S269. $50.
At New York-ciearings. Ni5l7o.o4s; bal
ances. $S.S5l $50.
At Observation-Disclosures s17.e5s s4e; balances.
81. s.s.0il.
At Chicago-Clearings sl7.14s,oOO. Money
quiet at sass on call. en6is for commercial
paper. New York exchange at Toe premium
Sterling posted rates, $40 on demand; 81 So
on sixty DAYS.
AZ 81. I.ouis-Clearings. S.sSo1s1: bal
ances. s774.seS
At Observation-Disclosures, SIS, So. CO: ball
ances. 81. SO, sos
At observation-disclosures, AZ and per cent
New York exchange 10 and 70 per cent
premium: clearings. S.s2o.7o0
LOCAL GRAIN AND PRODCCE.
4 Week OF slow Trade. with Few
Changes In Values.
Trade in the week closing Nov. % was