The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-09

Springs, Col. give. the following quotations.:
Anaconda S71s
Argentum AZ
pi ,siosoh 81
Tortland ACKNOWLEDGEMENT. .lS
,sdDend .......................-. 491s
WEEKLY REVIEW.
Henry clews. in his review OF operations
in Wall street last week, says: Following
the Improvement of the last week in No
vember there has been a slight reaction in
business at the Stock Exchange. AS usual
at the opening of<Congress. there is dis
position to await indications as to the drift
Of federal legislation. The aggravation of
the internal dirorders in Turkey and the
possibilities of more serious phases growing
out of the inevitable advance of the second
guard ships of the powers has produced
cautious feeling, which Is inducing some
postponement of operations In the European
markets. with consequent dullness: and this
reacts somewhat unfayorably upon the New
York market. The continued firmness of
the foreign exchanges and the outflow OF
gold also discourage operations; although il
rs taken for granted that the government
must borrow another fifty millions at no
distant day, that element of the situation
may said TO have been already discounted.
These are the principal elements causing
| the current partial reaction of tone; but
they are to be regarded rather as tending
| to beget postponement than as producing
any real distrust of values, and hence the
! changes i'm prices have been comparatively
immaterial.
The. market receives support from the
general Improvement in the current gross
earnings of the railroads. The general
condition of trade In this city and the in
terror has also a tendency to encourage
| confidence. The business outlook has many
favorable symptoms. December is always
quiet month. merchants being usually oc-
cupied with stocktaking. closing of accounts
| or formulating plans for the new year.
just now buyers of merchandise are in a
h0co of late
| dictionary tendency of prices of raw ma
terials. and because they require some as
surance that the increased demand for
| consumption. will prove permanent. For
tunately such assurances are forthcoming
At the West and In many points of the
East. the retail branches of trade show
( a marked Improvement. which must soon
stimulate the primary markets. The recent
| declines in iron are leading to basis of
prTee on tb wnien ouyers an no sellers caa
| in that industry is already in prospect
from the West, trade reports are uniformly
encouraging. Collections are good. and
| distributors confidently look forward to an
| active spring trade Colder weather has
| already impaired decidedly better tone to
| several branches of business. The move
| ment of the immense corn crop, which must
| soon begin, is looked forward to as pow
erful factor towards business Improvement
In the West and Southwest. The lateness
| or the cotton movement may have some
| what checked Southern trade; but the bet
| ter prices realized and the fact that cotton
confidence in the South. little inferior TO that
| prevailing In the Northwest Contrasted
| with year ago. there is a remarkable
cnange In the business temper. which has
/ not yet had full opportunity of expressing
| itself; and there Is no hazard in saying
that. If Congress gives any fair promise
| OF doing its clear duty on the currency
/ question, the spring of 1896 will develop
large and genuine Improvement. With such
conditions In prospect. the stock market is
| likely to show unusual resistance to bad
| Influences and while caution In stock oper>
/ ations may be advisable for some time TO
| come, still the short side or the market is
| not likely to be the safest.
THE Presidents message has been, on
! the whole, favorably received in Wall
street. less, however, from its positive side
than from it's negative 1t makes no recon-
mendations calculated to disturb conf
| dence: neither does ii offer any encourage
ment to hopeful anticipations. BY many
| the Presidents emphatic declarations in
| favor of the retirement of the legal ten
| ders is viewed as, on the whole, body of
sound doctrine, calculated to guide public
| opinion to wholesome conclusions upon the
| currency question. But, at the same time,
there is general disappointment that the
| President should trust entirely TO in
/ creased issues of national bank notes to fill
| the vacancy in the circulation that would
| the xO0OO0.OO0 of United States notes and
| treasury notes. His suggested reduction OF
| the note tax from per cent. TO 4 per cent.
| cent. of the amount Of deposited bonds to
| 100 per cent. is received change which
| ought to be made under any circumstances
| and independently of any funding OF the
| treasury paper. But ii is not believed that
| such change would very materially in
| crease the volume of the national bank cir
1 culation, and there is no question about the
| entire inadequacy of such increase to fill
the gap caused by the withdrawal Of the
at the Presidents silence on the prin-
| ciple of issuing bank currency on a
pledge of all assets and 1 the
discussion or this form of note guaranty
| within the last two years has wrought a
considerable change OF opinion IN It's tasor
| students of this question generally. 1t is
| seen that such basis of issue must be In
| some degree depended upon to produce the
| expansion of bank circulation that would be
essential in the event OF the withdrawal OF
the treasury issues. The value Of the issue
| der such a basis and the regulation OF the
money market would be so much easier
than IL Is under the present inelastic cur
! rency that there seems to be no reason for
doubt that the retirement of large part
| at least of the treasury notes could be COM
pensated by equal new issues of bank paper.
| And, If il should not be deemed prudent TO
| offer this basis of issue to the State banks,
| under due safeguards. the restriction of
this poivege to the sn naonai nanks mould
| the national system and besides. would in
| duce the creation of a large number Of new
! banks under the national law. My individ-
ual judgment, however. is that IL would be
| prudent to provide. at present, only for the
| retirement OF the notes issued under the
act OF $780, leaving the greenbacks for SUBJ
sequent treatment.
| 1T is dawning upon expert opinion that
the question of note guaranty is practically
| the most vital factor in the problem OF
! currency reconstruction: its Importance be-
ing not only in the facilitation of the with
| drawal of the government currency. but
| also as involving the requirements of per-
| fectly sound retail money that would auto
matically respond to the wants of business
and largely contribute towards natural
and even regulation of the market rate oil
| interest. But, from present indications
there is little TO encourage the expectation
that any important action on the general
| currency question will be accomplished II
indeed. attempted. at the present session
of Congress. The possibility OF disagree
\ ments between the two houses. and be-
tween Congress and the administration are
so great that men of force and leadins
are likely TO defer a campaign on this ques-
ton until the achievement of some real
result becomes a possibility. We take t.
therefore. that the next few months OF
legislation are not likely to prove an IN
| fiuential factor bearing upon the investment
and speculative interests"
saturdays Bank CIearings.
At misunderstanding 3d. ,30f; bal
ances. S25c. 707.
At New York-Clearings. sos. 257. 42s: bal
ances $. S00. 491.
Ar Rosfou-Clearines ZIG e00 S2S. balances