The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-03-18

covery in the Canadian department. Grand
and Canadian Pacific ~. The completion
or the syndicate TO guarantee the paymen
Of the assessments caused a rise in Atchi-
son. American railway securities generally
showed a better tone. but there was little
business done in them, The report OF the
that a further cutting down of expenses is
impossible The report Of Sir Charles Riv,
ers Wilson guaranteeing a dividend, caused
a rise of 3s in Central Pacific.
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:
I'm Wall street there are the beginnings
of d stirring among the dry bones The
new conditions introduced by the syndicate
operations and the relief afforded by the
close of Congress have awakened fresh
interest," and[the general aspect of the
market is Indicative of new life. There
is a general feeling that the change of
situation removes many obstacles to opera
tons and affords a more definite and safer
basis for engagements extending into the
future; and investors and spectators are
therefore inquiring what securities afford
promise of an early Improvement in value.
experiences so long protracted, this move
ment is checked by a certain remaining
caution. and therefore its efforts make no
but not the less surely does it signify the
beginning of regeneration, confidence and
an Improvement in values.
In the present stage a continuous source
OF depression hangs over the market in
the uncertainty about dividends of rail-
is an effect Of tie diminished earnings Of
many months past, and does not represent
the actual present condition of the proper
ties, which, as a rule, are really in a better
dividend earning position now than during
e ene pari diyid EepTese1 Tsese Ds sfrs sne 1 psf S5d p and
business have been discounted in anticipa-
ton: but still when the reductions Of divi-
dend actually occur they are apt to be
attended with some further depressing eff
feet. BESIDES this cause there are also
others which tend to encourage a conserva-
markets; but, on the other hand, the bears
are becoming equally careful about their
proving tone of the market fails to find
ful expression in the volume of transac-
to measure the future Of the market by
its surface aspects at the present moment.
The coming business and the future of
prices must be estimated from the force
of the new factors that are now entering
into the situation, but which are held in
temporary check by old distrusts and by
the caution b~egotten of a host of now dis
appearing Encouraging conditions. AS these
obstacles wear away, the new factors con-
will have a fuller effect; and herein lie
the reasons for expecting a steady Develop.
ment of bullish tendencies The true policy
therefore is to follow the drift of this new
tendency.
wall street keeps "a quick eye upon the
prospects of the suggested international
silver conference. 1t. sees in the adoption
OF a worldwide policy of bimetallism the
certainty. of a material increase i'm the
metallic money of the commercial nations.
and assumes that, in such case. there would
be a general rise in values and a consequent
speculative boom of wide dimensions. AT
present. there is no real certainty about
the calling of such a conference, but the
in its favor. AT such a gathering. one Of
the sravest points OF discussion must be
silver. What ratio between the two metals
would satisfy the conservative European
nations it is not worth while to speculate
upon; but no doubt they would insist upon
a material departure from the present
standard of l5A to l. At this point it be-
the delegates Professionally selected by Con-
gress to represent this country in such
a gathering. SO large a proportion are
Judging from their determined insistence
on this point, it is not impossible that thew
a alig the, go = g the length Of presenting that
stunned that the President would put in his
instructions some limitations upon their dis
cretIon. II is therefore desirable that public
opinion favoring an international method of
setting this question should make its in
proposals which the European powers might
be counted upon to reject.
1t needs some. explanation why the sill
Yer leaders OF the mining States SO per-
sistently insist upon free coinage at the
ratio OF Is to |. They seem to be more than
4ttiiL Cit dDOul lIlt6TndLlOndl action. and
yet, unquestionably the International basis
would afford much more promise of sta
Dliity than would isolated national action.
inis must be clear to any man not blind
from prejudice; indeed, it is so clear that a
large. proportion of the friends of silver
would probably reject free coinage upon
any basis short of an internat ionaI com
pact. Why. in the face of these facts. do
the mining leaders insist upon national
rather than international action? Their
principal reason is that they are well aware
that european cooperation would be i'm
possible without the adoption of a revalu-
alton of silver more Or less approximate
ing the reduced market value of silver bull
lion. That, say the miners. would make
impossible the complete recovery ir the
price of silver, which is the supreme OBJ
Ject they, as producers, have in view. They
are concerned solely with The value Of
the output. and considerations affecting the
quality of money, which may appear i'm
poTtant to many of their followers, have
purpose which controls the mining interest.
Ihey consequently insist upon a settlement
~ q wpain enable them to get a dollar for
might insist upon valuing the metal at pos
sible $50 to 500 grains to the dollar. Here
miners in opposing international free coin
age. 1t is the old story of blhd selfish
ing a one-sided contract. oeau
The general conditions of the country
since the adjournment of Congress have
materially improved and have now reached
a stage where the ~judgment of business men
will hereafter be the guide. instead Of bust
HESS diIdifS DGIIlS dominated by What Con-
gress was or was not going to do, as here
tofore. This means a great deal in trade
circles from now onward. Confidence NAV.
therefore, be expected to gradually increase.
and business courage will come back with
1t. This means a new departure, and. in
stead of the business of the country being
restricted to a retail basis, it will gradually
broaden and develop into wholesale transact
tions on an important scale, which in
creased confidence and courage will bring
about trade purchases being made ahead
or wants and not confined as for a long
time past, to a hand-to-mouth policy. Buy
ers of late are very numerous in the city
from all parts of the country and have
shown an inclination to pick up supplies
that are cheap in very much increased guam
titles An enlarged merchandise business
will go far TO help the railroads between
now and the harvesting of the next crop.
The settlement of the bituminous coal dis
sensions shows where there's a will there's
a way and the same treatment should
extend to the anthracite properties. A set
Element, therefore. may be arrived at soon,
which will be another cloud uplifted. The
quick action by the committee in the reor-
ganization of the Whisky Trust gives en-
couragement and is an evidence of what
can be accomplished through energetic ac-
ton on the part of reorganization commit
tees. 1t is to be hoped that similar enter
prise will be infused into the Atch'son,
Northern Pacific, Union Pacific and Read
ing committees SO that the country can
derive the advantages that will come from