The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-20

Northwestern pref. -. 49,. 49,. 16
Peoria. d. & E........... 49,. ..- 2"
Pullman Palace ...... -. 49,. 49,. 159
neauing -....-.-..... nB 12% nB Ia
Rock Island .-........- a ~ II 7%
st. Paul ..:-.-..... 7s1s "a 7sh 7s&
Sugar raq Ri Rfse ....iss2 isi5i9 issi@ l lss3s
-; o Express .-..... .. -.... ...-. Az
W. St: L Z +: pref. issN iss 'isii 1sx
western tnion press. s4ii siii sii ss4
r. Fours, regx..... .. - =. Ivy
- EourS, oup.-.. =. -. 1855 1884
y. s. Fours, new, reg. -. -. 49,. 1861
U. 5. Fours, lew, coup 49,. -. -. 117H
VIEWS OF HENRY CLEwS.
In Wall-street affair."" says Henry
Clews, "the past week has shown some inn
provement of feeling. In business affairs,
also. there has been some recovery of tone.
The fine Spring weather has given an i'm
petus to the demand for seasonable mer-
chandise. and the effect upon the distributing
trades has been quite marked. The export
movement In gold does not appear to war
rant any uneasiness: There is undoubtedly
amounts OF gold aTe going out. But, as
there has been a loss on some Of the ship
is not entirely in the regular way of settle
ments. but In part to meet some special de-
mand- 1t is rumored that these special
shipments are destined for Russia, or to
compensate European banks for gold de-
posits withdrawn from them by the Bank of
Russia; and 1t is also minated that the
ton of specie payments. we take it. how
ever, that the idea of resumption Is merely a
loose inference from the supposition or the
fact-as the case may be-that the gold thus
leaving New York is for st. Petersburg.
The rumor Is discredited by the fact that
We have little or no information from Lon
don, nor from any of the continental GEN.
ters, that Russia ~contemplates the resump-
ton of cash payments.
"One of the leading London financial pa
pers a few days ago denied that the Bank
OF Russia entertains any such purpose.
Moreover 1t would not be an easy matter
for that bank to accomplish any such feat
as is attributed to 1t. The alliance between
the bank and the state Is a very serious
drawoack upon the credit of the bank. The
which fact does not help its credit. The
political policies of the state are so chron-
ically disturbing and dangerous as to in
volve constant risk to the bank: and thus
1t comes to pass that, although the bank
Is now in many respects well managed and
high ratio to it's circulation, yet the current
premium on gold at st. Petersburg Is 80
per cent. Moreover. If there were any Sc
rious purpose Of resuming god payments,
that premium would quickly show the effect
of such a change; whereas the premium re-
mains sf h7sf5ys S ptdii,isiss perhaps 3 not
curing gold; for 1t has been pursuing that
course for some time past and has recently
accumulated a considerable sum; but it Is
much more likely that such a source would
be in contemplation of warlike possibili-
ties than that 1t is intended for the resump-
ton OF gold payments. There Is no ques-
ton about Russia favoring the gold basis;
and as her trade has been gaining in pros
perity during late years, an opportunity
financial p~osition; which occasion. both for
political and fiscal reasons, she has been
fore. It is not improbable that some Of our
gold may go to Russia. yet there is vir-
tually no reason to suppose that 1t is for a
purpose that would require so large an
amount as would be needed for the adoption
of gold payments. Moreover, il Is to be re-
membered that. IL gold is going out for
this extraneous purpose, 1t does not the
less, on that account, become a contribution
towards the settlement of our adverse for
eign balance. and therefore is to be re-
garded as so far reducing the amount of
god that would have to be shipped In the
ordinary course of the exchanges. In other
words, Russia has to pay us for whatever
gold she may be taking from US; and that
claim settles an equal sum of foreign claims
against us. For these reasons, these special
exports OF goId, whether Tor Russia or other
destination, may be dismissed as a harm
less bugbear.
"A matter really much more Important, as
bearing on the gold movement, Is the impor-
tant change that has appeared in the drift
of the foreign exchanges. For each of the
last three months there has been an in
crease In our exports of merchandise and a
decrease in the imports. The returns for
March evidence a continuation of this ten
d veas Of ten e1 mS1',nns showing svd ga a I gain over last asst
cline or three millions. The imports of 1895
were extraordinary; first. because pending
and exhausted stocks in 1894, and, next, be-
cause the reduction Of duties naturally had
d and ITS t nrs' e1 1Sers shs siImulo of the of m 1mPSrts
throughout last year. The import movement
has thus been exposed to a sudden check.
receipts of foreign goods should fall some
Ao,O00.00 or $75.OOO.0O0 short of those Of 1895.
The condition Of oversupPly due to this cause,
of domestic manufactures, has promoted a
decline in prices which is encouraging our
export trade. and the Improvement in Eu-
ropean trade is fostering a frmness in for
eign prices which makes 1t the easier to find
outside markets in which We may dispose of
our surplus stocks This tendency not only
helps to produce a wholesome adjustment
between our imports and exports. but is also
c cp,nsnng aD of ms q Sraunse s sfocts IRON TSIo, the ,s
the main cause OF the present partial de-
preston of business at the chief commercial
center. There Is, therefore, a rational GROUND
of assurance that. however unsatisfactory
may be the present aspect of some of the
commercial markets. yet affairs are working
gradually toward a readtustment that will
establish a healthier and more active conii-
ton of affairs. In some of the leading indus
tries manufacturers are reducing their run
source of relief must soon be sought in the
reduction of wages. which were very inju-
and these expedients will contribute toward
bringing about healthier conditions of BUSH
ness"
Saturdays Bank Ciearings.
At Chicago-Money easy: on call s per
cent. on time 6Q7 per cent: New York ex-
change. 6oc premium: sterling, posted rates
$3.50 on demand. &S9 on sixty days time;
bank clearings. SLABS. 1877.
ances. $406. 27s.
At OBSERVATION-DISCLOSURES SIS. o4s. s7s; bal
ances. 81. 476. 600.
AT cincinnati-Money 4as per cent: New
York exchange zoe premium; clearings.
At New Qrleans-Clearings. 1875. oso.
At New York-Clearings, 500. 100, 1876: bal
ances. S.. $50. 925.
At Boston-ciearings. $ls.s74.653: balances.
1857 .297.
Al MISUNDERSTANDING. sg75.s27: balances.
S94. 752.
At St. Louis-Clearings. 1907. $50: ball
ances. s627 .911- Money cas- per cent: New
York exchange N.10 premium bid, N.25
premium asked.
LOCAL GRAIN AND PRODUCE.
Trade Of the Week More Satfsfactorx
with Few Fluctuations.
More business was transacted in the week
Closing April is than in any preceding week
/ .t,no tho hoftla,. ct;,I a, c@~~~ NJ A. 49,.