The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-23
NOT A QUICK REVIVAL
HENRY CLEwS POINTS OUT THAT
BETTER TIMES COME SLOWLY.
Partial Reaction from the Improve
ment That Set I'm the Week Fol-
lowing the Election.

NEW YORK, Nov. 22.-The weekly cir
cuar Of Henry Clews a. Co. says that in
the investment and speculative depart
merits of Wall street the past week has
been one of partial reaction. 1t is not
strange, perhaps, that it should be so.
Events never turn out entirely as expected;
and. although there can be no reasonable
doubt about the ultimate large effect of the
election upon investment values, yet the
earlier effects do not seem likely to APP
pear in just the way or time that has been
anticipated. There are reasons why these
results should not take the course of one
continuous bound, among which / would
specify the following:
First-There has been already a quite
considerable advance in prices. and, in the
still conservative mood Of speculation, 1t is
natural that there should be a desire to
realize on unusually tempting profits.
Second-The realizing has been quite i'm
portant in amount and of a somewhat I'M
usual nature. A day or two after. the cleo
ton an influential speculative Clique, de-
sirous of realizing in order to facilitate a
large pending outside operation, sold out
quite a iO Semp s upon the first flush of the
speculative spirit Also, the action of Eu-
ropean investors has proved quite different
from what was expected. 1t now turns out
that among continental holders of our
curitieS, the silver issue and the demagogic
agitation incident to the election canvass
IL
cided that they awaited the election of Mr..
Kinley an opportunity favorable to real
izing on their holdings of our obligations.
They have acted upon that resolution; ana
the amount of their sales on this market
since the election is eS -imated at net
amount of about so, 900. 600. 1t Is true that
foreign houses here incline to the belief
that this return of stocks and bonds has
reached its culminatiOn; but the market
has now to digest this unexpected external
supply The amount of these returned Sc
curities may seem large in itself, but II is
small compared with the steady stream OF
home investment orders that has been flow
ing. in ever since the election and which
still continues. To this healthful home de-
mand must be attributed the fact that the
foreign refux has had so little effect upon
prices.
Third-There has been no squirt in the
volume of general trade corresponding to
what had been somewhat prematurely eX-
pected as an immediate result OF a sound
money victory. 1t has been largely over
looked that the election comes in month
when the arrangements for the fall and
winter trade have been completed and just
before the winding up of the years busi-
ness So that there has been, as yet, lit
tie trade material for the great revival OF
confidence to operate upon, and those who
have cherished extreme hopes as to the
immediate effect upon the merchandise
markets have found reason to postpone
their expectations. In the industries. how
ever, the case is different. There the eff
feet is all that has been expected Orders
for the spring trade have been Immensely
increased and the result so far as re-
ported to the press (Which is only partiaD,
is the resumption of work by 36o manu-
featuring establishments, distributed as to
trades as follows