The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-03-16
MINING STOCKS.
Doubleday, Rope e. Co.. OF Colorado
Col. give the following quotations:

u. s. fours, new. coup. 49,. 49,. -. 116%
MINING STOCKS.
Doubleday, Rope & Co.. OF Colorado
Springs. Col. give the following quotations.:
anaconda s.
Argentum %
lsaDela 5S12
Mount Rosa 15A
Gibson 20
IOrtand
VIEWS OF HENRY CLEWS.
In reviewing the financial situation at
New York last week Henry Clews says:
In Wall street there is little change in the
tore and volume of business. In investment
securities the movement is healthy, but in
the speculative list transactions are fitful
and governed by the changing tactics OF
professional operators. The general situa-
ton remains sound as to undertone, but
languid as to operations. The attitude of
nificant. There is no persistency in their
operations. They sell cautiously and cover
upon small profits. which shows a, lack of
confidence in their position. On the other
hand, the bulls are inactive. They nave
run confidence in the general situation and
m market lne Pbn nf sre held HI b an q hy ! sori II hl Sisir
tation, which Is not easily accounted for.
Prudent operators are always slow to I'M
dertake large transactions in the absence
OF a distinctively speculative spirit. The
larger conditions may warrant confidence
and the drift RAY be plainly in the direc-
tfoll "a al iC NdluC-s Oul licy hesitate 10
undertake a campaign until there is a dis
tinct outside feeling that a boom is at
hand: That Is the attitude of the larger
street holders or stocks at the present mo-
ment.
This hesitation is undoubtedly encouraged
Sgeci nIst to this e0n citye In w mosf Trades ,ar sers
there Is considerable complaint of dullness,
and more or less show Of a pessimistic spirit.
Merchants sales are not proportional TO
their stocks, and buyers see that something
Is the matter among the distributors, and
are therefore disposed to pursue a hand-to-
mouth policy OF buying. All this Is in con-
trast to the conditions and the feeling exist
ing in the interior. From the large West
ern cities come accounts of a satisfactory
state of business, and Chicago reports a
healthy activity. So. at the South, condi-
tons appear TO be unusually healthy: the
steamships and railroads connecting with
traffic, and the large increases in the earn
ings of the Western roads show that in
that section. also, there Is a really healthy
movement of merchandise. In brief, there
can be no question That the condition of
general trade Is far more satisfactory
throughout the South and West than il is
at this center. This contrast with New
York is very singular, and needs some ex-
and complaining, while the sections from
which IL draws its trade are prosperous
and satisfied? 1t is not to be denied that
New York is subject to a constantly in
creasing competition from the Western
centers for the distributing trade. Nor
IS there any doubt that cities like Chi
1aoo aha III Ao0t0 III dDlul
extending their hold upon that branch of
business. The Increase Of population would
in some measure account for that increase;
but does that factor explain sufficiently? 1t
is doubtful. New England Is now undoubt-
edly sending direct to the West large guam
titles of manufactures which formerly were
distributed through New York agents. Such
a drift Is not calculated to create a cheerful
tone at this center. Equally, our trade
with certain sections of the South is being
attacked by the active distributing houses
OF the West; so that, to some extent, We
are meeting with new competition, If not
losing business, in that direction. Then it
is TO be remembered that New York occupies
a position OF peculiar responsibility as an
Intermediary between the industrial interest
and the Jobbing interest OF the country. A
very large amount Of capital is employed In
rendering that kind of service; and in the
performance Of the service there is some
considerable risk arising from advances
vestments in mills to which they have be-
come unwillingly committed. If New Eng
land manufacturers are willing to sell direct
TO Western Jobbers and thereby save the
cost of New York Intermediates, so much
the worse for the great first-hands trade of
this city. Moreover, this particular interest
is exposed to much of the risk attending
a lack Of due adjustment between the pro-
duction of certain large industries and the
demand for consumption. There have been
threatening arrangements in that relation.
For years past, the improvements in me-
chanical power and In working machinery
have been carrying this country, as well
as others, towards a production in excess of
the possibilities. OF current consumption.
There was a check to that process in the
great panic of 1898, which served as an
offset TO that crisis Of no small value. But
the machinery we then had We have still.
Its owners are anxious to keep ii Employed:
and upon every appearance of an improve
ment in demand they are liable TO rush into
an oversupply of goods. The last twelve
months of improved business has already
produced a glut of stocks in some important
lines of goods. The commission houses have
to bear the brunt of the concessions in
prices.
Under the circumstances here described,
certain large interests in this city are sub
jected to a pressure calculated to produce
anything but a cheerful feeling. i'm spite of
the hopeful tone that prevails in other
cities and sections; and these conditions are
to be viewed as largely accounting for the
exceptional tone that now pervades local
business circles. Men are so constituted
that, in the effect upon mental tone, an
ounce of pessimism Is equal TO a pound of
optimism.
Saturdays Bank Clearings.
At Chicago-Clearings. SIS. s9s. log. Money
rates firm at 6u7 per cent. for call and COM
mercial paper. Bankers Qondon) sterling.
$.SS and $LS7. New York exchange. zoe dis
count.
At MISUNDERSTANDING. 1895. 26s: balances.
S7. sos. New York exchange selling at $50
nrpmtum