The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-06


LAS indicated in our advices of last week.
says Henry Clews, April opens with a better
feeling in the Wall street markets. The
currency sent into the country for the usual
April settlements Is returning; and, as the
and comparatively easy course of the money
market until the fall crop movement sets in,
there Is more disposition to make time loans
and at rates satisfactory TO the stock houses.
slight furry has been caused by the close
approach of the rates OF foreign exchange to
the point admitting of exports of gold; but
that Is a movement only natural to the sea-
son, and IL IL should cause some Withdrawals
OF legal tenders from the bank 10 procure
gold from the treasury, the present condi-
ton Of the reserves and the influx OF money
from the interior may be trusted to prevent
any appreciable scarcity of loanable funds.
The discount market may quite possibly ex-
hibit some appearances OF closeness for some
weeks or even months TO come: for, in GER
tain industries. there is an overproduction
which induces caution towards paper COM
ing from these specific sources. This, how
ever, is by no means a general feature in
relation TO mercantile paper; Ii rather con-
Germs Industrial than mercantile credits; and
this feeling among the banks Is perhaps in
terpreted for much more than IL really
means, and, for that reason. may be ex-
pected TO soon abate. So long, however, as
IL continues, IL will be a factor favoring a
preference for loans on stock collaterals, and
will therefore tend to keep down the rate on
call money. To this extent the prospect as
TO the supply OF money for Stock Exchange
purposes is favorable within the range Of
THE Unexpectedly outspoken protest OF the
Republican State conventions on the silver
question has most encouraging effect upon
confidence among the investing classes. In
stead OF the evasions from party leaders that
had been feared, there has been the plainest
declaration for the maintenance OF the gold
I.r1 1fx,a< nIra frnr ha 81 rc~
faction. This explicitness Dis all that could
be desired, and IL strikes the country as
something far better than was hoped for. The
Importance OF this attitude lies In the fact
that Ii shows a great and positive progress
in public opinion in favor OF the sole gold
standard and against any further commit
ing from the position thus taken, and in this
very important respect the country finds as
surance and safety. This assurance Is inn
measureaby valuable, and cannot rail- TO nave
a most important effect upon confidence in
every ramification of finance.
Taking broad outlook on the questions
and the dislocations that have been so deeply
unsettling confidence. We see on all sides the
evidences of steady and cautious approach
towards remedial REIMBURSEMENT There Is a
more intelligent comprehension of the Sit
uation, its causes and Its remedies, among
the people at large than existed but few
mInths agH for snuon n0
the complexity of the situations involved;
and so long as 1t IS satisfied that progress
is Delng maze on the r1Snt line, IL WOulu pre-
fer careful elaboration to a hasty and in
complete REIMBURSEMENT. The point has been
reached, however, at which great revival of
confidence is inevitable both at home and
abroad; the principle of the gold basis has
been irrevocably affirmed. and all that re-
mains TO be done is the formulation of the
details as 10 the minor forms of money
That satisfies Wall street for the present.
and must soon show its results in a restora-
ton of financial activities.
The latest returns OF railroad earnings
leave no room for question as to improving
condition OF their finances and the growing
activity Of general business in the country
at large. The following statement shows
some of the gains of net earnings of impor-
tant lines in the month of February. the