The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-13

VIEWS OF HENRY CLEWS.
"Affairs in Wall street." Henry Clews
says, remain quiet Money Is returning
from its temporary transfer to the country
for April settlements. but the expected bene-
fit from that source has not yet appeared.
Several minor occurrences appear TO have
contributed to the postponement OF opera
tions. The wild fluctuations in tobacco
stock have produced an unsettled feeling.
The reports OF the commercial agencies, for
the first quarter of 1886. make an unex-
pectedly unfavorable exhibit, with the effect
of encouraging the pessmistic feeling en-
tertained in some quarters. The London
market has been dull, and its operations
have, on the whole. been unfavorable to
New York. The still unsettled condition Of
European politics also continues to hold in
check foreign operations in our securities.
The renewal of exports of gold has con-
tributed its quota towards discouragins buy
ing transactions. Tnose shipments IL Is
to the season: but, under the existing cur
rency arrangements. they have an effect
which was. not felt in normal times: for
they mean the locking-up Of legal tenders in
the treausry, which have already accumu-
lated to s1ie,0O0.OOO with a certainty that
the sum win be materially increased before
the spring exports of specie cease. Also the
relations between Washington and Madrid
have tendency to produce timidity in
financial operations. The Cuba resolutions
passed this week by such large majorities
In both houses Of Congress. Ii Is true, have
no other force than as a declaration of
sentiment. They cannot compel action by
intended mainly for effect in politics; but 1t
is impossible to say whether the President
may regard it as duty to his party to take
Venezuela episode is evidence that the Presi-
dent is capable of bold action
when he thinks his party is men
of a legislature declare themselves in such
terms as were uttered in the Cuban resolu-
tons of last Monday. the country against
regard II as contributing to animosities be-
tween the two nations concerned. Contin-
calculated to unsettle confidence in the f.
nancial markets. And, again, although
strong hopes are entertained that the Vene-
the shadow of disturbing possibilities still
hangs over that sensitive question
This Is the group OF unsettling contin-
sons for hesitation and postponement in
Wall-street operations. None of the factors
is in a really threatening shape. The prob
without trace of bad consequences New
ertheless, the speculative imagination. when
i'm a sober mood, Is very conservative and
demands large odds against series of con-
tingencies suggestive OF caution. 1t would
be difficult to say just how much weight
Wall street really attaches to- this momen-
while they suffice to prevent buying for the
moment. yet they do not cause selling
sensibly disturb their confidence; nor do
even the professional bears seem to view
the situation as warranting any free selling
mainly To sensational stocks. Among men
of financial status the Keeling is very gen.
eral that the substantial conditions affecting
railroad investments are sound and healthy
and that, measured from that point of view,
stocks are cheap at present prices. 1t SO
happens. however, that in secondary and
outside factors there are so many things out
of joint as to call for an unusual margin OF
allowance for possible accidents and unfore-
seen outcomes. That Is now the point of
weakness In Wall street: and, until there is
causes of distrust. real and large recovery
In the financial markets must be patiently
waited for"
Saturdays Bank CIenrfngs.
At New York-clearings. ss2. $50; bal
At Bcston-clearings. $ls,7io,1ls: balances,
At ST. Louis-Clearings. $685. $40: balances.
SOS. 404. Money. 6uS per cent
At Memphis-Clearings, S5Oo,S6y; balances.
100 New York exchange selling at $3.50
At New orleans-clearings. S.se5.0O7
At NEUTRALITY-SUSPICIOUS.. NO.00,A5; bal
At Chicago~Money on call easy at per
cent: on time. 6Q7 per cent. New York
exchange. 25c premium. Sterling exchange.
sixty days time. Clearings, Sl2, 356, 973.
At Baltimore-clearings. s2.16e.6A; bal
At notwithstanding, Sols, $50. Money.
1905 per cent. New York exchange. 4OQ5Oc
premium.
LOCAL GRAIN AND PRODUCE.
Trade slowly Improving, with Values
Ruliun Sfo,Av