The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-02-17

Sugar Refinery 49,. .Il3S
Toledo & Ohio Central preferred ........ s.
Wabash, St. Louis & Pacific. ia
Wabash. st. Louis & Pacific preferred. 1917
Wells-Fargo Express ........... ........100
western Union 1890 S5H
General Electric 49,. ...... 3O7z
National Linseed 800. 10
Toledo. st. Louis & Kansas City......... s
mo,edo. 81. Louis x Kansas City pref. 10
Tobacco preferred
United States Fours. registered. $500. 1881
United states Fours. eoupon.........-..1a
United states Fours. new. coupon.......1157
WEEKLY REVIEW.
Henry Clews. in reviewing the situation
in Wall street last week, SAYS: I'm our
adviees Of last week we expressed the
opinion that, at that time. the full effect
of the treasury loan negotiation had not
been felt on Wall street. The course of
business during the past week has con-
firmed that view. The effect of the large
speculative realizings attendant on the con-
summation of the loan has more or less
fingered, but behind that there has been a
stronger undertone, a broader disposition
to buy. and a preponderant upward ten
dency in prices. Confidence in the breadth
and stability of the market has made a
very considerable gain, and the dominant
1eeiing favors a rising scale of values.
London SHOWS an important return towards
trust in Americans. growing out of the un-
expected extent for the bids of the loan.
The soffer of nearly six hundred millions
OF capital is accepted there at its undenia-
bic Importance. as a measure Of the floating
wealth or this country and as an afirma-
ton of the unwavering confidence of our
people,, In spite OF the financial derange-
ments that for the time being are ex-
posing our investments TO foreign distrust.
This spirit OF self-trust. naturally and
IQOlTrTnafaIU a 1900
the large class of transatlantic investors,
VINO nave received their impressions en-
tireiy from journals and banke whose
stional investments. Last weeks surprising
expression Of loyal confidence will afford
them a lesson not soon to be forgotten.
Ihe references in the Queens speech and
the subsequent discussions i'm Parliament
re.ating to the Venezuelan affair are cal
eulated to have a good effect uron the
and Great Britain. From the tenor of
those illusions it is evident that the
Queens government has resolved to re-
with the United States; and, judging from
the tenor OF English opinion, 1t is not i'm
probable that an effort may be made to
provide permanent arrangements for the
putes between the two nations.
which would be an immens
business relations which nave been re-
Gently interrupted. This country may be
depended upon to receive any advances of
that nature i'm the spirit in which they are
intended. Possibly, from the insuiaritv of
our position and policy, our people might
not De willing to go so far in this direction
as q country which, owing to the vastness
OF its external relations, has a special in
terest in establishing permanent friend
ships with every nation possible, but espe-
ciaiy with the United States. Neverthe-
less, our people do not need to be con-
vinced or the advantage Of having their
relations with Great Britain put upon a
basis OF harmony and stability consistent
with the racial, commercial and financial
interests of the two nations. Present ten
denotes appear to be running I'm that direc-
ton; and thus what a few weeks ago was
deemed a serious danger seems likely to
issue In the achievement of great interna-
tional advantages AT present all this is
in the diplomatic stage, and therefore can
hopeful PROBABILITY. That probability. how
ever, has a distinct market value: and
that value begins to be expressed in the
renewal of investment and speculative
transactions at London. At the moment
Wall street discounts these probabilities
With becoming moderation; nevertheless.
our relations with Europe are marked by a
perceptible Increase of transactions.
The critical phase of the loan transaction
Is now passed. The fears that some dis
tprpance or the money market, or possibly
a considerable premium on gold. might
arise from such a large operation have not
been justified by the event The money for
the payments has been procured without
friction. or disturbance of ordinary loans.
or extra rates of interest. This is the more
remarkable considering that 50 large a por-
uon or the bonds have been already taken
up in full. and that. by the end of this
month, about 20 per cent. of the issue is ex-
pected to be finally paid for. In reality, all
whatever arrangement In the money mar
ket occurred happened during the latter
part of last month. The treasury has very
wisely determined to place an important
portion of its receipts from the loan on
deposit with the banks that have most lib
orally subscribed TO. the bonds. This pre-
vents any large contraction of the bank re-
serves and keeps the loan market compa--
atively easy. The net condition following
this operation is a steady money market, a
the public credit. and an improved state of
confidence Throughout the country. The
treasury, 1t is estimated, will now have a
reserve of fully SIS, 0O0. 900. after allowing
for withdrawals of gold for paying for the
bonds That gives an interval of several
months during which the treasury is likely
Of its gold fund; and il is hoped that. dur
ing that period, arrangements may be made
which will prevent the necessity for any
further loans in connection with the re-
serve arrangements.
The loan having been accomplished with
these satisfactory results. a more solid ba-
sis is laid for Wall-street operations for the
remainder of the year. The present loan
rests upon more normal arrangements than
that of February, 1895. 1t involves none of
the special regulation of the foreign ex-
changes that was connected with the last
negotiation. and consequently will be fol-
lowed by none of the Strengthening out that
caused considerable exports of gold last
fall; and that Is one Of the advantages at
tending the so-called popular" method of
borrowing. The great Improvement of bus
mess that followed the negotiation OF a
year ago is fresh in the public recollection
and it seems reasonable to hope that a
similar result may succeed the operation
Just concluded. Upon the whole. the condi-
ton OF trade is steadier now than IL was at
this stage OF 1896. In most of the markets
is reason TO regret the sudden and large
advance in wages that was made in the
spring OF last year. Buyers, however, are
supplying their wants with little hesitation
at the reduction in prices recently made,
ana a fair spring trade seems TO be reason
the PROBABILITY of a comparatively easy
state OF the money market until next fall:
and the foreign exchanges reflect. In declin-
ing rates, the reduction In imports. the rel
alive increase In the exports. the shin
ments of the new United States bonds 10
Europe. ana the better feeling in London
towards American Investments
"The question as 10 what Is meant by the
word coin has now been settled 10 mean
gold. just as much as If an act had nassed
Congress TO insert the word gold before
the word coin I'm the United States bonds
and other obligations. The American neo-
pie have settled X now and forever. so That
congressional acton is not now necessary
When the silver orators were talking against
time In the Senate trying to make the wort
coin mean silver the American peonle
with whom action speaks louder than words
decided that the word coin meant gold coin
hence they put in 500. 600. coo bids for 500 :
settles the controversy for al, time. Gold n
Is that backs the United States severn