The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-05-25

P Pacic Nail PREF 2sH asi ISL ssz
Peoria, ID. * E........
Rock Island ........... 7Os III 7Oss n
ST. Paul ........-. IS 1875 rs ~
81 ra1 Refinery Rrsa .....laa rs lsi issa
Z; ?. Express -; =. -. "a.
VA Ma's S. L 81 i : pref REF ISL Isl. ISIS 1sz
Weils-Fargo Express. -, -. -. SO
Western Union -. s5Ss Sc s5ss ssN
ropacco -. ........... -. -. 49, oo4
lopaccO pref ............... W
Z. 5: Fours. reg........ -. -. -. 10SA
u. > Fours. COUP. 1922
u. s. Fours, new. reg. 49,. 80. -. 1861
u. s. Fours. new coup -. 80. -. 1167s
BANKER CLEwS'S WEEKLY REVIEW.
wall street continues to lack any fixed
basis of confidence for transient operations.
says Henry Clews. Material conditions are
satisfactory-such as the prospects Of the
crops, the earnings of the railroads and the
movement In the larger departments of mer-
chandise-and the exports of gold are viewed
as but natural movement. Virtually the
sole obstacle in the way Of an active and
rising market is the condition of politics.
That element Of suspense is, however. strong
enough to obstruct operations. and 1t ex-
poses the market to attacks under which
prices easily yield. 1t Is a factor which no.
body ventures to resist, and its natural ef-
feet is 10 induce realizing among small hold
ers and steady fall IN prices, while the
larger and stronger holders generally hold
on to their stocks
With such an issue as now profoundly
agitates the country from end to end un-
settled and waiting feeling in speculative
circles Is perhaps all that may be expected.
Wall street Is the point at which the great
est sensitiveness of the silver agitation CEN
| tiers. The question about which our millions
| of people are so excltedly occupying them
se-ves is neither nor less than what
| shall be the kind and value of the money in
which cur thousands OF millions OF national.
| corporate and private long obligations shall
be settled and what the currency in which
| the commerce of this great and rapidly grow
OF OF the most stable and prosperous countries
| or that of semi-civilized. dstrusted and
| bankrupt nations? The crisis Of deciding
| that can befa.l country. The mere fact
| that a large portion Of our people should be
intent on a forcing the accep a s s,aadaTd
! money is a dscouraging SYMPTOM Tor II
| shows to what dangerous ends an Ignorant
| Is enough to produce deep unsettlement or
| feeling among responsible property-ownlng
citizens. for the same incapacity for Juog-
| ly. al any time imperil the country under
| the settlement of other large questions at
.eet1g from me pSpar preindce ana ignorance
| in connection with this silver agitation Is
| however. something more than conceivable
| II is up for immediate decision, and, al this
| moment. no one can feel absolutely certain
| that this worst curse of a nation may not
! be brought TO a conclusion Wltnin com-
wall street is not in any degree insensible
/ TO this crisis. IT sees and measures II IN
all its length and breadth, but it is calm
! and self-possessed. 1t refuses TO Deneve
| that, when the struggle comes to a fnality
the American people VIII De fIuno ,c eapaOIe
can understand that the danger may reach
| an acuter stage than It now presents; II
Is quite prepared for the possibility that
| managing politicians may go further than
| they have yet dared in the way Of sacrihc-
votes for their candidates: it is aware that
| startling results may come out or either or
| the party conventions; 1t would hardly be
| surprised should the siverites be able to
| block sound money legislation in the next
/ Congress-; all these things may be c.assed
among the possibilities OF the next few
| months But Wall street Is not gravely dis
| mayed at this outlook. 1t has learned to
| believe that there are greater potencies than
party platforms. than legislative subservien-
| cy to popular ignorance, than the madness
| of a partisan infatuation. They know that
there are situations and events which can
| less legislators into the willing servants OF
| a conservative sentiment that represents the
real interests and safety of the Nation; 1t
| will not be necessary, 10 walt for any after
effects of silver legislation to remedy its
| mischiefs. although that would be a perfect
| ly safe course. The near prospect of the
authorization of free co.nage-a counting OF
| heads showing a certainty of two-thirds
| vote In the House and Senate for 16 to l.
| would evoke in Wall street the kind of con-
ditions that no Congress has ever dared to
disregard and the cause or free coinage
would be overthrown at the moment when
its success seemed most certain. II is this
reserved power on which Wall street Is
| now reposng. 1t Is therefore not likely To
be seriously surprised by any outcomes be-
| confidence in the final safety of our money
system is mistaken 1t can as little believe
<Ia< h. G.x.l T.~ a.
the destruction Of its money system as that
| 1t would burn up its crops or despoil its ac-
cumuIated wealth. II Is not at all impos-
| some exciting scenes between now and next
November. Politicians are not usually averse
10 a turn In stocks and great political ex-
| tive account II therefore by no means fol-
lows that the prediction months must be
"Coor-headed hnanciers are not apt to take
much stock in mere opinions. and especially
in the opinions OF iu-informed people. They
know that fads or opinion may easily cause
some temporary trouble, but they have a
| strong conviction than an opinion Is much
naien % shem popu nar oney s
| a far less serious affair than widespread
overproduction.. or a widely extended crop
destructive war It may be well to keep or
| the alert during the next six months but
intelligent financiers can AFFORD to keep cool
and courageous. Nothing is a safer assump-
ton than that there IL no majority OF the
| American people who have lost their ABILITY
10 distinguish between good money and bad
and the assumption Is equally safe that the
commonsense majority OF our citizens will
| ultimately reach point OF vantage at which
they viii be able TO compel respect for their
| will"
saturdays Bank Clearings.
At New York--Clearings, SIS, 210,625; ball
ances. Sc. %. 49,
$l.750. 246.
AT Cincinnati-Money 4lz0s per cent. New
aorR exchange a5c premium. Clearings,
At New Orleans-ciearings N,250.S6.
At galtimore-Glearings, 1922 662; bal
| ances. $S72 96f.
AT PhIls MISUNDERSTANDING slI. ,557; ball
ances. ICES. 800 N
AT st, Louis-Clearings. 1857, $40; bal
ances, S363. 536.
At Memphis-Clearings. s245. ss2: balances
$49. 129
LOCAL GRAIN AND PRODUCE.
Week Of Fair Trnde with No Naterin,
Change I'm Values.
On the wholesale streets and Commission
row the past week there was a fair volume
OF business transacted and at steady prices
although at low range Especially is thi.
remark applicable to fruits, vegetables. poui
try, eggs butter provisions and In fact al