The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-10

u s. Fours. new. COUP. 111h
WHAT BANKER CLEWS SAYS.
1.-THE condition of affairs in Wall street."
says Henry Clews. in reviewing operations
on the stock market last week, remains
more or less stagnant. Public movements
have reached a stage of development which
scarcely admits of anything but a large
abstention from operations. The convention
phase of the political excitement has passed
it's elimination. The issues are made up
and the candidates are chosen. The first
shock of the Chicago convention and Pop
ulistic platforms and nominees has had it's
more acute effects, in which those factors
have been discounted at their worst. The
time for surprises is therefore about past
and attention Is now fixed upon the devel-
opments Of the ante-election canvass and
the proba bilities of the November vote.
This is not exactly stage for alarms, but
for observation and elaboration; and most
people are disposed to postpone operations
for the present at least.
so far as respects investments. holders
have already submitted to heavy losses UNI
der the recent decline in prices 1t is quite
likely that they may regard the present
shrinkage as commensurate with any ad,
verse circumstances that have happened
or are reasonably likely to happen; and for
that reason. in the absence of new threat
ability that as a rule, investors will hold
on to their stocks with some tenacity from
now until November; when Important mat
tiers now in suspense Will become accom-
plished certaintles. In the meantime wall
street is disposed TO reaction from Its
mood of continuous excitement. The grow
ing stagn9ncy affords an opportunity for
operators to take recreation; and the arena
OF financial and political discussion Is
transferred from the Stock Exchange TO
the corridors of the rural hostelries. All
this is conducive to quiet. A rev umld
holders of securities are still selling In mod
crate amounts. which easily affects prices
unfavprably but the cessation of alarms
is likely to bring forward others who see
in such realizings favorable chance a Iof
buying back stock which they hao sou dl
considerably higher prices.
LAS to the influences outside or politics.
they have passed into distinctly more
favorable condition. The London market
for our securities has been much steadier
under the frights that have aHected our
market than might have pecn expected
for confidence which have been less APP
preciated at home. The transfers OF gold
to the treasury by the banks, and the wise
arrangements of the foreign bankers Tor
warding off exports of gold have placed
the treasury in position OF safety against
drains of gold for some time TO come; and
although these amelioratiOnS are to some
extent temporary, yet they ward off causes
of disturbance for a period long enough TO
admit of a return OF calm and OF making
arrangements that will protect the future.
The suspension of gold exports thus
effected will also have the result or check-
ing the tendency towards stringency In
more freely TO accommodate the demand
for currency incident TO the fall crop move
ment. Another wholesome factor Is the
halt I'm the Southern railroad war, with the
probability that the Intervention of the
court may result in satisfactory settle
ment of the destructive hostilities between
the companies concerned.
1.-The drift of party movements is tending
rather to allay than to encourage public
distrust. 1t is now clear that there are TO
be three parties in the field; the Repub-
lican the Democrats proper. and the Pop
ulist Democracy. The first impression pro-
duced by this new party distribution was
that IL would be unfavOrable TO the chances
of Mr.. Mckinley and the sound money
cause: but the second thought Is less Ia
vorable TO that view. 1t Is undenlabe that
the organization of the sound money DEM
ocrats will divert from the Republicans a
large number of votes: but 1t Is likely TO
take many times more votes from the
doubtful States, may give 10 Mckinley a
majority or plurality which he would not
otherwise secure. rms, OF course, is
matter on which opinions may easily diff
fer; but it is certain that the more sa-
gacious Republican leaders are now enter
tanning no fears about the outcome or this
new disposition of party forces. The juno
ton OF action between the Democrats and
Populists will have "A tendency TO lessen
the danger of that combination TO the
country. There is doubtless a very large
number of Democrats who will act with
the dissentient Democrats. even though. in
doing so. they may vote unwillingly against
the violentely disloyal and revolutionary
planks of the Chicago and Populistic plat
forms. In fact. there Is undoubtedly no
little probability that the free-silver vote
may be nullified by the other grossly I'M
patriotic planks of these platforms. Public
opinion is coming TO attach less and less
Importance to these revolutionary threats.
They are regarded as symptoms of tenden-
cfes. but not as expressive OF any really
formidable body of settled American senti-
ment Men of sober judgment refuse to
believe that the United States has suddenly
reversed it's regard for the most funda-
mental political Institutions of the country
They view such a somersault as virtually
an imposSihilty 10 human nature. But If
so many Democrats are unprepared to
commit themselves to political revolution
what is TO become of the monetary revo-
luton linked with IL in the same platform?
All the proba bilities arising from the ma
ture of the case led TO the conclusion that
the PopulO-DemOcTacy will be found TO
have overleaped itself and will consummate
its career next November in overwhelming
defeat"