The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-12

W.. st. L. & 2. pref. 1874 1874 1875 1873
western onion No. ............ 81 s24 Sii: g
U. S. Fours. reg............ 1854
U. S. Fours new, reg. - -. 49,. 115H
T. S. Fours, new COUP. -. 115$s
Total sales of stocks were 152277 shares,
including the following: American Sugar
Refinery, SO. 500 Burlington & Quincy, II, 100;
Chicago Gas, $500: Manhattan 1900; Read
ing, p, 700; Rock Island, 1920; ST. Paul, 3d.
700.
WHAT BANKER CLEWS SAYS.
Henry Clews, in reviewing the situation
in Wall street, says: There is no abate-
ment in Wall street OF the settled convic-
ton that the November verdict will dis
pose of the dangers of the free-silver agi-
tation. There may be differences of opin-
ion as to the dimensions of the conserva-
tive victory; but it is assumed for granted
that the election will give the country
President and a House of Representatives.
which may be safely trusted to protect the
gold standard. The best evidence Of this
conviction is afforded by the unanimity
with which the banks and other credit in
situations show their increasing readiness
to grant credits about which they would
have had serious msgivings one or two
months ago. The managers of our lending
corporations are above all others concerned
in having a sound basis for judging as to
the probable outcome OF the elect1On Inc
best sources of estimate are WITHIN their
reach, and they cannot afford to act upon
dubious informa ton. When, therefore,
these administrators of finance show conf
dence not merely by their words, but at the
same time in their actions and by the as
sumption of increased responsibilities, it
may be taken for granted that the political
prospect is reasonably sure for sound
money.
but notwithstanding this confidence, it
is perhaps not likely that Wall street will
go much further than 1t already mas IN
Il; ti,rr he nj
ton. Even those who are expecting great
results from a sound-m money verdict viii
regard the next three weeks not so much
time for forcing up. prices as an OPP
portunity for buying stocks, ana they may
ward tone rather than an advance In this
connection it is also to be considered tnat
a stage has been reached in the election
canvass at which there is always much
conflict of claims about the comparative
strength of the parties, which is attended
with some excitement and oscillation of
estimates Both sides have a motive for
concealing the truth. The weaker party
finds it prudent to encourage it's supporters
Nv extrayagant assurances of success. The
winning side breads nothing so mucn as
the possibility of encouraging laxity OF Ell
fort among it's friends by a too confident
assumption that its victory IS lneVitaple.
Thus the attitude and professions OF both
sides are calculated to put observers on
their scent as to the actual drift of politi-
cal sentiment. Wall street is very sensitive
to influences of this kind ana TINS nck Ie
factor is likely to influence prices more
than any other cause for the next three
weeks. 20 a.,
respective parties overlook very generally
the important fact that free coinage is not
the only great question caicuiatea TO pd lnlig d.
a large mass of our people VINO, from lS-
norance or other causes, fail to understand
the widespread dangers of depreclatlng the
standard of our money system, yet 1t Is
reasonable to assume that these same peo-
pie will be insensble to the essential dis
loyalty, the revolution and the anarch1sm
openly sanctioned in other plankS of the
Chicago platform? 1t seems impossible to
concede this much of any really serious
portion of the American people, without
casting upon them stigma of unfitness for
citizenship, which nothing in our political
history so far warrants. These aspects of
the canvass have so far been held in abey-
ance by the heat of the discussion on the
money question, but it is to be presumed
that, during the. remainder of the cam
paign, these neglected questions may re-
ceive fuller attention, the effect of which
could not fail to swell the majorities on the
conservative side. 1t is especially to be
hoped that an express effort may be made
to stay the divisive and dangerous at
tempts to foster sectional hostilities and
class animoSities.
..The spirit of jealousy displayed against
the East in many of the new States of the
far West because of the disparity in wealth
which exists is simply absurd. The people
who cherish that animoSity forget the fact
that the Eastern people have had over a
hundred years start in the accumulation
of wealth The remoter new states occupy
a position towards the Eastern more
wealthy States similar to that which some
young men just commencing life hold to-
wards old men who have accumulated their
fortunes. Such starters in life easily be-
come dissatisfied because they have to cope
with powerful competitors. In taking this
attitude they do not take into account that
the older men have given three score or
more years of hard work to the accumula-
the same opportunities to accomplish all
that the older ones have done in acquiring
riches. providing they apply themselves to
effort with equal diligence. With the equal
ity of opportunities in this country that all
men possess. why should there be any feel
ing of envy simply because one part of the |
country has had one hundred or more
years start over others and has become
rich by comparison? England was rich
through the accommodations of many CEN
turtles before the United States came into |
existence. Did the people of the United
States feel any animosfty toward the Eng |
lish people because they had the start of
them in money making by many genera
tions? Take all the great fortunes in this !
country at the present time-they were |
founded by men on the common level of all |
the people without any money backing |
This applies to the Astors, the Vanderbilts |
the Goelets, the Mills. the Huntington the |
Pulmans. the Rockefellers, the Carnegies |
and all our other rich men. What has been |
accomplished by them can be accomplished |
by others in the future. There will be just |
as good an opportunity to make money in !
the coming generation as there has been
in the past in a country like this where |
the resources are vast and the oppor- |
tunities. great, If people will knuckle |
down to the work for which they are |
adapted and apply themselves closely TO |
it,