The Indianapolis journal., 1896-05-11


=. :. Fours COUP 1loo,, 1lo
u. :, Fours. new. reg. 117A
L. 3 FOurs. new, coup 117A
WHAT HENRY CLEWS SAYS.
wall street has to record another week of
du.lness. postponement and partial decline IN
prices" says Henry Ciews. 1.-THE spirit Of
speculation has been absolutely stagnant. al
though in investment business there has been
fair amount of transactions. We note no
marked change in conditions calculated to
induce either free buying or selling, nor any
tc materially affect values. The London
market has been injuriously affected by the
new and perplexing aspects Of the situation
in South Africa. which has influenced our
securities on the London Exchange unfav0r-
ably; and the continued continental safes of
African mining shares on that market have
indirectly increased the exports of gold from
this center. Over two millions was shipped
Tuesday; Thursdays German steamer took
out about two and one-Quarter millions; and
to-day further sums are TO be shipped; so
that the weeks exports are largely incident
TO transient speculative conditions in Europe,
they are not expected TO reach any serious
fresh attempt TO raise the Cuban question
in the Senate. have been the unfavorahe
factors of the week On the other side If
the situation, there has been a continual se
OF the better tone in the commercial mar
kets, and the welcome resolution OF the House
instant. The unfavorab.e set OF conditions
have perhaps overbaianced the favorable
factors; and this must be accepted as ac-
counting for the Slight decline in quotations.
THE attitude of Wall street is simply that
OF waiting for something 20 turn up; The old
conditions have been watched and weighed
until they have become stale and unin-
fiuentiai. They do not excite distrust, but
Simply lack stimulat.ve force. Though spec
ponement. they do not venture to sell The
bears are cautious and certain leading Op-
orators usually found on that side of the
market are said to be prophesying a higher
range of va.ues. Stocks certainly are not,
a rule. distrusted; they are regarded as con-
siderably below their intrinsic value. Yet
there is an indeinable something that pre-
vents operating upon these convictions. That
something appears to be that In the general
situation. there Is blending of conditions
that are distinctly hopeful with others that
are disturbing. 1t seems to be a broad rule
material of prosperity is ready to hand and
waiting utilization, the mechanism for con-
verting 1t into wealth is deranged and dis
trusted We have really no seriously un-
sound conditions of trade to contend with.
Having undergone three years Of widespread
liquidation credit, though suspected in some
quarters, should be in a generally safe and
solvent condition. There is no imitation of
values In any department of either trade or
nae'T tbare NAV W have 1~ been BRIEF oversuppiy Of
goods, but production and Importation have
been and are now being very Sharply con-
wards state of underproduction and Of
meagre stocks Of merchandise
Certainly. too. there is nowhere any In,
| f1ation of prices. All the rise that occurred
| in the hopeful squirt OF 1895 has since been
lost, and the current level Of commercial
within the last thirty years. and on many
important lines of goods II Is lower. In GER
| tain important branches OF production there
| is a very large reduction from the volume
OF previous years. Since the crisis OF 1880
| our construction of railroad has averaged
only 200 miles per so year. M mneseas 1or tine the
mileage was 5000 miles; the outlays on roll
ing stock have also been similarly reduced,
and w o as hs there IN our has pop Sssn
ton. Can ii be said that there is no great
increase OF railroad construction and equip
ment impending? There has been like
check upon shipbuilding and upon the con-
struction OF dwellings. We have nowhere
commodites % or enterprises. Il In t the AnS homes %
OF the people there has been for three years
a. sharp curtailment of omtlays on articles
OF domestic repairs and requirements has
been general. and In our factories and work.
on repairs or renovations OF plant. Three
years OF such deferments has accumulated
vast amount OF necessary replenishment
which needs 10 be undertaken.
The country is suffering from this long
period OF enforced conservatism and post
ponement Of necessary wants, and cannot
| condition OF affairs has always proved to be
the occasion for a revival Of business, some-
times steady, at other times sudden, and
there Is no apparent good reason why the
| present situation should fail to result in
like outcome. 1t is an utter mlsconceptlon
| TO suppose that this recovery is being or will
| be held back by any insufficency of money.
| The amount OF money. liz circulation, outside
| than Ii was in 1890, and is larger per head
! OF population than 1t was then; and yet, at
| the same time, decline of IL per cent. in
states within the last five A years shows she shat that
less currency is needed now than in 1890 SO
nt,a,'u ina. we are really In the midst of relative
| cited are conclusive evidence that we have
already on hand all the material needful to
a sound and general revival OF business
| throughout the country
The mechanism required to bring about
that revival, however. is not IN such hope
ful condition.. BY the mechanism mean all
the various agencies needful to make ac-
cumulated wealth reproductive. The DISPOSE
Private capital stands aloof from new ven
| lures and clings to those tested by expert
ence. at no matter how low rates OF inter-
either keep their funds idle. or seek tenn
porary well-secured employment for them at
| ton. in the shape of new economies IN pro-
duction through which capital operates Is
sunering sort OF paralysis. Unquestion-
| stage. almost entirely due to political causes
| Those causes show themselves in the COR
rupt peryerson of legislative powers TO the
degree which is shaking confidence in the
| very basis of our political Institutions. AT
| the moment. the special exhibition of this
| prostitution OF politics is found in willing
| ness 10 debase our monetary system to the
silver basis. for no better purpose than to
attract the support OF mass OF ignorant
voters who are misied by men interested In
| The production OF that metal and are bent
| on forcing an unlimited market for IL, at
| whatever cost TO the Nation. This is the
point at which the prevailing paralysis Of
capital is most acute: and it is here alone
that We can look for the beginnings OF i'm
provement. From this point OF view the
preparations for the national election are
| watched with intense solictitude. Fortunate
! ly. the apparent drift OF the prelimnaries to
the great battle OF November affords some
! ground for hope. There seems to be no
doubt that certainly one OF the parties. and
possibly both, viii declare In favor OF the
unqualified maintenance OF the gold stand
ard; and there is apparently good reason for
/ expecting that the party which best satisfies
the conservative sentiment OF the Nation on
/ this question will command the election OF
its candidates II is therefore allowable to
4 hope that the elections may result IN fatal