The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-14
views of Henry CIews.

In discussing the financial situation Henry
Clews, the New York banker, says: "All
the symptoms continue to point to a steady
conservative revival in the general business
of the country. Perhaps the men most
closely in touch with the trade nerve are
the railroad managers and the bankers,
and among those classes there is but one
verdict as to the business outlook. 1t is
not merely that their information leads
them to expect a good crop year with fair
to relatively high prices for farm products;
they also report evidences of preparation
for revival of activity in the Industrial
and distributing interests, which they ex-
pect to find expressed in decided revival
of activity during the fall months. This
result of any expected legislation (although
much is hoped for in certain directions from
the new tariff, than from the fact that the
long depression appears to have about eX
hauSted its effects, and the national vitality
is beginning to assert itself. Much has
been said about overproduction and un-
doubtedly we have very seriously suffered
from that cause; but that depression has
been greatly aggravated by condition OF
such teeming fertility in every source of
wealth as ours, the usual movement is to-
wards rapidly increasing production,
which carries along with 1t steady
growth in the ability to consume-to say
nothing of the increase in wants that comes
from yearly gain of one and half mil
or five years this natural impulse towards
a rapid growth of production and con-
sumption has been held in the severest
check by the silver panic, by the treasury
troubles, by dangerous political tendencies,
by warlike crazes and by declining prices
and production in excess of consumption.
In a country like this, such obstacles to
EYER, To .,l large extent they are
Americans sanguine temperament will not
brook repression beyond certain limit.
-Four years absence of profits appeals to
his courage and makes him willing to take
a risk. Four years curtaiment of his pri-
Vates OUTLAWS makes him impatient for in
creasing his earnings. Influences of this
kind are now having their curing effect
upon the bad times, the trade feeling is be-
coming more normal, and little by little
manufacturers and merchants are expand
ing their operations. The extension of this
process feeds trade and its impetus is
gradually carrying us forward into normal
conditions. 1t is mainly to this movement
that we owe the signs of commercial re-
coVery, and close observers of the currents
of trade are looking forward to the next
fall season for the appearance of a distinct
advance towards healthy business condi-
lions. At present, these tendencies appear
to be most conspicuous in the West and
Southwest and in the Pacific States; in
the Eastern States, where conservatism
is more influential and oversupply has
been most prevalent the recovery is least
apparent. The Eastern industries are also
held back by the uncertainties connected
with tariff legislation When the pending
bill has become law, manufacturers will
know the basis upon which their opera
tons are to be conducted, and then a large
amount of business now held in suspense
will be released from restraint.
I'm Wall street there is an indefinite con-
seriousness that affairs are drifting in the
direction here indicated The tendency is
seen through a glass darkly and therefore
has only a partial effect upon the market
for securities. There is plainly much
better feeling but no active buying is an
ticipation of the near approach of a really
marked speculative revival AS the prospect
becomes more distinct the Stock Exchange
barometer may rise with a bound, when
a speculative boom will be in order. Be
tween now and then | anticipate no i'm
portant reactions in prices, except in the
case of unforeseen adverse events, of which
there is now no probability in sight. In the
meantime a steady moderate upward move
ment in prices seems likely to occur"