The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-12
Views of Henry Clews.

Banker Clews. of New York in review
ing the situation i'm Wall street last week.
says: IAN indication in favor of railroad
securities is suggested by the fact that the
railroads show no disposition to turn the
legal challenge against their freight asso-
Citations into an occasion for cutting rates.
AS a rule. their relations remain harmoni
Gus. with a prospect that they will con-
tinue so until at least a decision is reached
in the Supreme Court in the case of the
Joint Traffic Association. The steady in
crease of gold in the treasury Is also
highly encouraging circumstance. The net
stock held by the government is now $751;
800. 900. which is the largest sum held since
November, 1890 Nor has this accumulation
been made at the expense of the metropoli-
tan banks. which last week held $50 000. 600.
With such supplies we may look with COM
parative indifference upon the possibility of
shipments of the metal at a later stage
of the season. which seems to be foreshad-
owed by the continuous frmness in the
rates of foreign exchange. So far We have
felt no effect from the demand for gold
from Austria and japan. There is moder-
ate drain TO both those countries, which
has been met chiefly by the Bank OF Eng
land: but what Importance that institution
attaches to ii is shown by the fact that
this week the bank has reduced its dis
count rate to 2i2 per cent. The bank. no
doubt reckons upon being able to get gold
from this country should this outside de-
mand develop into larger dimensions at a
later stage: but IL is doubtful whether i'm
either Austria or Japan there will be any
balance of exports large enough TO enable
those countries 10 command much foreign
gold. For our part we can well enough
meet any demand for the purposes of
either country with our annual production
of fifty millions. Its outflow would be only
a natural and healthy movement
In its general aspect the condition of
trade exhibits some hopeful features. AT
the moment there is a check 10 operations
arising from the uncertainty about the
pricess of wide ranges of goods growing out
of the impending changes of the tarin.
valley have also an interrupting effect not
only from the direct loss of property and
its attendant suffering. but also from the
suspension OF transport facilities over a
large expanse of country. Also. some mis-
givings are felt as to the possibility of cot
ton planting being delayed in certain flood
ed sections. There is perhaps some reason
for this feeling; but. while the delay would
be unfortunate, il would have the compen-
sation of an enrichment OF the land from
the deposit attending the flood. and would
probably induce an increase of planting i'm
sections which have escaped the overflow
OF the river IL Is. therefore. premature to
draw any conclusions as To the effect of
the flood upon the cotton crop. Even how
ever. should IL have the effect OF diminish-
ing the crop there would be a compensate
Ing advantage in the relatively higher price
for the staple that would result.
In spite OF these drawbacks the feeling
in trade circles Is reasonably healthy, ali
things considered. Although purchases are
upon a moderate scale. yet they are fire.
quent. and the aggregate Is not discour-
aging. either as to amount or profits. The