The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-15
Views Of Henry Clews.

/
Views of Henry Clews.
Henry Clews, i'm reviewing the financial
and industrial situation, says: I'm the in
dustries there signs of the beginning
of the breakup Of a state of deadlock in
which many trades have been fast held be-
fore and since the election and which has
materially checked the progress of recup-
Grafton. These obstacles have been main
ly connected with important staples. whose
prestige has naturally affected sympathet-
ically other branches of business and pro-
duced material interruption of trade at
the beginning of the spring season. In
some cases. these hindrances have beer
connected with over-supplies of certain
products, in others with the efforts of COM
bines to enforce high prices. The over
stocked condition of the printing cloth fac
tories has kept the dry goods trade in COM
plete suspense for weeks or even months
past; for this being a staple article, which
regulates the value of cotton goods at
large, purchases of all cotton fabrics have
been postponed lest a break in this par
ticular class should derange the general
range of prices. For this reason, the pur-
chase of 10000 pieces of printing cloths by
the American Printing Company during
this week, and also additional purchases of
5000 pieces, with an advance in price, has
had d most wholesome effect: for 1t not
only determines that the current prices of
cotton goods are fair and normal but lays
Pa basis upon which business in this branch
of trade be safely transacted The cot
| ton goods trade is thus exempted from an
embargo which has caused much other
wise needless pOStponement of business, and
the consequent Improvement of tone seems
| 10 be extending sympatheticaly to the
| wooden and worsted trades as we'll Also.
1 for the first time for many months. the
much depressed grocery trade shows
marked revival in it's leading branches. the
| demand from the interior showing a spe-
cial Improvement. These are most encour-
aging symptoms.
similar relief has come to the iron trade
LII %l,AvA coll of fha
combined attempt to maintaip a price for
steel bilets much above the Views of buy
ers: This week the important combine
which has held steel rails at SIS and then
$25-prces so much above the market as TO
have almost entirely suspended sales-has
broken down under diSagreementS and sales
have been made within the last three days.
stated at 100000 tons at from SlI to $50 per
| ton. This is an important boon TO the rail-
roads, but the main encouragement tC bus
| mess which this fact conveys lies in its evil
! dencing that there is limit to the extent
| to which industrial combinations can hold
| the business of the country in restraint. In
Wall street this moral is noted with Spe-
cal satisfaction and has distinctly infiu-
enced the hopes of a general revival OF bus
| mess.
1.-The break in the price of steel rails to
the lowest ever reached will inevitably
lead TO demand that will in all probability
amount during the year to 1.OOO,0o0 addi-
tional tons that would not otherwise take
place. and as at least 80 per cent. of the
present low price of steel rails will go into
labor il will necessarily give great stimu-
lus TO it. The good effect therefore Of the
movement in iron which this low price for
rails must necessarily cause, together with
the large sale OF print cloths at Fall River,
cannot be overestimated. After so long a
depression in this country-business hav-
ing been reduced to a hand-to-mouth char
acter-these special improvements cannot
fail to lead to wholesale transactions in all
other channels. This is the first step, after
panic conditions before a revival of pros
perity fairly starts in. History invariably
repeats itself. and the signs are not lack
nfrlxr H..
way. There remain but fourteen full work
ing days between nov and the 4th of
March. when the old regime will give way
to the new. This should afford a sense of
great relief to all business men. considering
the disastrous conditions of the past, which
have been due more to the domination of
Washington over trade and commercial in
tereStS than to any other one cause.
The tendencies toward regeneration in
financial circles, though favorably affected
by the improving signs in certain trades.
are at the moment most influenced by the
more friendly disposition toward our
curities shown across the Atlantic. Fol-
lowing easy settling Gay at London,
there has been a revival of orders from
that market. especially for railroad bonds.
This demand for long investments. rather
than speculative stocks. shows that careful
English investors are getting over the
sharp distrust inspired by the ante-electiOn
excitement and taking on more hopeful
feeling as to the future OF our politics and
securities Also. there is evidence that the
arbitration treaty, by affording a promise
tween the two countries, is inducing a frear
inclination to take our investments. The
disposition which / have previously noted
of Germans TO return TO this market has
received fresh illustration this week in fur
Their important orders from Berlin. These
facts are illustrations of a tendency, yet
only in its beginning, toward the recovery
of our lost position in the great investing
countries of Europe. Only one important
uncertainty remains to prevent that ten
dency developing into very important re-
sults-namely. the placing of our currency
UPON thoroughly sound basis. But as the
sentiment of Congress develops the prospect
becomes more encouraging that in this
matter large and solid ameliorations will
be ultimately accomplished.
I'm the foreign exchanges there are no
new developments. There has been quite
an appreciable supply Of bills against ex-
ports of securities to Berlin and London
but the demand has sufficed to take them
without rates being affected. The process
OF liGudating the large amount of export
bills held back for temporary investment
is steadily proceeding, the amount still re-
naming TO be sent forward for collection
being estimated at about $20. O00O 900. The
course OF the imDortations of merchandise
at this port continues to indicate a continu-
of this country. From the beginning of the
year TO Feb 5 the imports of merchandise
amounted TO S45. 00.0OO against $64. zoe 900 for
II e same period Of 1896. showing decrease
of $l9.200.OO0 within five weeks In the gain
of exports over those of last yea- there. is
however, a very marked decrease"
The following table. prepared by L. w Louis
Room III Board OF Trade. shows the range OF
quotations: