The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-28
Views of Henry CIews.

IN reviewing the financial situation Henry
Clews, Of New York, says: 1T is a gen.
orally understood fact that the business
feeling in the interior has reached a more
advanced stage in the process of recovery
than is the case at this center; and it is
owing to this fact that outside operators
have got into the market in advance of our
local operators. Wall street has yet to
appreciate the exte1t to which business af-
fairs in the country at large have already
progressed towards normal conditions
While here we are still watching old
symptoms and nursing the tmidities be-
gotten of bygone dangers and waiting for
promised legislation that is to work won
ders Of one kind or another, the interior
cities are beginning to deal with the vast
accumulated wants of consumption that
have remained unSatisfied for the last four
years. Wall street sees in the current rise
in prices little more than the effect of
the near approach OF the passage of the
tariff bill, and cautiously assumes that,
wnen that CON g, there will be an extensive
being made. There may be some such re-
action to a limited extent; but it will be
basis for buying. The recovery of conf
denca that has already appeared in the in
terror will receive fresh impetus from the
new tariff; and the probability is that or
ders for stocks from other sections will
then receive fresh impetus carrying up
Rr nG TO sun tbe g beef RAJ the
rise is the beginning of a steady continu-
Gus return towards normal level of val
ues. For four years investments have been
subject to the control of an extraordinary
concurrence of alarms, accidents and dis
turbing political eXcitementS. Those inf1u-
enceS have now about exhausted their
force; the paralysis of diStruSr they have
produced is disappearing, and the spirit of
trade and enterprise is resuming its wonted
natural tone. We are exchanging our pes
simistic dreams for hopeful realities. and
in few more months the whole machinery
of trade and finance Will again DE IN active
operation. The consciousness of this change
has come upon the country; and the local
speculative contingent cannot delay much
longer in relaxing its mlsgivings and allow
ing the recuperatiVe forces full swing.
There is this evidence that the street is
awakening to the approach of revival; We
are close upon the usual summer contrac-
ton of operations, but there is none of the
clOSing-up of accounts tnat usually comes
at this season; an indefinite hope Keeps op
orators at their posts, and 1t is far from
being among the lmpoSslbilit1es that specu-
lation may remain active well into the sum-
mer and prepare the way LOT d NSrltaDle
fall boom
TT is worth noting that tie current buy
ing orders from the interior come largely
from those whose positions maze them Ia
miliar with the current business and the
prospects of the railroads aid who are
imbIIed with the confident expectation of
revival of business which has been so con-
fdently foreshadowed oy many prominent
railroad officials. These buyers understand
better than we at this center the extent
to which the farmers have already been
benefited by the rise in prices of last years
crops of breadstutfs, and they see evidence
of larger new crops at probably still
higher range of prices. All this means not
only improved earnings for the railroads
hut also better times for the great army of
agricultural consumers and for the manu-
facturers and merchants who cater for
~. Wal