The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-10
views of Henry CIews.


Henry Clews, the New York banker, in
reviewing the financial situation, says:
wall street was disappointed at the Sen
ate's rejection of the Anglo-American ar
bitration treaty. That result had been very
generally expected, and the event, there
fore, had no effect upon prices; it was,
nevertheless, deeply regretted as the loss
of an opportunity for cementing friendly
relations between the two countries, and
for encouraging a more unreserved conf
dence in American enterprises among the
investing community of Great Britain. In
this point of view, the rejection of the
treaty is the more unfortunate because it
is likely to be construed as rejecting an
unfriendly attitude on the part of this
country towards England, which, at least,
is not calculated to encourage commercial
and financial confidence as between the
two nations. Considering that England
holds probably 81, 500, 600, 900 of our securities
and takes nearly one-half of our exports of
merchandise, this rejection of a treaty of
amity cannot be regarded, from a business
standpoint, as anything short of a grave
public misfortune, the effects of which may
be hereafter felt in many unseen WAYS. At
the same time, it would be a wrong to the
American people to assume that as a ma
ton we sXmpathize with this perverse de-
NA"AOAA - lI mas. ~ us w ell
sons, taken the responsibility of defying the
best opinion of the country, and, under a
variety OF sham pretenses. it has shown
that II is out of harmony with the humane
and friendly civilization of the Republic
and fails to comprehend its international
interests.
In railroad finance. the chief event has
been the favorable character of the annual
report of the Lake Shore, which showed
net earnings, after deducting fixed charges,
amounting to GIL per cent. The March
statement of the Pennsylvania also was, all
things considered, regarded as a good one.
The weak point of the market has CEN
tered in the Gould group, which has suffer
ed in sympathy with the unsatisfactory po-
sition of Missouri Pacific. The Graeco-
Turkish war has scarcely been an appre-
GABLE element in the market for securi-
ties.
The export movement in gold has re-
acted to more moderate dimensions. The
shipments for the week have amounted to
only S2,6GO,NO, Rates for foreign exchange
are easier, the demand for bills having
slackened while there has been an improve
ment in the supply. AT the same time, the
current imports of merchandise at this port
are upon a very large scale. For last week
the total arrivals Of goods were valued at
s14. 1000 0 against IS. 200, 600 for the CORE
spending period of 1896. So far as these i'm
ports may have been bought subject to cash
payment-Which under the present unusual
temporary rule-they naturally tend to
bring about shipments of gold. 1t is. how
ever, impossible 10 form any satisfactory
judgment as to the extent to which these
remittances are likely to run.
The prospects of the cereal crops begin
to attract attention., but as vegetation is
one to two weeks behind the usual stage
at this season there is little data for form
ing expectations. So far as respects the
yield of winter wheat, the best estimators
place it at probably around 300, 600. 900 BUSH
els, assuming the conditions of weather to
be favorable. Information from the North
west as to spring wheat is, at present. I'M
satisfactory, and the same is true. though
to a less extent. as to Dakota and Mime
sofa; the temperature has been deficient
and the moisture eXcessive; but there is as
vet ample time for Improvement in these
conditions; the latest advices from some
sections report an improvement and say the
early sown portion is doing finely