The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-21

THE FINANCIAL REVIEW.
The weekly financial review of Henry
Clews says: At times during the week the
stock market showed reactionary sy1np-
toms. Prices have undergone very sub
stantial advance sirce the beginning of the
year, and under ordinary conditions free
realizing might be expected. A good deal of
profit-taking really occurred and some of
the more intrepid bear operators ventured
putting out fresh short lines, but only with
the effect of strengthening the market and
increasing the buying power.
The present situation, however, is so un-
usual that ordinary standards of judgment
must be applied with care. 1t is true prices
have. scored a handsome rise but that does
not mean that the limit has been reached
We have but just begun to emerge from
very unusual drawbacks; from combina-
ton of political and economic arrangements
such as are only experienced at rare in
tervals. Those who calculate, therefore,
upon rise of only ordinary proportions are
likely to be agreeably disappointed. The
market has fairly started upon an upward
course, and it is likely to continue so for
some time to come, accompanied, of course
by fluctuations and reactions incidental to
any fair degree of activity.
Thus far Wall street has merely dis
counted returning prosperity. The improve
ment in business at present is greater in
L..
ton of a more cheerful tone is, however,
likely to become powerful aid to business
revival. Already there are signs of actual
Improvement. New York has been the chief
center of pessimism because here the strain
upon credit resulting from the silver craze
and trade depression was greatest. This
strain has almost disappeared. Our leading
bankers are regaining confidence; our most
responsible railroad managers are very
pronounced in their belief of better times
the coming fall; those who lead are more
willing to take the initiative; and many of
the evils from which we have been suffer-
ing are working out their own correctives.
The crop situation is satisfactory. Wheat,
corn and cotton are somewhat backward,
owing to low temperature and excessive
moisture, but in spite of drawbacks there is
every prospect of abundance. In the agri-
cultural sections of the country trade re-
ports are favorable. Merchants are in
position to stock up more freely, and the
farmers are gradually getting out of debt;
i'm fact in some portions of the West they
are in a better condition financially than IN
many years. Cheap freights have often
more than compensated for low prices.
The Industrial situation is also improv-
ing, and this is a factor of increasing I'M
portance to Wall street IN view OF , our
iron trade generally considered a fair bust
ness barometer, shows increasing activity,
some large orders for pig IRON, par IRON
etc, having been placed at the " estern
markets where prices are low but firm. a
better demand is also developing Tor staple
cotton and wooden goods, ana IN some m
stances a moderate advance in values mas
followed. These two prominent industries
are still in unsatisfactory condition., owing
to an excessive productive capacity, but 1t
is encouraging to note Il turn for the better
which promises TO be maintained.
The tariff question will soon be out OF the
way, and this accounts very largely for the
better tone in business circles. The better
prospect of currency reform and the abate-
ment of Cuban agitation are also encourage
ing factors of Importance. The condition of
our foreign commerce is satisfactory. Ex-
ports continue large; and. as the rush of
imports TO anticipate the tariff must soon
cease there is no prospect of important
gold shipments. The treasury reserve Is
be Importing gold, especially If the foreign
demand for our securities revives, as seems
not unlikely for London is bare of our
stocks. and opinion over there is steadily
becoming more favorable.
Personally / believe in higher market
Reactions may be expected but they will be