The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-19

There has been a setback" says Mr..
Henry Clews, in his financial review, ito
the hopes entertained two weeks ago of
the maintenance of strong bull market
through the summer months. The realizing
of profits has run further than was ex-
pected. and those who wanted to lay in
stocks, including operators of Importance,
seem to be in no hurry about buying, but
prefer to take their chances on the posi-
blity of a quiet market between now and
the end of the recreation season. In the
meantime, there no new conspicuous
elements of stimulus to give prices fresh
vigorous upward start. The tariff question
has ceased to be a live issue, and the COM
pletion Of the bill may be the occasion of
as much realizing as buying. The great
coal strike is matter about which Wall
street cannot be Indifferent, and were it
not that the professionals hesitate to take
chances upon such tickle risks, the bears
would probably have been free sellers upon
this interruption to an important branch
of industry with it's hurtful bearings upon
other branches of trade. Under these con-
ditions, the speculative market lacks inter-
est for the moment, but has lost none of
its settled f1rmneSS, and all the indications
are favorable to a steady and well sus-
tanned course of prices through the sum-
mer.
cat Washington the indications point to
an early close of legislative proceedings
Owing to differences between the two
houses the tariff discussion seems likely to
be prolonged few days beyond what has
been expected; but, from the symptoms of
the moment, it appears likely that fur
Their important measures will be undertaken
in Congress. The President has again
postponed the introduction of his request
for the appointment of currency COM
mission; which, in connection with the de-
lay of the conference discussion on the
tariff, suggests a probability that the money
question may be allowed to stand over un-
No. nAYs n nd hoy hno dIa1 1t,a1 H..
by the administration without the media
ton of an eXtraneouS commission This is
the more probable because the secretary of
the treasury is preparing a measure of his
own and in doing SO is consulting with rep
resentatives of the Indianapolis convention.
Although the President has promised to
bring this question before this special ses-
sion of Congress, yet in view of the POSSIBLE
ity of such action clashing with the tariff
bill and of the fact that the now late stage
of the season would leave only four months
for completing the extensive work of the
commission, PUBLIC opinion would hold him
eXcusabfe should he conclude that circum-
stances justify him in refraining from pres
ent action in the matter. This is the more
likely because an influential public senti-
ment inclines to the view that it is ques-
tionable whether this question could really
be best approached through an outside COM
mission. congressman will naturally feel
that if their action is to be formulated from
outside their own ranks its initiation
should be undertaken only by the admins
tratlon under the guidance of the secretary
of the treasury. 1t may well be asked
whether is is not a delicate invasion of the
privileges of the functions of the houses of
Congress to ask them to authorize a body
of private citizens to devise a measure
which they themselves have been constitu-
tionally chosen to frame; and it is hardly
to be expected that such an intrusion upon
legislative functions would be graciously re-
ceived in Congress or that would conduce
to the best possible result. Congress may
be expected to feel that If it is to be held
responsible for its action. it should be left
free in shaping its measures. Mr.. Mckinley
will a No ~t.al
lie opinion If he should finally act upon this
view of the subject
THE consummation of arrangements for
reconstructing the entire mortgage debt of
the Chicago & Northwestern Railroad upon
q 31R-per-cent. basis is another great step
towards placing our railroad finances vi on
a sounder and more economical footing
This movement is but in its beginning, and
is destined to cover some thousands of anil
lions of mortgages before ii reaches its
consummaton. Its ultimate effect upon
Junior securities and upon preferred stocks
and on the better class or common shares
is self-evident, and, taken IN connection
with the reduction in the prices of mater-
ais and machinery used by the roads the
change amounts to distinct elevation in
the character and safety of railroad invest
ments at large. This may be calculated
upon as one OF the influences that will be
steadily tributory towards the restoration
of railroad stocks from their late extraor-
binary depression.
THE extraordinary exports of this coun-
try for the past fiscal year, amounting 10
over 81 000, 600 600 and resulting in an excess
OF over $2S7 100000, makes a most crafty
ing showing, and is in itself a strong in
centive for the growth of confidence in
business circles. The present United States
treasury balance. showing 1922. 600 900, $l42-
$4,000 OF which is in gold, is also a most
favorable feature. Another favorable fac
tor is that there is not only a promise of
good crops but also of high prices; so
that we are now witnessing a strong stock
market and also one equally so for both
grain and cotton the three markets being
backed by confident buying. This is an unu-
sual circumstance and one whichWall street