The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-10

Henry CleWs thus sums up the situation
in Wall street: Against the market: O
The uncertainty as to the immediate future
of the price of Tobacco. also Sugar, both
being leaders of the market on the up as
we'll as the down side. Recently their In
fuence has been the latter side. 1t is
pretty sure that there will not be a, pro-
nounced up movement in the market until
these two important properties reverse their
present action. 90 The holding back of
wheat by the farmers depriving the roads
of immediate very large earnings. 60 The
state elections in November. ca The de-
cision of the Supreme Court on the Mis-
souri, Transcontinental Traffic Association
case. liable to be handed down next Mon
day or any Monday thereafter. 90 The
low price of wheat and cotton as compared
with last year.
las favoring the market: % Good rail-
road earnings Notwithstanding the holding
back of wheat by the farmers. % The
growing ease of money. go The ability to
draw gold from the other side N large
amounts when needed, as 1t is there to our
credit as represented by the large trade
and proud feeling Of the American people
as a result Of our recent war. (5) The con-
tinued large exports and the diminished i'm
ports. Co Every indication of a long con-
tinuance of prosperity resulting in the de-
velopment of our vast territory and I'M
equaled resources, increasing thereby to a
prodigious extent the weal,-. of the Ma
ton.
"A few words of history. Twenty-nne
years ago the historical Black Friday deal
shed it's gloom over Wall street. The dis
aster eliminated during this corresponding
week in 1862 The Gold Exchange closed,
the, Gold Clearing House Bank suspended,
and the very spot where the security de-
partment Of my office is now located is
where the conspiracy was conceived, car
the Office of Smith, Gould & Martin. The
Gould of that firm was Jay Gould. Martin
died in ar insane asylum. Henry n. Smith
still lives outside of the United States In
Trenton, N. j., but encountered knock
down blow in the panic of 81, since which
he has been little else than looker-on in
Wall street affairs. Still the world goes on
as though none of these gentlemen had ever
existed. Such is life One comes and an
other goes. At the present time Wall street
is under the influence of a severe collapse
in certain industrial stocks. which 1t Will
survive the same as 1T survived the gold
crash and Wall street will remain Just
where it is. not only during our time but
that of those who come after us. All the
large industrial stocks go up and down
through manipulation They are all backed
by clique of bold and powerful moneyed
men. When ,nose people lead up with
the shares then no obstacle can keep them
they step from under and leave the market
unprotected The room traders then m
variably jump upon them and pound them
down to low enough prices to bring the
old heads back again into them. Sugar is
now going through this process. few
days since it was Iobacco; it broke from
1924 to 11S and within a few days Sugars
top price for this. year was reached Aug.
rs, when it sold up to 1853 1t is now sell
ing at 113. Last years top. price for Sugar
was 1891 and lowest 1895 in the month of
March 1t sold still lower in March of this
year the price being lo11s Violent IN iins an
f f up Pm w, s in the nsstDhistorV re-
peats itself and will never cease to do so.
Fluctua lions are the life of trade and ar ;
fioI 10 & 1
Tobacco or Sugar, it WI be something else.
The terms bull or bear as applied to
operators. simply stand for the lighting
quality in the human race 1t takes an
tagonism to bring out the greatest force of
mankind. 1t is the fighting quality of a
man that invariably leads to his greatness;
and go out of it, and are never heard of or
remem Dered."