The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-03
Henry CIews's Remarks.

| In his weekly letter on the financial sit
uation in Wall street and the stock market
Henry Clews says: Prices on the Stock Elk
change have undergone reaction. the end
| of which is difficult to determine. There
have been good reasons for the present de-
cline The buying power of the public had
been exhausted and peace having been
amply discounted, some new stimulus was
necessary for continuance of the upward
movement. The big holders of stocks have
| materially lessened their holdings, and are
therefore quite willing to see a lower range
of values on which to base fresh advance
AT the same time the public are stubborn
bulls and refuse to sell while railroad and
business prospects continue encouraging
Yet temporary conditions permit demon
strationS on the bear side of the market
and so long as the leaders on the bull side
hold aloof they likely to meet with
more or less success. Perhaps the most UNI
favorable factor in the outlook is the price
of wheat, 7S cents for September contracts
in New York against 80 cents a year ago.
Briefly, we have on the side of lower prices
exaggerated political uncertainties, a back
ward grain movement and cOrreSpOndingly
diminished railroad earnings, together with
the fact that the market leaders encour-
aged by the break in the industrials are
working for lower prices. On the side of
higher prices We have an assurance of i'm
proved political conditions and an era of
steady business prosperity. In the long
the latter influences will assert themselves
For the present, however, they are temper
arily overruled by the first-named condi-
tions leaving the situation favorable chiefly
to quick turns. The present conditions in
huencing Stock Exchange interests may
thus be summarized:
!. Although the money market is steadily
advancing towards ease, yet the unexpected
Suspension of imports of gold and the firm
ness of foreign exchange have qualified the
expectation of early extreme ease, which
IS an element somewhat in favor of the
bear side for the time being.
z. There has been, for some time past
steady realizing on stocks. Most of the large
operators have sold out, and seem disposed
20 oe1er buying for a rise until prices have
touched lower level.
g. The general cutting of rates on rail-
road freights has depressing effect; for al
though most of the roads show good gross
ings can hardly be satisfactory when the
business is done on unremunerative charges
OF tne receipts of grain, owing to the dis
position of the farmers to hold back their
crops for higher prices; this fact has also
bills and thereby diminishing the encourage
ment to importing gold. The reports of i'm
proved wheat crops in some foreign coun-
tries has tendency TO encourage this drift.
possibly with the effect of preventing such
an advance in home prices as would induce
our farmers to SELL
B. There is also some disappointnent at
the absence of commercial boom conse-
quent upon the cessation of the war There
appears to be- in most of the merchandise
markets, a fair amount of business doing:
out operations drag IN a way which sug-
gests the old condition of oversunnIv with
prlces-which always means reluctance to
buying except on the hand-to-mouth policy
g. In the higher circles of finance some
attention is attracted to the backwardness
of the Spanish officials in Cuba in their
preparations for evacuation. and still more
to the constant reports from Spain and
current news from Paris indicating dis
position on the part of the Spanish govern
n ment to resist any claim by the United
States upon the entire Philippine archipela-
go. 1t is further deemed possibility that
in the event of our making such claim
some European power or powers may in
tervene to prevent our acquiring a position
of such great strategic Importance 1t must
be admitted that either of these things may
happen; and. in view of that possibility,
there is a disposition to act with some re-
serve in reference to nonurgent undertake
concluded. This hestancy is app rraSTy
mainly in interests connected with the for
eign markets, where it is Enthusiastically in
f1uential.
Though no one of the foregoing conditions
may be regarded as in itself very important
yet taken as whole they amount to a
force that cannot be ignored and undeniably
they have now the effect of discouragfng
bull movements based on the existing range
of prices. Moreover, this is a season of
the year usually unfavorable to bull specu-
lation. Outside operators are in the midst
of the fall trade, and have neither the OPP
portunity nor the means for undertaking
speculative ventures; and some of them APP
pear in the market only to sell securities for
the purpose of getting money for their mer-
camille necessities Besides. this is usually
a season of uncertainty in monetary affairs;
and this has been evidenced in the fact that
within the last four weeks the loans and
discounts of the clearing house banks have
been reduced $50 100000.
Saturdays Bank CIearings.
At Chicago-Clearings. SIS 6s2 7O5; balances
81, S22. 349. New York exchange, 10c discount
At New YorkNciearings, si475os.4 Os; balances
At Boston-clearings. sis4sss54 balances ST..
At St. Louis-clearings. ss7Tsls; balances
$62S. S75.
At acknowledgements. I.555.000.
At New Orieans-Clearings, 81, 233 625
At Memphis-Clearings, 1894 1856; balances
$5O577
At NEUTRALITY-SUSPICIOUS.. S13, 5s5 492; balances
,9O1. For the week-Clearings. $50. 3OS. 174
balances. $ll,076314.
At Observation-Disclosures S. 3O1 ass; balances
$4S9 O76 For the weekClearings, SIG 46S s52; bal
ances, 50. 724,s53.
LOCAL GRAIN AND PRODUCE.
Trade Healthy I'm Volume and Prices
Firm on Saturday.
The month of October opens with an active
trade and Arm, steady prices Wholesale men
express themselves well satisfied with the re-