The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-31
views of Henry CIews.

Banker Clews, of New York, in reviewing
the situation in Wall street last week, says:
1.-THE market seems to be comparatively lit
tie concerned about foreign political Incl
dcntsj indeed, such events as may seem
to suggest chances of war have rather
stimulating effect on prices on the prin-
ciple that a European war would increase
the foreign demand for our food products.
The wheat situation is really the main ele-
ment of strength in stocks Within the
present month fully 25,000,00O bushels of
that grain have been engaged for export,
and, in spite of the advance in price, the
foreign demand still shows little abate-
ment. The cutting of freight rates tends
to encourage foreign purchases, and it now
looks as if a large portion of the 1898 crop
may be marketed before the 31st of De-
cember The freghting capacity of the
railroads is thus taxed to it's utmost, and
that is a condition which in Wall street is
not easily neutralized by adverse factors.
THE Supreme Court decision has had lit
tie perceptible effect upon the stock mar
ket: for the reason that the pooling asso-
citation was already dead letter, and while
the verdict defines the LOCALITIES of the case
and puts an end to- the possibility of Joint
rates, 1t makes the existing situation, as
respects earnings, no worse than 1t was be-
fore But while this is true, it is to be
taken into consideration that the cutting
feet upon the net earnings of the roads
We do not think, however, that effect is
anything near so serious as is generally
imagined. The cutting is mainly confined
to grain, and a reduction of even 80 per
cent. upon the rates for our whole wheat
movement would be the merest trihe COM
pared with the total earnings Of the roads.
Moreover, it is not to be overlooked that
the absorption of the rolling stock in trans
porting cereals has a tendency to impede
the traffic in other articles and so enables
the roads to get better rates than they
otherwise might upon other classes of
freight There is therefore some reason for
the disposition in Wall street to take no
really serious view of the effects of the
current cutting of rates about which so
much is said.
There is every prospect of this seasons
exports of wheat equalling the extraordi-
shipments have brought forward a heavy
supply of export bills, which seems likely
to be kept up until the end of the year. The
disparity between the current rates for
money in London and in New York creates
a ready demand for exchange for the tenn
porary employment Of balances. and thus
the rates for sterling are we'll sustained and
our creditor balance with Europe is bring
ing us no gold about 81, 5OO,O00 however, is
coming from Australia by way of San Fran
CISCO
Outside the Stock Exchange, some solic-
itude is felt as to what may be the out
come of the sensitive relations between
England and France. War between two
such powerful nations, with the possibility
that other countries might become involved.
is not a matter to which New York could
be Indifferent. One of the first effects must
be a sharp disturbance in all the money
centers of the world, the results of which it
is impossible to- PREJUDICE. England is by
far our largest customer Including the col
onies, we send to the British dominions 20
per cent. of our whole exports, and they
send us one-third of our entire imports
making a business of close upon 5000, 900, 900
between the republic and the empire. The
possible disturbance of such large volume
of our ocean trade is a matter the mere
possibility of which is apt to make both
countries uneasy.