The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-20
views of Henry CIews.

uldIlOn IN wheat Is It0l unlikely 10 ledu
to some revival of operations in stocks says
Henry Clews. of New York. The immense
transactions in grain have drawn off spec
ulation from the Stock Exchange for sew
eral months past, and both at Chicago and
here the uncertainties about the wheat sit
uatior may be expected to divert attention
back 10 stocks under the encouragement of
the current downward drift of prices.
1t has not suited the purposes of the SELL
ers of stocks to take much note of an
other remarkable foreign commerce state
ment and the figures, published last
Wednesday, consequently gave no stimulus
to the market The facts of the official ex-
hibt not, however, to be deprived of
their effect by conveniently ignoring them.
The May exports of merchandise exceed
those of 1897 by 1872 100000, and $50. 10000
in excess of the value of the months i'm
ports. For the first eleven months of the
fiscal year, the merchandise exports exceed
the imports of goods by SSH, SS9 600, which
confirms the expectation heretofore ex-
pressed in these adviceS that the surplus of
exports over imports will reach fully $780,
OOU,CO. Ii We add to the shipments of mer-
chandise those of silver amounting to $40,-
SGT 900 the total excess of exports for the
eleven months will amount to $751;, Geo. In
liquidation of this creditor balance we have
imported $S7 040, 900 of gold, making the net
creditor balance, for the eleven months
$5f5, $4,000. Making the most liberal allow
ance admissible for the items. debtor and
creditor, not included in these purely trade
returns, and also for the net debtor balance
on account OF the foreign movement in our
securities, 1t hardly seems allowable to es-
innate the balance now due to this country
by Europe at less than $150.0O0 600 to $500 600
coo. AS the present relative rate of interest
at New York and London affords no suf-
ncient inducement for buying bills of ex-
change on Europe for investment here, it
seems not unlikely that we may soon wit
ness resumption of imports or gold. The
only thing that can prevent this must be
a greater disparity between the local and
the European money rates than now exists
The rapid increase or gold in the Bank of
England would enable that institution to
part with liberal amount of gold without
The new government loan attracts COM
EaratIveiy little interest as an element in
Wall-street movements. It was wise to
meet the popular demand for giving small
investors an opportunity to put their saw
lngS into these Investments We shall now
see how far this class are disposed to prefer
hoIdlng ponds to placing their means in the
custody of the savings banks. The class
VINO hitherto have been accustomed TO take
these investments will be found willing to
take an amount largely in excesS of the
remnant not taken by the smaller class OF
investors, Wall street opinion does not at
tach much Importance to this new supply
or investments as an element affecting the
value Of existing securities. For a long time
past there has been a comparative scarcity
of new issues of securities of the highest
grade, adapted for trust funds and the re-
serve funds of financial institutions and a
large amount of money has been placed On
deposit or otherwise temporarily employed
until bonds of long date and absolute Sc
cur1ty are forthcoming. These wants will
take up the new treasury issues without
dlspiacing any other existing securities.
The brilliant success of our navy has
established such universal confidence the
world over that nobody outside of Spain can
possibly believe otherwise than that our
antagonist is already sgnally defeated, and
that any further action SPANS part is
simply to court additional terrible disaster
deprived of terror to the American people
When the war started it was supposed it
would be principally naval conflict This
was based on the number of modern guns
and battle ships of the two navics which
We're considered to be about equal; but the
qualities of the men in command and of
the gunners and sailors we're not taken into
consideration, for neither had been tested in
battle. 1t was soon found. however that
scientific skill and generalsnip were vastly
superior on our side. No stronger evidence
OF this is on record than Admiral Deweys
victory, which has no parallel in the
worlds history. 1t is now recognized that
more there is to be done to bring the war
to close will belong mainly to the army,
which will also have the valuable aid Of the
navy. Decisive victories, therefore, may be
expected at Santiago, Porto Rico and
Manila. The end of the VAR should then be
near at hand. 1t is this show. III, together
with this countrys great wealth and uil-
bond bearing 8 per cent. interest look &C.
srable as an investment. AMI why the sub
scriptfons to the 5000. 900 900 war loan are
likely to reach at least 81 900, 10000