The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-09
HENRY CLEWSs sTATEMENT

''Stocks have already undergone q very
substantial advance Under ordinary con-
ditions a reaction in prices would be about
due; but the situation is an unusual one
and ordinary standards of judgment are of
little value just now. For this reason do
not believe that the upward movement has
even approached it's climax. Irregularities
must be expected with the fortunes of war;
the uncertainties of diplomacy, and the anx-
iety to take profits that may manifest them
selves at any time. will also affect values
so that the situation favors a more active.
irregular ard advancing market for some
time to come. Our magnificent victory at
Manila and the evident collapse of Spanish
power foresbadow still further successes on
water and land. Pie people are rapidly re-
covering from the shock caused by the open-
ing of hostiities, and the former feeling Of
dread of consequences is rapidly giving way
to one of confidence Later or we must ex-
pect a period of exultation leading to ex-
cesses not approved by sober judgment. AL
ready there are signs that many of the I'M
dertakings checked By the war with Spain
will soon be resumed as usual Buyers are
taking hold with more confidence: and those
in command of business and industrial oper-
atlonS recognize that certainty is taking the
place of uncertainty. and that opportunities
are abundant to men of courage and sound
Judgment. These are not good times for the
over-timiG, Our railroads continue prosper
Gus in spite of senseles5 rate cutting, to
which the stockholders sUpinely submit In
the third week of April sixty-nine roads
earned nearly IL per cent more than last
year, and in the second week eghty-four
roads reported an increase of over IA per
cent. With plenty of traffic in sight and
rates already low it is utter folly for the
roads to waste their profits in a wild scram-
Bile for business; and their managers should
be brought to strict account The present
phenomenaly high prices for wheat and
other cereals are destined to give a power
ful Stimulus to business in the interior.
Western farmers are emerging from debt
with wonderful rapidity, and their increased
ity OF the interior, to say nothing of the in
creased industrial activity already in prog
ress. all of which will benefit the railroads
and be anticipated in Wall street.
ION Tuesday last the gold premium in
Spain was 62; to-day it is Ill. Spanish tours
are now down to 30l2, which puts them on
a basis of Is per cent. Just prior to the
Maine disaster they sold at 621b United
Gently paid. The gold reserve in the United
States subtreasury is $3.50, 600, as against
no gold reserve in the Spanish treasury.
The Philippine islands Spain's most yalll-
through victory unequaled in naval war
fare, since last week, and Porto Rico which
still belongs to Spain, will most likely have
the United States flag flying upon its forts
fate within very short period. Spain will
then have no cOaling or supply station on
this side of the Atlantic ocean nor in the
Pacific ocean. Centuries of dishonor and
meeting with terrible, but just. retribution,
and the effect must inevitably be to finally
convert cruel, treacherous and inhuman
Spain, whose mode of government is a relic
of the barbarous ages into a nation purified
and redeemed through fire and blood ouali-
fled to rule over a Christian people"