The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-14
views of Henry CIews.,

Banker Clews of New York, in reviewing
the financial situation in Wall street last
week says: 1.-THE result of the elections
has brought veritable boom into Wall
street The significance of the sound
money outlook in the next Congress was
promptly recognized; and on Thursday,
when the position was better understood, a
most pronounced change for the better took
place London, which has always been par
ticularly sensitive about the money issue,
bought freely on the strength of this favora-
BILE development, and these purchases were
supplemented by strong local buying, which
readily absorbed all stocks offered. Every
other influence for the time being was ig-
nored. Good earnings and encouraging bust
ness prospects of course afforded a strong
foundation for rise, but these were not
sufficient to lift the market up to a higher
level while uncertainty remained about the
complexion of the next House of Represent
atiVes on the all-important currency queS"
ton. noteworthy and very encouraglng
feature was the wide distribution of orders;
activity not being confined 10 rev cnqued
stocks, but spread among al the actlNe
shares. The promptness with which rail-
road stocks cut away from the lndustrlalS
was another satisfactory feature; Manlpula-
ton was present as is invariably the case
in any large movement; but there was also
heavy buying of an excellent character, SuS-
costing that the present movement is more
than a tranSitory speculation. MANY Oh Tue
reorganized properties nave future pc
fore them which, under present conditions
of large earnings and cheap money, is sure
to reflect itself in a higher range OF values.
wall street has made no mistake IN ltS
estimate of the outcome of the congressional
elections. 1t is a result hopeful beyond an
expectationS The silver issue is laid In It's
grave and Mr. Bryan with it. Popuilsm neS
in it's own strongholds and the diV1s1Ve poll
cies that belong to It. The hrmness WIN
which the gold basis is affirmed exceeds the
most sanguine expectations of Its friends
and confoundS its enemies. The movement
faVoring a reconstruction ana expansion
of our bank-note system is put on the
no mistal1ng the public will that the notes
shall be redeemable In gold coin.
Every adverse influence is now out or tne
way-the war cloud, the silver question, the
Supreme Court decision, and last, but not
!east, the elections. All signs Of trouble nave
gone to the rear and are not liable 70 again
appear at the front. All good stocks are
upward bound until they reacn ngureS as
Cleveland regime too low. The country is
now placed in a position to continue drawing
gold from the other side, which, together
with what we produce, Will soon swamp lhe
question as an issue beyond redemption.
While this country remains on a gold pass,
it will draw the precious metal from all olh-
er nations; whereas should TINS country 70
on a silver basis, other nations would quick
w draw gold away in exchange for silver,
enhancing their credit and destroying ours.
Another advantageous feature resulllHs
from the elections will be to secure to the
Nation the full benefit of our brilliant VIC
tory in the late war-ap achievement IN
naval warfare unsurpassed in the Worlo
history hut which has been belittled by the
press and politicians to such an extent as 10
seriously diminish IT'S lmporiahce anu Ies t6l
the advantages Whlch shoulo accrue W 'te
American people.