The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-13
view. Of Uenry CIews.


Henry Clews of New York. in reviewing
the situation in Wall street last week. says:
THE prospect of an early issue of war
bonds does not escape the attention of oper-
ators; but it excites no misgivings as to the
course of the stock market. With such an
extraordinary accumulation of money in the
banks, the payments for the bonds are not
likely to perceptibly affect the ease in the
loan market. The treasury may be trusted
not to lock up the proceeds of its borrow
ings; but, as usual under like negotiations,
it will deposit the receipts in the national
banks until they need to be drawn against
in the ordinary course of the governments
disbursements; and thus the currency will
maintain its normal activity of movement.
Nor is the creation of large sum of new
investments likely to have any serious effect
upon the prices of stocks A considerable
portion of the new loan appears likely to go
to other countries; and those taken at home
will go to financial institutions and to a
class of investors who are not accustomed
to put their means into corporate stocks.
1t is quite likely that the large offers for
the bonds and the relatively high prices they
will bring may strengthen the financial mar
kets at large
1.-The course of events at the theater of
war gives a steady accession of strength to
financial interests in all departments 1t is
now evident that military and naval opera
tons are to be conducted upon a method and
scale calculated to bring about the earliest
possible end to the war. In a compare tive
ly few days, we shall have a military force
In Cuba and Porto Rico of 200 well
armed, vigorous and enthusiastic men. These
FORCES, backed by the best vessels of our
fleet, will soon measure their strength with
the poorly fed, poorly equipped and imper-
fectly trained forces of Spain. The result
cannot be doubtful. Already, Cervera's fleet
has been deprived of it's power and the
bland admiral may at any moment reinforce
our of navy through the involuntary transfer
OF MS vessels The powerful system of for
tlncatlonS at Santiago de Cuba is nearly
already in our hands, to serve as basis Of
operations against the rear of Havana, in
conjunction with the guerrilla forces of the
insurgents. In this part of the war pro-
gramme also there seems to be no reason to
count upon the possibility of our failure.
onIesS Spain should prudently prove willing
to make satisfactory peace in advance the
great struggle around the port and city of
havana Will be the next step in the war
programme. If it should prove, as rumored
at this writing, that the Spaniards have got
three more war vessels into that port that
can nave no threatening bearing on our OPP
eratlonS or attack. 1t will simply mean
that so many more of the enemy's ships
nave been bottled up out of our way and to
await capture or destruction at our pleas
ure In all probability the struggle at Ha-
Vana may prove a bloody and possibly also
protracted one, but 1T cannot he doubtful
as to Its outcome: With unlimited forces at
our command, with our ability to maintain
siege on land and a close blockade at sea
with complete exclusion of the Spaniards
from the possibility of reinforcing either
tnelr meet or their army, and with starva-
tlon staring the enemy in the face, victory
Is the only possible issue of this next phase
or the conflict. In the Philippines affairs
nave taken turn to the last degree impor-
tant In our favor. The Spanish government
comedies that the Governor of Manila has
asked for authorization to capituate to Ad-
nirai dewey IN order to escape the certain
capture of the city by the insurgents, and
later reports, not yet fully confirmed make
1t quite likely that the surrender has been
already made. And, what is scarcely less
important, the insurgents have sought the
acceptance of their cooperation by the
pines be placed under the protectorate OF
this government. AS 1t has been seriously
feared that much trouble might arise from
the lawlessness of the natives and from
their refusal to acknowledge our authority
this new turn of affairs is of the greatest
possible value to our government More
over, 1t sets at rest certain international
issues which have given rise to much en-
barrassment to this country. 1t has been
:nalntalned by some that the rights of Spain
feiteC, because the United States have not
completed their occupation of the islands
In the event of Spain trying to transfer
the Islands to France any other gov
ernmfnt this might easily have proved a
dangerous QUESTION. The moment however,
acquire her entire possessions in the Philip
pines. Thus history is being made at a.
very rapid rate in both the Pacific and the
Atlantic, and the United States is making
acquisitions of an international significance
which two months ago we had not dreamed
Of"