The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-21

Reviewing the financial situation in Wall
street last week Henry Clews says:
Taking the past week as a whole, it has
been sufficiently influenced by experimental
selling operations to hold in check the inn
proving tendency due to opposite factors.
There is still limited class who think the
present range Of prices admits of a further
decline, but they make only transient sue
cesses in their attempts to force it, Apart
from the general bullish feeling of outside
operators, the foreign market is showing
decidedly more disposition to buy since the
Improvement in the China situation which
is a factor now daily felt on the market.
1.-THE chief element of disturbance has
been the Maine disaster. The suddenneSS
and gravity of the occurrence produced a
very severe shock in Wall street and all the
more so from its appalling mystery. The
existing delicate position of our relations
with Spain and the public feeling excited
by the De LONE incident, and the uncer-
tainty whether the Spanish government
might make a due amende in that case
furnished material enough for suSpecting
that some hot-headed Spanish or Cuban
partisans might be either seeking revenge
or hoping to precipitate war-suspiciOns
which strongly appealed to the patriotic
sentiment of all classes. This was a strong
test of the stock market, under which
prices declined at first about point Sue
ceeding this first impulse came a series of
reports and official opinions which prepon-
derated largely in favor of the probability
that the sad disaster was due to some I'M
explained accident, rather than any wicked
design; and since Wednesday, the public
judgment in suspense until divers have eX-
amined the vessel, and the nature and cause
of it's destruction have been passed upon by
an official investigation. There is, however,
still q reservation on account of the posi-
bility that the official inspection may sug-
gest or reveal malicious causes of the dis
aster and this unsolved doubt is likely to
hang over the market until 1t is disposed of
by an official report.
Apart from this event, Wall street again
begins to show some uneasiness on the Gu
question Another
season is now approaching its close; the
experiment of autonomy may prove fail
ure; the Spanish forces have accomplished
but inadequate results as yet towards the
Subjugation of the insurgents; and thus an
other year has passed without the accom-
pliShment OF the extinction or the rebellion.
Meanwhile our government continues sub
ject to heavy expense in the maintenance
of its neutral obligations and our people
suffer from a heavy loss of trade with the
island, while the sufferings of the CubanS
continue to appeal to our humane Sympa-
thies. The administration is reticent as to
it's future action; and Congress shows less
zeal and urgency; but 1t is suspected that
the latter is due to an understanding be-
tween the administration and the Repub-
lican jingoeS which is satisfactory to the
latter. The uncertainties as to the out
come about Cuba may suffice to produce
more or less unsettled feeling in Wall street
until further light is thrown on the pros
pect and until after the Maine investiga-
ton and the complete settlement of the De
LONE incident and the reciprocity negotia-
Instead of the disaster TO the war ship
Main bringing on a war between this coun-
try and Spain, il is more likely to have
contrary effect, it will be the means of
causing reflection on the part of our lingo
members in Congress and making them
more rational. 1t will serve to show them
what war means in the destruction of life
and property. This shocking disaster wipes
out Sc 100000 of property and sends to eter-
nifty 273 human beings in an instant. If it
should be found that the cause of this dis
aster was n torpedo, it goes to show, in the
event of actual war with Spain. what thou
sands of Infatuated men could accomplish
as measured by the act of one man who
no more contrast former conflicts on land
or sea with conflicts hereafter, in their an
Inhalation of life and property than we can
compare night and day. Is 1t desirable.
then, for this country to be plunged into a
war with Spain, even though We should
could levy an indemnity, but what would
that be worth against a bankrupt nation,
and victory over power so much weaker
would give us no prestige.
THE Bureau of Statistics furnishes evil
dence of the extraordinary expansion of
our export trade. For the month of Janu-
airy the exports of merchandise (ncluding
silver amounted TO $112 SOC. 000 which is
Sill 10000 in excess OF the figures for the
same month OF last year. The imports were
low January. 1897. The months exports
show an excess of So, 500 900 over the inn
ports. From this. however must be de-
Quoted IS. coo 900 for the net imports OF gold
during the month: also a liberal allowance
must be made for the interest and other
minor accounts during the month, which
would leave net balance 10 our credit of
probably $780, 900. 10 be added to the al
ready extraordinary floating indebtedness
Of other countries TO the United States.