The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-25
Views of Henrx cIews.

Henry Clews. of New York in reviewing
the financial situation says: Ultimately
the war will prove powerful stimulus to
the whole country 1t has buried old polt-
ical issues which were paraiyzing trade and
industry, and developed in our people a
spirit of confidence and aggressiveness
which will inevitably be reflected in the
business affairs of the Nation. The polit-
zeal situation is more satisfactory than for
many years past New questions are be-
fore us, the solution of which will broaden
and strengthen the whole country from the
Atlantic to the Pacific. In the financial
situation there is also reason for confidence
Money is plentiful and promises to continue
so. Gold must come from Europe in settle
ment of the extraordinary trade balance,
and our supplies are likely to be materially
increased by shipments from the Kiondke.
1t is quite likely also that the banks will
increase their circulation to a considerable
extent when they have acquired a supply
of the new bonds; the placing of which as
popular loan was gratifying and signif-
icant example of the confidence Of the peo-
pie in the government The moral effect Of
this method was excellent, and worth its
cost to the government, which could readily
have syndicated the whole issue at a more
Profitable price.
1.-The agricultural situation is another and
very important element OF promise. Farm
ers are rapidly getting out of debt, and
with increased prosperity are buying more
freely of both the necessities and Injuries
of lite The better prices for wheat mean
the distribution of many additional millions
in the West and a larger traffic for the
railroads, both eastbound and westbound,
Tor some time to come. Western merchants
coming to this city enthusiastic in their
reports of trade prospects during the COM
ing fall; and the outlook is that the next
ness revival. Even in the South trade
shows marked recuperative tendencies, not
WlthStandlng the dlScouragingly low price
of cotton. Industrial activity is growing
and is likely to follow close upon business
revival Many new enterprises are under
consideration, and a larger demand for all
sorts of raw materials will soon be mani
fest.
Both sentiment and facts are on the side
OF higher prices in the stock market At
the moment, for reasons best known to
themselves, the market leaders are not
ready for an advance. Stagnation, however,
cannot be permanent. Activity will return
and prices must move along the lines of
least resistance; and that will be upwards,
unless unfavorable developments arise from
the war, which do not now seem likely.
while all the domestic conditions and
the course of our financial and commercial
favorable to Wall-street interests yet the
real underlying condition upon which most
depends is the war, in respect to which the
main question iS-when will iAend? If Spain
were a country capable of managing it's af-
fairs upon ordinary principles of prudence
and common sense, there would be no diff
ficulty in reaching safe conclusion on that
point. But between the utter demoralza-
ton of the government, the hostile divisions
public opinion as may be said to exist. the
partisan disloyalty to the reigning dynasty,
the plots of Don Carlos and the exhaustion
and impotence of both army and navy
amidst all these conflicting elements there
is no calculating what Spain may or may
not do, and her relations with this country
m hn int a nhnn nIIf nf
which it may be found very difficult for us
to educe a well-ordered settlement and
which u may s, only too easily develop some
from irretrievable ruin. There is not
single point at which the present situation
offers the least hope for Spain. In the West
Indies she may still have 100000 to 10000
men under arms, regulars and volunteers,
and those forces may be backed by fortifi-
cations of great strength: but of what avail
is all this when her stores of ammunition
are on the point of exhaustion, when starva-
ton is staring ,i the army In the face when
sources of food supplies and when the yell
low fever is beginning its ravages among
large masses of troops who have been pre-
pared for it's most viruent forms by hunger
and bad sanitary conditions?"
Saturdays Bank CIearings.
At Chicago cIearings; sl2,ssl,5s5;. balances
change posted Sass and s. Ssls actual s4.s4 and
At New York-clearings. slOi $50. 944: balances.
IS, sss. $685.
At Boston-Clearings. s1s.777.212; balances.
s.. SAT, SCI.
AT Philadelphia 50. .e7o balances,
81, 1853. 1896.
At Baltimore-Clearings, s2,S57ss7; balances.
1855 90S
At ST. Iouis-clearings. ss.24s.1s2; balances,
S476 $50
At New Orleans-Clearings. $1,079,629
At Memphis-Clearings s1s5892; balances,
$50 500.
At Cincinnati-Money, 2k@6 per cent New
York exchange, 25c discount and par. Cearings,
$1.349,7O0.