The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-01
UNITED STATES BONDS.
view. of Heary Clew..

| Banker Clews of New York, in reviewing
| the situation in Wall street last week.
| says: The bears have done their best to
| break confidence in prices, but their sue
cess has been very partial, and holders
have shown their ability to protect their
| holdings. This strength is the note
| worthy because the earnings of the rail-
roads have had some disadvantage in COM
| parison with the extraordinarily large re-
| ceipts at the same date of last year. In
| making such comparisons. however, ii must
not be overlooked that the earnings must
include much larger proportion of the
high-class freight than year ago. The
| unprecedented activity In our industries
has caused increased movement in the
hgh-rated merchandise which cannot but
tell favorably on the net earnings. The re-
markable business activity must also have
materially increased the passenger traffic,
which is one of the most profitable branches
of railroad operations. 1t is, therefore,
likely that, when the net earnings OF the
first three or four months of the year come
TO be exhibited, they may show larger
profits than have been counted upon.
THE prospects of the grain crops are
watched with much interest, but remain
an uncertain problem. The wheat crop has
undoubtedly suffered severely from winter
killing, but exactly 10 what extent 1t is still
too early to estimate. In the spring wheat
sections the weather conditions are for the
most part favorable. but no estimate can
yet be ventured as TO its acreage. The cur
rent price of wheat and the possibilities
OF large falling on IN the supply from rom
To an increase in the spring sowing, but
at the moment this Is conJectural. TINS I'M
certainty as TO the wheat crop Is the chief
element adverse to the stock market. but
operators do not yet seem TO have made up
their mind TO accept the worst probab llities
of the outcome. The money market is no
longer an obstacle TO speculative business
Money on call Is In good supply at moderate
rates. and there is no expectation OF
change for the next few months. Taking
the situation in Wall street a whole. II
is to be regarded hopeful one. There
Is nothing IN sight calculated 10 suggest
haps quite generally In a condition con-
servative enough TO make the bears eau
tious, and the unusual business prosperity
is viewed as suggesting an upward rather
than a reactionary course of prices.
''One very important element, however,
impendS over the market which as yet has
received no serious attention. L refer TO the
further consequences OF the war in the di-
rection or trade expansion ms Is very
comparatively little open attention. To the
masses of our people IL is something foreign
10 their experience. To some. including
few statesmen of prominence. il seems an
unwarrantable intrusion upon the past pol
icy of our government. TO all IL Is con-
calling for Information. But IL is neverthe-
less a matter in which all classes feel deep
interest-an interest so deep tnat men pre-
fer to do some thinking and investigating
before they reach affirmative conclusion
For this reason the question may be re-
garded as being just now in its silent and
brooding stage. IL may be safely assumed,
however that policy aiming only Incl
dentally at the acquisition of territory and
directly and permanently at a great expan-
sion OF our foreign trade and at the same
time at future better protection OF our
Ssy "a int nsona Is sensa Of
and TO the patriotic pride OF our people.
With the large patriotic mass OF the Ameri-
can public this new development cannot fall
TO receive an encouraging reception. and
that favorable prepossession can only gain
In strength In proportion as this promised
commercial expansion comes 10 be under
stood in it's full length and breadth Public
opinion has yet 10 give fsir hearing TO the
minority opposed TO the change.
The class who follow party policies
through thick and thin waiting TO see
where the question will stand in political
platforms and more still are reserving their