The Indianapolis journal., 1899-03-27
HENRY CLEWS'S VIEWS.
Henry Clews, in his weekly financial lie

Henry Clews, in his weekly financial let
ter, says:
Affairs in Wall street continue to drift
along in a somewhat erratic and irregular
manner though on the whole more active
than during the last few weeks. The ele-
ments Of excitement on the Stock Exchange
tain Of which have fiuctuated wildly and
from reasons about which there is little
agreement of opinion. As to American
Sugar, in which the transactions and fiuc-
tuationS have been most extreme. there ap-
pears TO be little doubt that negotiations
have been at least attempted for effect
ing a pacific understanding between the
trust and its new competitors. The rumors
about those interchanges of views have
frightening large short" interest into
covering. but. as yet. nothing appears to
be definitely known as to the real relations
between the competing interests either
present or prospective. Equally the rumor
of a consolidation between the Sugar and
the Glucose trusts seems TO have been
pure invention for stimulating speculation
in the stocks of those properties These bold
operations in three or four induStrlals have
a paralyzing tendency upon the railroad list
and have generally impaired confidence
throughout the market. At the moment,
however. it appears as though this fictiOnal
excitement had about exhausted its force:
the margin of fluctuations in the prices of
the industrial specialties is narrowing and
attention is again turning towards the more
tions. however, have introduced feeling of
caution over the whole list, for the opera
tions have shown that the ''fast-rider'' class
OF operators. who foster the eXtravagances
so easily got up in connection with the in
dustrials. are becoming more and more
force in the market and are therefore more
and more an element Of uncertainty in more
legitimate operations. The railroad list
begins TO attract renewed attention.
The severe storms of February pro-
duced a contraction OF earnings in that
month which has contributed to the DISPOSE
tion TO sell these securities for some time
apparent. but the Instructions Of the Febrl-
~ fraf IL ba ScH hp for
the current month. with the effect of stiff
fening the market for this class of invest
ments.
Taking the present situation as a whole
however. IL is not calculated to encourage
large expectations as TO prices. for the COM
ing week at least. The immediate position
OF the money market cannot be regarded as
encouraging 10 sanguine expectation. The
surplus reserve of Sl9. 600 is not up to the
average for this season of the year; while IL
is really narrow resource for situation
surrounded by unusual and indefinite special
demands for cash. We have yet to find out
what may be the effect on the New York
tiatSons in all parts of the country and pro-
viding them with working resources which
will make them comparatively independent
of bank loans. We have scarcely Yet got over
the transfers of deposits connected with the
Chicago * Alton deal. The banks are car
ment deposits. and little can be known as 10
the extent Ia which the treasury VIII draw
against them. the usual April Withdrawals
Tor annual settlements are close at hand,
which always cause f0rtnight's dislocation
of currency. And. still more important, the
dor with the var settlemept must be I'm