The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-20
UNITED STATES BONDS.
Views of Henry CIews.

Henry Clews, the New York banker, in
reviewing the situation in Wall street last
week, says: There are so many encourage
ing factors in the general business situation
that, although those factors may not jus
tify buying under the existing speculative
situation, yet they may be expected to in
.duce holders with good backing to cling 10
their stocks pertinaciously. This sort of
clinging amounts TO a quite important
sistance TO any declining tendency, and
there is saying how long il may defer
the fall in prices that on ordinary prin-
ciples may be expected TO occur before there
can be any well sustained effort to start up
another bull campaign all along the line.
There are, however some minor influences
which may be expected t., in some meas
ure, encourage selling. The money market
is momentarily stiffened through unusual
causes, including the very large transfers
of funds connected with the Chicago * AL
ton deal, which has put up the rate of in
terest to 4G5 per cent. during the week.
This special factor, of course, will soon lose
its effect, but in two weeks more another
intrusion may be expected In connection
with the withdrawals of n.,'riey to the coun-
try for the annual April settlements. This
is q factor which must be credited with
some lettering effect for the next three
weeks. Also, the immense creations OF new
influence at the chief money center.
Among the owners of the hundreds OF mill
lions of industrial capital thus being reor-
ganiZed. there must be some who Will be
diverted from participating in the ordinary
operations of Wall street, and there may
be others who find il convenient, under these
conditions to convert their investments into
cash. In any event, as it appears TO be gem
eral with these new organizations TO pro-
vide themselves with very liberal working
capitals, it becomes question whether
money may not he Withdrawn from this CEN
ter to the local banks which, in various
parts of the country, Will do a part or the
financing for the trusts.
Thursdays experience. however shows
that. notwithstanding such facts and forces
are above referred TO, there may occur
spurts of activity which reveal a remark
able underlying confidence and strength.
tra to @ 3j ppcfX of the indns
trials, and. finding an ecouraging response
and at the same time an exposed short
interest, they were able to force an advance
of - points in American Sugar. The squirt
impaired better feeling to the railroad
list and advanced prices Y to L point on the
were a victory for the bulls, which is likely
to make the bears very prudent. II re-
mains to be seen how far this revival may
run. L see at present no reason TO regard
1t anything more than temporary var
iation from the direct line of descent to
which the market seems destined There
may quite probably be other oscillations be-
fore the general market adjusts itself to the
temporary changed condition Of the money
situation.
The government trade returns for Feb
ruary again show a large excess of exports
over imports, the surplus being $33, 624, 600.
This is IS, 21SOO0 below the surplus of Feb
ruary, 1898. and it is deserving of notice that
the decrease is due, to the extent of $,1&,-
&C., to an increase in the imports. 1t would
not be surprising if the imports should con-
tinue to show an increase, for the prevail
ing national prosperity may reasonably be
expected to cause an increase in the con-
sumption of foreign goods as we'll as do
nestle. For the first eight months of the
current fiscal year the exports of merchan-
disc exceeded the imports by SAG, "a, 900,
which is S3316.Oo0 below the surplus for the
same period of 1898. The exports as
against imports will be matter of vast inn
portance in the future, and requires TO be
watched closely by Wall-street operators
with scrutiniZing eye. 1t must be remem-
bered that much of the countrys recent
good times has been largely derived from
our preponderance of exports over imports
if we lose that immense advantage, or even
adverse factor"