The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-09-24

with any securities of that class. Ii seems
reasonable to expect that, with such a re-
will soon develop with a view to proflting
by the higher prices which these considera-
lions foreshadow.
AT the moment two influences are hold
ing these important bull factors in check.
one being the still pending reconstruction or
a very large amount OF railroad invest
public eye the weak points in this branch
OF finance; and the other being the peculiar
position of the trust" organizations. An
important proportion OF the combines are
either in serious difficulty or suspected as
TO their financial soundness. and others
seem to be on the verge of disruption from
internal Dissatisfaction. This truth is that
the doubtful basis upon which many of
these concerns rest is becoming apparent
to run the gantlet of a public distrust
which probably they are not prepared to
withstand. The market is now largely. &C.
cupied with operations which are calcu-
lated to bring this class of securities 20 a
truer correspondence to their intrinsic
merits. Those. therefore. who prefer safety
to indefinite risks would be prudent in ex-
changing their industrials for railroad
stocks or bonds.
London begins TO show more interest I'm
American securities. AS our change OF
tariff policy il a movement in the direc-
ton OF British ideas, il is natural enough
that the reduction of customs duties should
predispose Englishmen to our investments.
The first effects of this change are APP
parent less in any open speculative de-
'a-AA (AtfA lh q VI - AfoAhA
London to Wall street investment houses,
evidently In contemplation OF careful and
Solo Investments. rms tendency may be
and railroad earnings improve; and later
1t may easily, become the incentive to
the London and continental exchanges.
Indeed. there is already a visible improve
ment in the demand from London specu-
lative houses. although it is cautious and
tentative and follows closely the fiuctua-
tons in the home market. The probability
pace" by more active buying London viii Il
be found willing to follow us as far as we
may choose 10 go.
TT is difficult to see how England can
Investments The London rate of interest
stubornly remains unprecedentedly low
and the Bank Of England is literally over
flowing with idle gold: England's home in
m are relatively high and yield
exceptionally low returns: neither in her
colonies or elsewhere does she find new
enterprises of a character to attract CAPT
tai, in the outlying countries where she
has so enormously and unwisely sunk her
capital. such as Argentina and Brazil. the
beginnings of a slow recovery may be APP
parent, but nothing is presented sufficient
ly meritorious to attract new OUTLAWS;
Australia has disguised the lenders whose
hundreds of millions of capital have been
sunk there and must expect to raise its
future loans at home; in short, c~riticise our
tutionS and our legislative policies as they
may. Englishmen can nowhere else find
investments on the whole so desirable as
those ~procurable at New York at about the
present range IF prices. This is a fact so
obvious, even To sinister observers, that II
cannot fail to sooner or later have its eff
feet on the market. In view of the fore
going considerations, L deem IL unusually
safe to recommend the buying of sound
stocks upon the breaks in prices"
Idle Capital i'm England.
LONDON, Sept 23.-The New South
Wales Observation-Disclosures loan of
fs32, 600 has been subscribed for to an
amount five times as great as the required
sum. so great is the pressure of unem-
ployed capital. This success. it is ex-
pected. will encourage further colonial
borrowing. During the week there was a
small movement of gold to Germany, but
this was regarded as unimportant. The
price of silver relapsed on the cessation of
orders, supposed to have been for the
Indian minis. American railroad securities
returns for September are expected to
show a considerable expansion Of pushes
with America under the new tariff, but no
great Improvement at the Stock Exchange
is likely while the railroad market is un-
der the adverse influence of impending re-
organization plans. Erie seconds and
Reading firsts were down /. The other
changes were fractional, and mostly down
ward. Grand Trunk Of Canada securities
were firmer.