The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-23

In reviewing the situation in Wall street
| last week, Henry Clews says: THE partial
reaction in the stock market during the
week has not been entirely unnatural It
had been proceeded by large advance COW
ering an unprecedented range of issues
Operators were therefore carrying an
amount of stocks far in excess of anything
experienced for many years pasta condi-
ton which tended to expose holders to at
tack. The bears, after a long abstinence,
were hungering for a meal; and not few
bulls were willing to take their hand
some profits while others who had already
done so were quite willing 20 see, if not to
help reaction. At the same time, there
is class of conservative bulls who,
while believing that the market is destined
| for greater rise, yet expect it to come
step by step and through course of fire.
! quent cautious realizings. This class have
some influence upon Wall-street opinion
and they are likely to set an effective pre-
cedent of taking fair profits, which will
! have it's result in Christening an oversan-
guine temper Another factor which tends
! to encourage these frequent realizings
comes from the great breadth of the mar
ket. With such an enlarged assortment of
| issues as the list now presents, there are
always stocks which have not had the
average rise; and when prices weaken,
those who have profits on their holdings
are ready to take them and
buy those neglected shares. In
brief it semes to be a rule in stock opar-
tons that, when the market is a broad one,
prices advance more by a zigZag move
ment than in a continuous straight line.
The weather and the crop conditions of
the last two weeks have afforded a motive
for pessimists and timid operators taking
in sail. The bears have exaggerated the
tenor or these reports, and have made bold
ventures on the barest possibility that there
may be some abatement from the fulfill
ment of the great prospects that have con-
tributed to the late advance in prices. So
| long as 1t is not wholly impossible that
there may be some disappointment in the
corn crop and a better result of the foreign
haryests than has been expected, it may be
prudent TO give the bears plenty of rope,
as the best means of protecting the inter-
ests of the bulls; indeed, it seems likely
! that the next upward squirt will be mainly
stimulated by the overselling of the proph-
cts of crop disasters. A Few more days will
settle these uncertainties but there will
still remain those who prefer to postpone
until the frost line has been passed So
that, on the whole. 1t is not improbable that
we may have to face brief period of Vacil-
iation, probably eliminating in short
interest large enough TO give another good
upward turn to prices.
1T is not easy to full explain the tenn
per of the London market for our securities
1t is still sending stocks home, and it would
seem that the supply held for speculative
account must be approaching exhaus1 ion
After such a striking demonstration of tie
strength of the home market and of the
certainty of still higher prices in the future
it is not supposable that this realizing
arises from lack of confidence in our mar
ket Sentiment seems to have much to do
with the movement England has, at the
moment, some rather emphatic grievances
against us. The tariff is a bitter pill, the
more so because II throws wet blanket
upon an active revival in the trade of the
United Kingdom. The postponement by
Congress OF action on the currency ques-
dnnhf intensified III
| distrust of our finance at its most sensitive
and positive point Secretary Sherman's
recent blunt utterances coming after the
famous Cleveland Venezuelan message
seem TO have deeply aroused the ire of The
| London Spectator and the English people
and so seriously does the Englishman APP
pear to have taken these matters to heart
| that conceivably he thinks it prudent to
| give American securities the cold SHOULDER
| Whatever cause may be assigned for the
British neglect of our securities, the fact
! has little or no perceptible effect upon the
! New York market.
The London press is reluctant to con-
| cede that there is any near prospect of the
shipment of gold to this country. We are
| told that our payments for interest and div
| idends, the remittances made on account
! of citizens travelling abroad, the payments
| to be made on account of Securities now
| coming home and for the sugar and wool
| purchased in anticipation of the new tariff
will about Offset EuroDes unusually large
| purchases IN the United States. No znowi-
| edge, however, is shown of the fact that
| the Indebtedness accruing on these several
accounts-including the large anticipatOry
| importatons-has already been settled Tor
| and that our importations are showing
| large falling Off while our exports are
| greatly exceeding the extraordinary dimen-
| sions of a year ago. Present indications
| favor the prospect of the importation Of
! gold setting in before the close of the pres
| ent month and running on into an unusual
aggregate"
Saturdays Bank CIearings.
| At New Orleans Clearngs, sSg35