The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-29

In reviewing the situation on Wall street,
Henry Clews says: 1.-THE settlements and
interest disbursements made at the end of
the year distribute a large amount of funds.
which usually contribute to a January rise
in prices. The last six months of business
revival, especially in the interior cities, is
likely to result in liberal distributions of
earnings, and that money may be expected
to find it's way, more or less, into Wall
street That, however, will depend in some
measure upon what may be the prevailing
feeling at the opening of the year. That
ought to be good All reports agree in rep
resenting that in the agricultural sections
the results of the last half years business
have been unusually satisfactory More
over a still better state of trade is expected
for the next season. The improved state of
our manufactures is showing itself in
steady increase in wages and the general
full operation of the factories. In short,
prosperous spring trade is taken as a fore
gene conclusion. How the action of Con-
gress may affect these prospects remains to
be seen. 1t seems safe to take it for granted
that We have little to fear from iingoism.
Also, there seems reason to hope that when
congressman feel the public pulse as il heats
at washington they will come to the con-
cluSiOn that the currency question cannot
be so easily Shelved as some of them have
hoped, and any disposition to do something
real and effective toward giving us per-
manently SOUND money would prove very
positive help to confidence among the bust
ness and investing classes and would favor
ably AFFECT the status of our securities in
the foreign markets. Perhaps the most
sensitive legislation will prove to be con-
nected with the railroad questions that will
come up for treatment. Pooling and the
powers of the interstate commission will no
doubt awaken the still slumbering granger
sentiment; but from present symptoms II
viii be found that the commercial opinion
of the country has largely come round in
favor of settlement of these questions that
will give the roads fair chance for maxi
ing reasonable profits and exempt them
from undue extraneous official interference
The great interests whom the railroads
serve are so weary of the unsettled condi-
lion of the carrying trade that they will be
likely to support any fair and equitable pro-
posalS the companies may present and to
oppose anything that SavOrs of factional
Bryanite hostility to the transportation in
terest.
''on the whole therefore, we see no reasons
why the ne v year may not be expected to
open with a better feeling in the stock
market and a renewal of speculative buy
ing. The congressional discussion of the
railroad questions is likely to be attended
with disturbing proposals, but so long as
there is little probability of their accept
ance such occurrences would afford only
transient variations in the course of prices
There is no doubt much holding back from
Wall-street operations with view TO ascer-
tanning the temper of Congress and the
year: and. when those have ceased to be
uncertainties of the future, we look for. a
resumption of speculation; with what force
measure of results the event must show
Nothing is more difficult than to forecast
the moods of Wall street They depend
more on whims, or accidents. or ruts than
upon conditions of fact which really affect
the earning capacity of properties: a fact
of which the present insensibility of stocks
to the large earnings of the railroads is
striking evidence. Two great facts are OBJ
ViouS, however: That stocks are low at
present prices, and that the general condi-
tons which regulate their value warrant
an upward movement
ITO permanent investors, the market pre-
sents probably about as low a range of
prices as we are likely to see for some time
For such to defer purchases. would be to
face probability that, at a later stage
higher prices will have TO be paid. Specu-
lative purchases. if made on drops, afford
d fair chance for moderate gains the
principle of small profits and quick returns.
Such operations are better suited to the
present condition of the market than large
purchases and long holdings"