The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-17

In reviewing the situation in Wall street
last week. Henry Clews says: activity in
the bond market Is ordinarily followed by
recovery in the stock market; and that
seems to be the chief reason for the better
feeling in stocks that has been steadily
gaining ground during uthasweek Another
helpful factor has been the fact of very
large orders having been received for the
export of wheat which caused a sharp re-
vival of the forwarding movement in that
staple. This has been followed by an adj
vance in the Bank of England rate of dis
count to per cent which has checked
revival of the tendency toward imports of
gold. These factors have only slightly af-
fected stocks; but, should the European
buying of wheat obe Kept up at the present
rate, the earnings OF the Western roads
may induce a freer buying of securities. For
the time being, however, we have only a
traders market with no indication of out
sders or large local operators taking an ac-
tive interest on the bull side.
THE absence of speculative operations is
perhaps to some extent the result of Paris
news respecting the doings of the peace
commissioners. There can be little doubt
that the reports of probable serious disa-
greements on the Philippine question are
mainly concocted by the Partisan press in
the interest of Spain. and are. therefore,
not to be trusted. Nevertheless, it may be
reasonably expected that Spain, for a va
riety of reasons is prepared to take a stub
born stand against the annexation of the
Philippines, and it is not impossible that she
may maneuver to make it an open Eu-
ropean question and thereby apply a diplo-
matte pressure to force the United States
to concede somewhat of their demands. 1t
is not inconceivable that a situation of that
sort might give rise TO diplomatic animosi-
ties and to apprehensIons of a renewal of
military operations. Long-headed operators
nave these possibilities IN view, and are
thereby to some extent influenced against
taking long ventures.
There has been in some quarters a good
deal of loose talk about the condition OF
trade which has encouraged the bears and
led some bulls to keep out OF the market
The facts in the case are that in the West
and Southwest business is as a rule, eX-
traorulnariy active and prosperous. Even
in the South, which many have assumed
must surter severely from 5-cent cotton,
business is fairly active and the. best opin-
ion there Is TO the erect that, owing to the
large, reductions made in the cost OF grow
ing the STAPLE, it can be sold at that price
with a. moderate profit he planters APP
pear to have widely emancipated themselves
from subsection to She factors by raising
subsistence, which means that at last the
South has placed itself on the highway to
prosperity. Some complaint, however, comes
from the districts ana the railroads affected
by the yellow fever, which IS relatively Il
small affair.
'''ro tell the TRUTH the talk about dullness
of trade is a purely local misconception. 1t
is not to be denied that in many articles
there is still a downward tendency in prices,
which in the wholesale trades depriVes bust
ness of it's snap and makes buying gradual
and continuous instead of occasional and in
large parcels. AS New York stands between
the interior buyer and the Eastern manu-
facturer it is the focus at which this un-
satisfactory movement is. most conspicuous,
and hence the impression Is received that
business is dull, while in reality its volume
will be found at. the end of the season to
have been unusually large. This difference
in feeling between New York and the in
terror cities is nothing new. 1t generally
happens in times of disturbance in prices
and men competent to deal in stocks in
teligently should know enough to discrimi-
nate under such conditions or they may
have to pay the penalty of mistaken opin-
ions. .s-.--
I'VE are disposed to anticipate an improv-
ing tendency in the stock market, perhaps
neither marked nor rapid, but steady and
healthy There are certainly no bad fac
tors in the situation nor any In sight On
fairs is healthy and the outlook assuring
and hence the market has a very firm bot
tom. 1t remains to be seen how long
operators will be willing TO wait for a
break of which there are at present no
signs and what they will do when they
have been convinced that the market can
possible that some Improvement in prices
may occur at an early DAY.
Saturdays Bank CIearings.
At Chcago-Clearings, s1602s, SS5; balances
si,6is. 2s6. New York exchange lOc discount
Sterling exchange posted, S4.s25 and S4.S5z
actual s4.SIA and $4.S4ss sixty days. 81. S0A and
SASSY.
At ST. Louis-Clearings, $s,717,s27; balances
Al ephiaciearngs ST. Os2; balances
81, 625 2S6 For the weex-Clearings, $50. Ar. 3d.
balances SO, $50, &c.
AT BaItimore-C1earings 3d. 424; balances,
e. 81 For he we cal hal