The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-05

Henry Clews, in his weekly review of the
stock market, says: 1T has been an off
week on the Stock Exchange. Many oper-
ators and big leaders are away, the last
week of August being the height of the
holiday season, and their return does not
begin until after Labor day. The hot spell
was also added cause of inactivity. AS
for the general market it showed little
change At times prices displayed a little
regularity under fresh realizing and re-
newed bear attacks; but the undertone of
the, market remained strong and no fresh
more Importance was attached to the pros
poets of tight money than the situation
warranted. Both lenders and operators for
a decline in stocks would like to see a more
stringent money market, but they are
likely. to be disappointed. A slight harden
ing of rates resulting from a better inquiry
for crops and business needs is possible;
but this is all unless manipulation is at
tempted, and that seems unlikely in the
present monetary situation. Europe Is still
a heavy debtor of the United States, and
American funds have been loaning in Eu--
rope in large sums for months Foreign ex-
change is already weakening and gold i'm
ports have commenced; so that any decided
stiffening of money rates here will quickly
bring flood of gold into the country and
prevent any important advance. The West
is already well provided with funds and the
crop movement is not likely to make any
serious demands upon New York Aitogeth-
err, therefore, there is no cause for con-
Germ about the local money market A
slight rise in rates is all that is probable.
THE railroad situation is promising IN
every respect except the senseless cutting of
rates among some of the grangers. which
stockholders whose properties are vuffering
ought to use their influence towards ending
The best dividend payers have reached very
high figures, and they are likely to remain
there and possibly many of them may rise
still higher so long as the difficulty of find
ing profitable investment for money re-
mains. The possibility of increasing divi-
dcnds and the fact that thus far speculation
in such stocks has been of the most con-
servative sort, are likely to make these
shares the favorites on the Stock Exchange
for some a tine to germs S On all
moderate profits. For many of the low
priced investments there is, of course, an
creased earnings and the improved pros
poets for a return on the investments. The
industrials offer still larger opportunities for
profit, as business improvement is likely to
earn dividends in many cases where none
was expected a few months ago. and in
creases on old rates as well. Transactions
in these must be conducted with care; for
reliable information concerning these is diff
ficult to obtain. and outsiders are particu-
larly exposed to inside manipulation.
THE market a whole is shaping for
broader and more active movement. Much
realizing has undoubtedly taken place, but
the situation has been strengthened rather
than otherwise by the test of bear attacks.
London is slowly but surely changing its at
titude towards American stocks; and the
prOmOIlOn OF International SOOu Will, as WCll
as improved economic and political condi-
tions, is likely to lead to much larger for
eign investments than hitherto. 1t may be
argued with a very proper degree of self
satisfaction that we are independent Of for
eign buyers and can carry our stocks our
selves. This sounds well, and is an advan-
tageous exhibition of financial strength; yet
if foreigners will buy our investments on
31h to per cent basis it is certainly to our
interest to let them go and give our bankers
the opportunity of encouraging new enter
prises that will bring much larger returns,
besides giving added employment to Amer
lean labor and larger activity to general
hrSineSS.'s