The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-24
limited STATES BONDS.
views of Henry CIews.

Concerning conditions in Wall street,
Henry Clews says: Apart from election
uncertainties the influence of which cannot
be disregarded, conditions affecting the
stock market are improving. The European
wheat trade has come to understand that,
Notwithstanding the moderate increase in
the worlds crop of this year over that of
1897, the supply from new crop and stocks
on hand will not be up to the average
standard, and they are consequently adj
vancing their bids for American wheat. The
extent of the current foreign demand may
be inferred from the fact that, within the
last ten days. engagements have been made
for the export of 100000 bushels of wheat.
This shows that a point in price has been
touched at which our farmers are willing
to sell; but ii remains to be seen whether,
after such large foreign purchases at the
current range of values growers may not
hold for further rise. The ten millions of
bushels coming to seaboard will be severe
tax upon the carrying capacity of the rail-
roads, and our Chicago correspondent tele-
graphs us-the business the Northwest
railroads are doing is marvellous
1T is yet too early to estimate the effect
OF these grain exports upon the gold move
ment. Some moderate engagements are be-
ing made for the export of the metal to
this side, and. although the operations are
light and only occasional, they show that
the exchange market is in a condition
which might readily yield to the pressure
Of the bills to be made against these wheat
shipments. That, however, would not neces-
sarily mean imports of gold. The higher
rate for money at London than at New York
would afford a temporary opportunity for
sixty days employment of idle funds in
the purchase of exchanged form OF tram
silent investment which has been much re-
sorted to within the last twelve months and
at one time to an extent estimated at $7O,-
In frlf W. IA no ron fcNa DY-
Iously covet any further additions to our
already extraordinary stock of the, yellow
gold reached their highest point, S7l5,O60 900.
Since then we have made net imports
amounting to $l25,OO0,000, and the domestic
production and receipts from the Klondike
which would make our present national
stock over $900,CO0,CO0 This places us far
ahead of France which has been the largest
gold-holding country i'm the world. and puts
our stock nearly $2O0.O00,O00 in excess of our
former highest figures. The receipts this
week at San Francisco (from Melbourne)
amount to So. 10000 and at this port 81, 800, =
600, making the weeks arrivals over 5000 =
0)o. 1t is to be hoped that some more pro-
ductive use may be found for our increasing
creditor foreign balances than piling up
stocks of gold in excess of all requirements
for money or banking purposes.
THE phenomenal increasing foreign trade
balance in our favor, the immense freight
business of the grain-carrying roads and the
growing ease in money are factors forceful
enough to advance the stock market and
but for the coming elections, the market
would now be in a very buoyant state
With the elections out of the way the effects
of these influences will assert themselves
and will suffice to knock out all bear fic-
tons. With such earnings as the Western
roads are making, and with the immensely
of stuff in sight to be moved, it is almost
impossible to keep the securities that these
roads represent down, and when they get
ready to advance the balance of the market
will go with them There is, consequently,
much hope in the situation after the cleo
tiOnS