The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-25

Estimates of the Future by Men Re-
garded as Conservative.
New york Letter in Philadelphia. RECORD.

New York Letter in Philadelphia Record.
In the face of fashionable pessimism as to
western conditions value appears in sum-
mary of current business anairS by H. H.
Porter, of Chicago, whose identity with
properties like the Rock Island and the
eastern Illinois and Western iron and steel
making gives Importance to his calcuIa-
lions. Mr.. Porter is in Wall street regarded
as something very different from an enthu-
siast. Conservatism shows in every estimate
he makes. therefore / am glad to be able
TO quote him, for such authority goes much
beyond ordinary summaries. He says:
The traffic outlook on the granger roads
is bright. Crops this year are, at least
something better than the average, and
these roaus expect to carry large tonnage,
still rate-cutnng going on, but that cannot
be avoided until there is a change in legisia-
ton. AS far as the crop movement is con-
cerned in the next few weeks the critical
period will be reached There is always a
certain amount of uneasiness from this time
on. Present indications, however, are very
favorable for Il large yield, and unless the
weather should turn out greatly to the dis
advantage of the farmer, there is every rea-
son TO look for profitable harvest all over
the agricultural section and an immense
traffic TO the seaboard and abroad.
In the Western States the supply of
money is particularly large. Deposits in
banks run high. Two Chicago banks are said
10 have deposits of over $4,000, 900. Several
others have from $l0OOO,OOO to $40, O00,O 600. The
West is buying great many town and
county bonds. They are investing in Eastern
bonds in New York and Massachusetts. In
fact, the Western people are in competition
with all other parts of the United States
for good investments generally.
AS to the war; the effect of it on the
countrys business has not been hurtful.
With the destruction of SPANS sea power
and the surrender of Santiago 1t acts no
longer as a menace to our interests. The
feeling is growing stronger that this war Is
putting us before the world as one of its
great nations, and that we may have to
reckon in the future with the possible COM
plications and annoyance that this new
certain that the war will be settled soon:
they have no doubt about that. Still they
are waiting, and enterprise awaits also. The
end once come we may look confidently to
business developments of consequence. Bet
ter times still are ahead. We have had
foretaste of them during the past year after
an experience of depressing years. When
provement will probably start and continue
until there is marked appreciation in real
estate. 1t is an old saying that real estate
is the last thing to raise and the last to fall.
Stocks have shown a good rise in concur
renee with general betterment and restored
confidence but | do not think that Amer
lean securities are relatively high yet"
Such views as these from H. H. Porter
are views expressed almost universally
among business men Of consequence. Rela-
lively unimportant people cling to pessi-
mism, but they who are really dominant
in our affairs find on every side reasons for
confidence.
Few men of rank in the business world
commit themselves to the idea that we are
on the verge of any reckless boom" in or
out of Wall street. but there is uniformity
in the expectation that commercially and
industrially the country is upon the verge
of tremendous betterment-