The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-22

Henry Clews, of New York. in reviewing
the financial situation last week, says:
THE return of peace. the promise of bust
ness prosperity and an abundance of cheap
money have been irresistible factors on the
Stock Exchange. OF course, many of the
sensational advances of this week can be
attributed to manipulation, but such ma
nipulation would not have been pc ssible did
not the favorable conditions exist. AS a
matter of fact, there was much less manip-
uation than usual in market of the recent
magnitude and strength. Professional OPP
orators saw the market taken right away
from them by the rush of outside buying;
and all efforts to check the advance We're
fruitless for time, notwithstanding heavy
realizing and not a little inside selling. In
ordinary times Wednesdays rise would have
marked the elimination of bull move
ment; but this can hardly be so now, al
though 70 surprise need be expressed if the
pace has been shown too rapid and rest
ing spell be needed. AS we have, however.
repeatedly stated, these are not ordinary
times; the conditions are very unusual and
one-sded, and it is many years since We
have had such a complete absence of dis
turbing conditions. The putting of Burling-
ten e. Quincy upon a 6-per-cent basis was
very practical illustration Of the improve
ment in the railroad situation. A few roads
have already increased their dividends, and
others are sure to follow. On 5-per-cent.
dend rate ought 10 raise the value of an
ordinary stock at least 20 points, so that
the prospect of increased dividends affords
basis for the strongest ana most active kind
The question of our foreign relations
may at any time have an important bearing
ton the appointment of Ambassador Hay
as secretary of state is an admirable one.
1t is one of President McKinley's best. Mr..
Hay has of necessity acquired large
knowledge of foreign affairs, which is i'm
portant in view of our new departures, and
his tact and experience will serve to pro-
mote closer relations with Great Britain,
our best customer tor all that we have to
sell, and our best friend in all that affects
the welfare of the United States outside
OF its own territory.
1T is a welcome fact that the government
has kept down the military and naval ex-
penditures to much lower figure than was
at first expected. Estimates now place the
total gross cost of hoStiltieS to this coun-
try at $500 600. This may possibly prove
too low a figure, but it Is safe to assume
that the war bill will not at all approximate
the $500, 600 which has been very general
ly expected. The country will appreciate
the effort to economic expenditure by put
ting the military and naval establishments
as nearly possible upon a peace footing
as quickly as possible
four months war leaves behind 1T much of
which the Nation may well feel proud and
much that Will command the respect IL not
the admiration of other countries; but the
matter for profoundest congratulation is
that we should have made such conspicuous
contributions to humane government and
achieved for ourselves such large material
results with so small a cost of life or treas
sure.
1T is not surprising that the stock market
for the past week should have been under a
movement that approaches almost BOOM
ing character, for the reason that the week
was memorable for the best of news all
round-in connection with the crops, in con-
nection with the foreign relations of our
government, in connection with the money
situation and the prospect of bringing gold
this way from Europe this winter in large
amounts for the payment of our products,
in connection with our exports as compared
with our imports and last but not least, in
connection with the cessation of hostilities
with Spain and the declaraLlon of peace by
the President. The future of this country
is certainly full of promise, and all the ia
vorable conditions that exist stand for an
active stock market with a rising tendency.
The half of the year 1898, say from July to
Jan. i, will beyond doubt make the highest
notch of prosperity which this country has
attained in its history, and it is that pros
pect which is at the bottom of stock vaules
at the present time. 1t is not surprising,
therefore, that the current is at high tide.
I'm all business experience in Wall street,
which covers period of forty years. have
never seen a brighter outlook for all bust
ness interests in this country than the sit
nation now presents"