The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-12

whether they could not get better prices by
holding than by realizing under the present
uncertainties and pending a glut OF supply.
Be this as IL may, IL is certain that the
financial interest committed TO the Launching
of these new issues Is quite a large ana IN
a abbni,Iat 70 e seiI th aHr STOCKS = must must almost en-
tirely depend upon the maintenance OF a
healthy tone in the general stock market;
The older stocks have therefore the SOLD
backing OF this important class, which is a
matter of no small moment to the future or
the railroad list. 1t is, however. too early
as yet to venture upon definite foreshadoW-
ings; and. for the moment. i would counsel
the buying of sound stocks, and Tor modest
profits only. The work of the hour. with
the leaders Of speculation, Is TO canvass the
new situation and mature plans for the next
phase of the great campaign which began a
pleted its course; for 1t means that Wall
street is in process of a radical reconstruc-
ton, as yet only partially understood.
Some surprise has been caused by ship
ments OF gold during the week outside the
ordinary course of exchange. The remit
tances. aggregating. $4,000: have been
chiefly made by one bank, and that institu-
tion Is the one which negotiated the settle
ment Of the Spanish indemnity; interest
transaction than in its Importance, for it
Is not regarded as foreshadowing any con-
tinuous or important export OF specie nor
as being of any great significance TO the
future of the money market. but as being
merely a transient incident There are
tom Might he connected with the Spanish
W. I'D ~
settlement. As Spain was paid mainly
through the traEsference of American FUNDS
held by European banks 1t Is not at all IN
conceivable how some of the great foreign
institutions might need 10 replenish their
stocks of gold depleted by the operation or
desire to renew the loans from American
banks which they have been required to
liquidate in connection with the war pay
ment, and the gold exports have pro6aply
been largely attendant on such readjust-
ments.
THE crop outlook has not materially
changed. In some sections the weather has
been favorable and in others unfavorable,
the general situation consequently remain
ing about as IL was two weeks ago. Be
tween the recovery in the European crops
and the decline In ours we may look for not
cereal exports as compared with the last
two years, but also possibly a lower range
of prices for food products. The surplus or
exports over imports may continue large
enough to prevent any important exports OF
gold for some time to come, but IL Is rea-
sonable to expect an ultimate return TO a
normal condition of our foreign trade bal
ance.
dividend by the American Sugar Company
removes a doubt that has hung over the
market for quite a long period and played
into the hands of the bears, and they have
used IL from time TO time In the most skill
full way to depress values. The payment
of this dividend has sufficed to call atten-
ton to the innumerable number of others
which will follow in quick succession be-
tween now and the 1st of July, the aggre-
gate amount of which is for this
year at about $50. OO. 900. by far the largest
on record. A very considerable part of this
money is not unlikely to be reinvested by
the recipients in the very properties that
pay them, what stronger Recommendation
than their dividend paying qualities as
demonstrated in this way?"