The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-15

larger line Of long stock. The Boer war
has become an important indirect inf1u-
ence upon the American markets. mas
much as an issue of consols, which seem
inevitable and which would be considered
desirable investment by a certain class
of buyers abroad, would certainly cause
more or less selling of high grade securi-
ties, American as well as others Little
concern is felt about any prospective drain
upon our gold supplies. for the reason
that they are ample to meet all probable
requirements. A decisive British victory
might cause a sharp rally in the stock
market, but IL should not be overlooked
that the British have an exceedingly diff
ficult task before them In capturing Pre-
toria, involving, as Il must, the cost of
much life and treasure. 1t is not likely
that Congress will cause much anxiety.
There is a very strong opposition 10 re-
viving any tariff agitation Some anti
trust Legislation may be attempted, but
the outlook for sane action Is better than
usual. 1t is quite certain that gold
standard bill will be passed, and this Will De
an important step in the direction or
sound currency system; the defects of
which are as apparent to-day as four
years ago, when the country was shivering
under the silver craze. There is no sub
ject which Congress can act upon intel
ligently with more advantage to the whole
country than by enacting comprehensive
and scientific banking and currency sys-
tenn. Our banks have been hampered by
all sorts of ill-advised restrictions, born
of the civil war and ignorant prejudice;
so that their development In keeping with
the wants of commerce and industry was
impossible. The day is coming for banks
of larger capital and larger freedom or
operation, such as is the practice In the
great financial centers of Europe. The
position of the stock market has per-
ceptibly better look, due to the fact that
the backbone of tight money is broken
both at home and abroad; that there Is
now no ground for apprehension, and that
the Boer victories are about at an end.
If they have not been able to take Lady
smith and Kimberley, with their advan-
tages at their zenith in the contest, 1t
because the British are very apt to soon
forge to the rear of the Beers fortifica-
lions and move rapidly on Pretoria, there
by compelling the Beers to give up their
present impregnable Notifications and
march home for the protection of their
capital and the archives Of the govern
ment. With the Improvement in the money
situation and the South African war CIV
ing promise Of the opening of the gold
mines again at an early date, the here
tofore prevailing distrust on the stock
market and the weapons which have been
so effectively used by the bears have been
removed. The short sellers of stocks,
| therefore, will hereafter have to contend
| with the present widespread prosperity
| over this country, large railroad earnings.
| easy money and British victories, which
will be very difficult to overpower with
prices at their present deprecated figures.
railroad securities and does not take into
account Industrial combination properties.
therefore advise hereafter buying the
good railroad securities on the weak spots
| for a substantial advance, which i think
| the situation now warrants.