National Republican., 1883-02-19
nks hold in excess s3,6H,s24.


RETRosP EcTIvE AND PROSPECTIVE.
During the week last past the weather and
the market have been in dismal sympathy
lowering skies above, nervous dread below
While 1t cannot be denied that there are many
circumstances existing upon which gloomy
anticipations may be based, still there is in
thom nothing to cause despair
The legislative spoo1 is the one which
broods most darkly over the market There
has been nothing in the weeks proceedings in
congress to relieve the anxiety entertained
as to its action in revenue matters. If any
thing, the doubt is aggravated by the fact
that any solution of the problem prior to
March is, to put it mildly, uncertain.
That the necessity exists for making pro-
vision for the disposition of the enormous
and daily increasing surplus income of tho
government goes without saying; that con-
gress lacks either the ability or courage to
cut the gordian knot by relieving the
plethora of the treasury through q radical
reduction of taxation is equally true. If the
already immense surplus IS to be swelled by
IN undiminished stream Of inpouring taxes
and by the cancellation of the national debt,
the bank circulation may be seriously dis
turbed.
There is enough in the foregoing brief out
line of the position to suggest that an extra
session of congress is almost unavoidable-a
reflection which is about as 500 thing in its
nature as is the rasping Of file to nervous
invalid. What makes the matter worse is
the fact that there is no assuran ce that con-
gress, if it should meet in extra Sc ssion, would
not relegate the business interests of the
country to n back seat and enter into the
manufacture Of political capital for the pend
ing presidential campaign. Again. IL must
be remembered that considerable time would
elapse before the now congress could be brought
together. In the meantime revenues will
continue to accumulate and bond calls TO in
crease in amount while the merchants and
m anufacturers of the country must stand the
storm,
The great floods, too have constituted q
potent factor in the depression of values, in
volving as they do, threats for the future, as
well AS present calmity. 1t is not alone the
losses already inflicted, but there exists grave
apprehensons as to the outcom in the Mis-
sissippi valley, when the IN ountain SHOWS
come down in the spring.
Outside Of these general and all prevailing
causes of depression, there were special in
fluences at work. Prominent among these
latter was the lease of the Mutual Telegraph
company by the Western Union.
Ordinarily consolidation has meant q rise
In stocks; but in this case it resulted really
In q decline. The cause for this may be
found in the fact that the opposition was not
annihiated-hardlyd decreased. There remains
to compete with the Western Union, the Balti-
more and Ohio, the American Rapid, and the
Bankers and Merchants. This latter com.
pany has inaugrated an admirable system
between New York and Washington, and has
arranged for western, eastern, and southern
connections in the near future. The Western
Union also finds the Mutual Union to be in
death as 1t was in life-a thing of litigation,
the very act of absorption being accompanied
by an application Tor the issuance of writ of
injunction, The death Of ex-Gov. Morgan
also bore the stock down.
Erie bonds and stocks have been depressed
by the decision Of the managers TO issue a col
lateral trust mortgage.
Decreased earnings in the extreme north
western roads exercised depressing influence.
The non-professional element is still in
visible, and the prospect of their early advent
Is not encouraging
Money has been in good supply during the
week, but business has been inactive and spec
ulatiOn dormant.
The treasury operations for the week re-
suited in gain to it and a loss to the banks
Of 81, 1911
Foreign exchange remains firm, owing to
the scarcity Of commercial bills, some of which
at times ruled a fraction higher than bankers.
The Bank of England rate Of discount was
reduced to 81 per cent. from A, at which 1t has
TODD since Jan. 25.
SATURDAY MORNING GOSSIP.
The best posted commission houses say the
whole stock market is very much oversold,
and believe that there ought to be a rally Of
i to per cent. between this and Tuesday. |
unless there should be some unexpected new |
developments of an unfavorable kind. Some |
think that there Is a market for at least a |
hundred thousand shares of long stocks with |
out breaking prices down to any important
extent, and say the class of buying yesterday |
was superior to the selling The banking