Omaha daily bee., 1886-10-31

one. This has been attributed to the holi-
days, and the election which takes place
next. Tuesday, Undoubtedly the fear
that Henry George might be elected
mayor has had great deal to do in caus
ing the halt in speculative dealings. Cap
ital is timid, and the great money in
fluences are diSgusted at the prospect of
the working people obtTuding themselves
into the politics of the country and de
manding special consideration. George
is well known in England, and his doc
trnes are viewed with adherence by
capitalists abroad. As the English have
been heavy BUYERS of American"
lately, it is feared that if George
is elected our stocks will be returned
and sold on the New York market.
Hence the hcstancy that has been
manifested on our stock exchange during
the past week, and which will not be re-
moved until the result of the election Is
known.
THE BUiI. MOVEMENT
will continue, even ii the election turns
out all right. Russell Sage gives it at
his opinion that, for the rest of This year,
the market will be quiet, and excepting
occasional spurtS, prices will g. orally
fall OF. This view is held by very many
operators, and formidable bear party
is actually in existence, that proposes to
prevent any further rise in stock quota
the country is prosperous, but the point
is made that Wall street prices have
discounted all the benefit it has
experienced by the railroad system.
Then, the high rates for money do not
admit of dealing in ordinary securities,
with the exhaustion of profit in carry.
ing them, New York Central pays but
per cent dividends, yet it is selling in the
market for l13. What sense is there in
BORROWING SEY
at @ orr per cent to carry that stockG
Delaware IL Iackawanna, which pays Z
per cent on It's face value, has sold tor
l40 and over, which yields less than per
cent. Some time next year ii may pay 8
per cent, but in the mean time is it
good business proposition to pay per
cent and over for money to carry ST.
curty which yields only s per cent.
Then, here are Michigan Central and
Lak Shore selling up into the ninetics
and not paying any dividends at all.
True, they are potentially very valuable
properties, and will some day yield good
returns to their stockholders, but the
management is conservative, and there
is sure to be disappointment at the small
ness of the first dividends to be declared.
1t is noticed, also, that while the
volume of stock transactions is about the
same as it was last year, the demand
for bonds has fallen of greatly. Last
week only S14,OO0,OOO was invested in
state and railway bonds against
$50, 1000, 600 for the corresponding week
last year. and this has been the ratio
for several weeks past, showing that the
investing public is not actively in the
market as they were II year ago, and
that the great volume of business has
been in stocks of an non-dividend pay
ing character. This is always n dan
gorous symptom. Had the boom in iancics
continued a crash would have been in
evitable further along. But this danger
has been averted by tight money, and the
fear of Henry Georges election. These
are the views held in conservative cir
cles, but do not represent the general
feeling in the street, which Is bullish for
u long pull. We are threatened with
ANOTHER MINING BOOM.
There is quite a mining fever in Lon
don; due TO rich discoveries in the mines
owned by British capitalists in various
parts of the earth. VIM. Nj. Lent, who
is in this city, believes that another bo-
nanza has been found in the Comstock
lode. He says 1t is OF. the $4,000 foot
level of the Consolidated Virginia mine.
and probably enters the Ophir mine ad-
joining. There is sad to be more rich
ores discovered in the Bodie and Mono
mines jim California The Lcadville
mines, it is also said, were never dong
better. These facts may form the basis
of another worldwide mining excite
mcnt. DAVID q. CRoLY.