Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-09-15

erning failures In clearing petroleum contracts
as provided for in the bylaws of the PittsDurg
Petroleum, Stock and Metal Exchange.
Article 5, Section 1-An other bylaws and
rules now in force relating to stocks which con-
flict with the above bylaws relating to New
Y ork stocks are hereby repealed and annulled
so far as New York stocks are concerned, but
all other bylaws and rules relating to stocks
now IN force and which do not conflict with the
above bylaws shall be and remain in full
| force.
When railroad engineer sees danger sig
nal or an obstruction on the track, he promptly
whistles down brakes" Timely warning fire.
quently arrests a catastrophe, or miti5ates lts
effects. He would pe poor sailor who would
plunge his ship into storm with all sails set.
and dancing in the cabin.
Crises in business spring from rashness. The
men who bring them about, or are mainly re-
sponsible for them. in most cases act on their
| impulses instead of their judgment. In their
| eagerness to accumulate wealth, they take
| desperate chances. Danger signals may be
| flying all around them, but they are unheeded.
They rush on regardless of consequences, trust
ing to luck for success. They may come out all
right, but the chances are that they will come
| to grief.
While the business of the country is moving
along smoothly, steadily gaining in volume, and
| day by day affording fresh evidence of staying
| qualities, it needs watching. There is danger
| ahead. 1t may not be visible to the uninitiated,
| but veterans in finance, who have breasted
| many storm, discern the elements of trouble
which, unless promptly counteracted, may lead
to disaster. Chief among these disturbing
causes is possible monetary stringency result
ing from over-speculation in fancy stocks of no
intrinsic value and which are manipulated by
chques to subserve their own ends regardless
of who may be the sufferers in the event Of dis
aster. In such cases the insiders take care to
save themselves, leaving the outsiders to bear
the loss. 1t is gratifying to note, however, that
the question of tight or easy money is not lett
entirely in the hands of the wild spectators.
Secretary WINDOWS policy in the purchase of
bonds is to do everything for legitimate busi-
ness, but very little for Wall Street. This curb
may keep the speculative element within
bounds.
While there is no immediate cause for alarm,
there is reason for caution. Trade of all kinds
exhibits more bullish than bearish features,
affording opportunities for expansion beyond
legitimate demands. With conservative
policy the country is assured of long period
OF activity, whereas rashness in investments,
large over-production and undue imitation OF
prices would either precipitate panic or lay
the foundation for one. 1t is gratifying to note
that the cool-headed business men of the cOun-
try are calling attention to these possible dan
gers, and are advising the public to go slow
to cast an anchor to windward, as it were-so
as to be able to reef sail at a moments warning.
Looked at from local standpoint business
is working smoothly, with fair volume of
transactions and prices firmly held. There has
been slight stiffening in the rates for money
but there is no scarcity. Speculative commod-
tiles are slow, but thereis an active demand
for staples. The Clearing House reports con-
tinue to show gains over the corresponding
period of last year.
By adhering to the conservative policy which
has raised her to a high standing in the busi-
ness world, PittsDurg will avoid the shoals and
pitfalls which endanger the prosperity of other
communities and continue her high career,
finding new markets for her products, and
steadily augmenting her population and
wealth.