Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-24
WALL STREET GOSSIP.
Silver Coinage and Probable Legislation By
COngress-LarRe Railway Earnings.
BY John NJ Oakley a Co. "a Sneefal Xira

C0ngress-Large Railway Earnings.
By John N. Oakley q Co. IS Special wire.l
NEW YORK. November 2S-There is always
some uncertainty immediately preceding the
assembling Of Congress- and this year that un-
certainty is increased, as we have an admins
rration whose policy has not yet been defined
There will be questions Of silver coinage, sub
sidies to merchant marine, postal, telegraphic,
and legislation on the Pacific railroads.
Amendments to the interstate commerce act,
especially with reference to Canadian competi-
ton and antitrust bills, will be introduced.
The silver question will perhaps attract more
attention in financial circles than any other
There is strong silver party IN this country,
and in the West it Is the popular one. Here
tofore the Senate has stood between the House
and radical silver legislation, but the Senate
this session may be modified by the addition
of Senators from four new Western States
Any considerable increase in silver coinage
and the removal of the important restrictions
now subordinating it to gold would be a
measure Of infation, and bulls on stocks are
inclined to regard this prospect with COM
placenoy if not with qualification. II, however.
anything should be determined upon to compel
the Treasury to redeem greenbacks in silver
instead OF gold, our gold might suddenly COM
mand a premium, and thus shrinkage In the
circulating medium would instantly be accom-
plished. In that event gold would be like so
much wheat or cotton-a mere commodity.
This would only result from very radical legis-
lation, but it would como as surely as effect
follows cause, II free coinage OF silver should
be undertaken.
A One possible result Of the discussion of silver
bills in Congress might be that English invest
ors in American stocks would become alarmed
at the prospect of their dividends and principal
being paid in silver when not pledged in gold
How much silver would appreciate in value by
an increased use in this country is problemat-
ical, bat it would be enhanced. The prospect Of
legislation favorable TO silver Is SO good that
the price of this metal is gradually rising and
Trade conditions generally are favorable.
Our exports for the four months ending Octo-
the same period last year. while the value Of
imports during the same four months in 1889
were s258 6l0 600 as against S2S8 328 900 in 1888
The domestic trade Is particularly good in iron
at 81 cities in the United States for the past ten
months was II per cent in excess of a Like total
in 1888.
Railway earnings also show large increases
and business generally is reported good. Coal,
wool and leather are exceptions to this general
rule and business in these three commodities
has been Improbable, and is now very dull.
The impression common to people is that an
era of prosperity hes ahead Of us, and this
oIinion is so unanimous that in stock ex-
change circles, and in the financial columns Of
our papers, hardly any expressions OF bearish
character are heard. 1t is confessed that money
is dear with no immediate promise OF
considerable relief, and that speculative busi-
ness is very small IN volume There is gen
eral anticipation Of better prices to come. We
don't believe the short interest is anything like
as large as represented, for only a few pro-
fessional SPECTATORS have the courage TO sell
stocks short in an atmosphere surcharged with
extreme bullishness. The only question to be
determined is whether the prices of stocks do
not now register this bullish sentiment, and
whether those who are inclined to buy stocks
are not already carrying as large lines as their
circumstances permit. II this be 80, with the
proverbial inconsistencies and ncongTuities of
Wall street business. may the market not be a
good sale7
The stock market to-day has not been very
active or interesting. Cotton Oil and Sugar
Trust opened up and were the strongest feat
ures of the whole session. Lead was firm at
the beginning and end, with decided weakness
in between. Atchison was strong on the
acknowledged success of the reorganization
plan and the new traffic agreement with Rock
Island. The Grangers were without change.
Northwest had 100 miles more road in October
1889, than in October 1885, and yet its receipts
were only S74 900 greater. Richmond Terminal
was the weakness feature, and Louisville and
Nashville, Union Pacific, Fort Worth and
Denver and the VanderbilJs showed not buoy
aucy. Wisconsin Central and the Northern
Pacifcs we're strong.
The bank statement was more favorable on
its face than in reality, as its increase Of $685.
600 in reserves was largely due TO the loss of 81
zoo OQO in deposits, SO that the actual gam Of
cash was only little over Sl00, COO