Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-29
A MfCAwBER.LIKE MARKET.


4
ESPECIAL TELEGRAM TO THE prsPArcH.i
NEW YORK, July 2s.-Henry Clews q Son
viii say tomorrow: Very little change can be
detected in the situation on the Stock Ex.
change. A dull, hesitating tone prevailed; and
the market. being entirely in the hands Of
traders who shifted positions from day to day,
failed to exhibit any settled tendency In either
direction. Both bulls and bears assumed the
aggressive in turns. but only momentarily and
the raids of one party only brought out the
support of the other, while every rally prompted
fresh attack. Conditions really changed so
little that no opportunity offered for activity
on either side; and the market, Micawber-like,
continued waiting for something to turn up.
The agricultural situation remained satisfac-
tory; and the business outlook, though some-
what complicated, generally wore hopeful
aspect. Some uneasiness naturally followed
the failure Of Lewis Brothers d Co.,
wholesale drygoods house of the highest
standing; but their embarrassment was
more due to series of mis-
fortunes directly connected with the house
than to the state of the drygoods trade, which
this failure serves to draw more emphatic at
tention to the condition of business generally.
The great business interests of the country, it
should be borne in mind, are passing through
process of readjustment almost amounting to
revolution, and which cannot be expected to be
completed without more or less arrangement
distributing oenters, and the competi-
tion between both these and rival railroad
systems. have contributed to very materially
change the channels of trade. Wholesale trade
and manufacturing are both drifting westward;
and in some instances even southwark. The
fall in interest rates has also revolutionized
business methods and affected some branches
of trade to just as great degree as it has rail-
road finances. Then, again, we have only Just
passed an era of very small profits, which has
resulted in the formation of an in
N oh a rnurfa ahAp Of md
similar forms of combination or concentra-
ton. the effects of which have yet to be deter
mined. If profits are to be increased and bust
ness maintained upon healthy basis by these
trusts the results will be welcomed by all, but
there is so much imitation, stock watering, ETC.,
about most of these schemes, and they too fire.
out upon the public, that their ultimate effect
for good is open to very serious question; and
this apart from political considerations.
Still another fact to be considered is the
strong tendency of British capital to seek in
vestment in our industrial establishments.
While great deal Of the talk about English
of irresponsible schemers, there is undoubtedly
. tendency of this sort on the part of foreign
capital which If directed in proper channels
and upon honest methods would benefit all con-
cerned. There Is a great plethora Of money
abroad seeking investment at fair rates of in
terest and the unsatisfactory results from
limited offerings of new bonds have drawn
attention to our large manufacturing inter-
ests, particularly those which have been of
highly profitable nature. If the present owners
of these can find good purchasers, we need not
object, for the funds they receive in payment
will be quickly invested in new home enter
prises which they consider more profitable, and
the country's development correspondingly
stimulated. The West never objected to East
ern or foreign capital building their railroads
on the score that the profits left their locality;
neither should they object to foreigners buying
their breweries, -four mills, etc, If they will pay
the price. We are sure to get back good por-
tion of the dividends in reinvestmsnts.