Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-17
MORE MONEY WANTED
To Insure a Steady Market and Keep
Business on the Jump.
THE VIEWS OF "A LOCAL FINANClER.
Trend of Speculation Continues to Favor
Seekers of Cheap Stuff.
THE NEWS AND GOSSIP OF THE CITY

An OIUceT OF Que OIL Tie leduluR VI
the city. speaking of the financial strln-
gency yesterday, said: 81 have abandoned
the opinion held by me for many years, that
monetary crises result entirely, or even
largely, from speculation. The fact is, the
country is being developed so rapidly, and
so much money is being put into permanent
improvements that we need large addition
to the volume of the circulating medium.
While we are the richest people in the world
in substantial possessions, our floating capi-
tai is very small. There is not enough to
carry on the necessary business of the coun-
try and provide against emergencies. This
gives a certain class of fnanciers chance
to manipulate the funds and precipitate
crisis whenever they think it to their interest.
So long as manipulation is possible. so long will
there be flurries. and pinches and panics.
LAS have intimated, the true remedy for
the financial disorders of the country, in my
opinion, is a large addition to the volume of
money in circulation. I think it should be
doubled. Some may say this would lead to
| imitation of values and extravaganza, and re-
suit in grand smashup. Not necessarily. l
think. Sensible people are always governed by
reason and act prudently, whether their pockets
are full of money or not. By doubling the cir
culation an immense impetus would be given to
the material progress of the country. Manu-
features would expand so as to make US
altogether Independent of foreign nations,
tariff or no tariff, railroads would be extended
so as to enable the farmers to more easily mar
ket their produce, country highways would be
improved, and private enterprise reach out and
possess the land. 1t is true these great and
necessary works are going forward all the time,
but very slowly and with frequent Interrupt
tions. owing to the scarcity of money. This
should not be. The supply of the sinews OF
business should be so abundant as to render
Interruptions to necessary improvements abso-
luteiy impossible. The glamor of Wall street
would be less dazzling and its power curtailed,
for the abundance of money would open up
new avenues of investment no less profitable
than speculation in stocks and bonds and far
more certain in results.
~ do not mean to say that any addition TO
ths funds however large, would wipe out spec
ulation nor do contend that such result is
desirable. But do insist that by doubling the
circulation the country would be rendered Sc
cure against the evils of manipulation, because
there would be no profit in pursuing such pol
Icy. 1t would be impossible for any clique or
combination OF cliques to lock up sufficient
amount of money to produce panic. By
doubling the circulation the working classes,
the mainstay of the country, would be
especially benefited. Thousands of new enter
prises would spring up, augmenting the de-
mand for labor, which is now in excess OF re-
quirements owing to financial inability to pros
ecute needed improvements While am not
an fnfiationlst, careful survey of the situation
forces upon me the conclusion that the country
is badly in need of a large accession to the cir
culaJing medium. Recent enlargement is not
sufficient. We want enough to insure stable
&c ,ofT T1nn nf
any combination of men to check the wheels
of progress"
Business News and Gossip.
A deal for $4,000 residence was hung up
yesterday on a difference of 500.
Work on California avenue is progressing
satisfactorily, and residents thereon already
see in imagination the electric cars coming and
going. Hopes fruition will De realized within
a year.
A gentleman who came down from McKees-
port yesterday said that bustling borough was
behind no other in the county in the number
and value of improvements completed this
season Building lots command almost as
high a price as those in the best districts
around PittsDurg.
Ship yards on the lakes are to turn out YES
sells of l24, $50 tonnage in the aggregate for 1890
number of them will be constructed of
steel
The Secretary of the Pennsylvania Steel
Company has called special meeting of the
stockholders to be held October to make ar
rangements for increasing the capital stock
from s., ,767, 500 to s5,0O000U.
The largest of 46 mortgages on the Recorders
file yesterday was for SS3. 33S. The next largest
was TO- SC, 900. Twenty-one, or nearly one-half,
were for purchase money.
There were established IN the Southern States
during the first half of the present year los cot
ton and woolen mills 81 -four and grist mills,
"a foundries and machine shops. 35 blast fur
naces 10 potteries, IS cotton-seed oil mills. 16 roll
ing mills, 377 woodworking factories. So elec-
tric light works. so ice factories 100 street rail-
way companies and As water works.
The Pennsylvania Gas Coal Company an
nounces a quarterly dividend of IL per cent.
payable September 25
The big piano and organ factory at Men,
delssohn will be ready for operation in short
time. 1t will give employment to 500 men and
boys.
A number of offers have been received for
manufacturing sites at Parnassus, but no deals
have been consummated. Plans for several
buildings, including bank, have been COM
pleted.
Europe, says Belfast is the only live town he
visited. All others are tame to Americans.
The real estate business cuts sorry figure
across the water.
Permits for New Buildings.
There was gratifying increase in the busi-