Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-27
WALL STREET GOSSIP,
Hopes Built on the Silver Boom-The Posi-.
biIities of Oil.


biIities of Oil.
Special to John M. Oakley & Co.,
NEW YORK, April 26-Boom, that's the word
to express the hopes and expectations of Wall
street. For several years things have gone on
in hum-drum way in speculative circles, up a
little, down a little, active occasionally, dull
generally. Committees on dullness and COM
mittees on bucket shops have tried to fan the
dying embers of speculation, but to no pur-
pose. For long time Wall street has been
more or less pessimistic. Room traders and
frequenters of the Exchange have upon all
rallies, if not, indeed, on all depressions pre-
dicted lower prices and generally operated on
the bear side upon small provocation.
We have all lamented the absence of the big
bull leaders who strayed the market decade
ago and infused life into business distributing
speculative orders with large hand Now
percbance the market has received, in the sill
yer idea, an impetus that will start it OH a
course that will summon bold bull leaders from
out the ranks. Events make men and every
emergency finds slumberihg material as the
North found Lincoln in Springfield and Grant
at Galena, IN far away Illinois. Perhaps nli-
nois may furnish some big bull leaders in stock
speculation.
II Hutchinson grows weary of wheat and
Jones of the bear side of stocks and Armour
and Ream see a chance for bull turn in Wall
street they may forsake their old ways and
show Wall street "The Promised Land" of a
bull market, with s. V. White and Keen as
their colleagues oil in enterprise ahd aggressive
lative ball rolling was first shown in Lacka-
wanna, and, within "A hours, in St. Paul, which
climbed up to 70 to-day. The speculative pot
larger than they have been for the same hours
in long time. Reactions have come almost
every day this week, but they are of small
dimensions and the market appears to have
such bull momentum that for few days at
least it is likely to rise.
The bank statement to-day was favorable
showing gain on legal reserves Of over 81. COO
900, and a reduction of loans of over 81 000, 600
This indicates that the recent advance has not
brought lot of stocks here from the outside
and that investment holdings have not been
transferred to speculative marginal accounts
A few days ago We pointed out the failure of
the Vanderbilts to keep pace with the rest of
the market saying that but few of the stocks
were held on the street, as would shortly he re-
vealed. The rise in Lake Shore to-day to IOgL
is tardy but not final. 1t will go much higher
on its heavy business, and we expect to see
Canada Southern and Cleveland, Columbus.
Cincinnati and St. Louis take flight next
week.
The grangers have all been buoyant, notwith-
standing the fact that Western managers show
no concliatory disposition. If any of them are
short of their stocks they must be disgusted
with their impotency in controlling the market
as of old by belligerent and rate
are natural competitors, can combine to
hold rates, and maintain confidence in their
securities, during one winter of more than or
dlnary mlldness followed by another of phe-
nomenal warmth, what excuse, except in
competency, to grapple with the necessities of
business can Western managers offer. Among
the slow stocks are Richmond Terminal, Lead
Trust, Cotton and Oil, but they ought to get
their innings soon, and we especially recon-
mend purchases of the latter. The strike
mania" might lead to some disturbances and
1t seems to be the only cloud on the present
speculative horizon. London is buying here,
and all fears of gold exports are apparently
dissipated.
Oil has not caught the bull infection which
attacked grain, provisions first, and now
stocks, but IL the bull feeling grows people |
will be looking around for something that has
not gone up. Then petroleum will be the bull
card, and since the visible supply in shape for
good delivery is small, traders could run away
with the market If they once got the bit in their
mouths we should favor purchases of oil.