Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-14
been the chief source of anxiety, shows
further satisfa actorrr irrar,rf,xerraert The hest

been the chief source of anxiety, shows
further satisfactory improvement The best
evidence of this was the decline in gold ship
ments and the rise in the Bank of England
proportion of reserve to liabilities from ~ %
per cent to 46.06 per cent in a week. On May
2, or little over month ago, the ratio was
down to 1885 per cent; SO that it can be seen
how successful this institution has been In
strengthening its reserves The bank now
holds about S5,0O000O gold more than at this
time In 1880 and is in a much better position
TO meet all probable demands than was
thought possible few weeks ago. what
ever sums may be withdrawn by Russia,
they will shortly be disbursed again in debt
"The favorable progress of the Barring
ai1quldation also exerted a good effect; and
altogether, the outlook at the worlds finan-
Gal center is certainly much brighter than
In March or April. Paris and Berlin are
still in somewhat straitened circumstances,
but less tension is naturally reported there
as result of Improvement in London.
1T Is upon the home situation, however,
that we chiefly depend regarding the future.
Europe may, II she wishes, temporarily les
sen her holdings of American stocks but
their superior intrinsic value, in comparison
with other investments, is certain to assert
itself and restore them into preference
again. If Americans are the best securities
on which to realize in times of depression,
they must necessarily be the best to buy
when the change for the better sets in. The
all-fmportant factor in determining future
PLY, this is in our favor, as frequently
pointed out, and as the season advances evil
dences OF Improvement seem to multiply.
The certainty of an abundant harvest at
nome and deficient one abroad increases
each day.
"Money continues easy, and promises to so
continue until the crop movement; the
present quietneSs of trade tending to in
crease supplies. More attention has been
given to Secretary Fosters action in extend
ing the ~ per cent bonds than the question
deserves. do not believe he will attempt
any step that means contraction of the cur
rency. for that would be less popular than
success in extending these bonds at n per
cent Everyone understands, also, thai such
low rate of offnterest is possible only because
of the advantages of holding these bonds,
other than their safety and the high credit
of the Government. Western banks, who
hold the bulk Of outstanding AS, may be
willing to accept a lower rate of interest
than Eastern banks, the higher money rates
of the West rendering circulation more
profitable in that section than here; but as
just said, more importance has been attached
to this eleinentthan it deserves. The Treas
ury is, upon Secretary Fosters statements,
able to meet all obligations, and the none
tary outlook is clear until the fall.
"We do not look for any radical or fmme-
diate change in the stock market but the
present position of affairs certainly justifies
urhaving more hopeful opinion regarding
the future; and good stocks at present price 8
ought to yield profit to buyers with reason
able expectations"