San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-11-19
The Daily Eight.
THURSDAY, NOVEMBER 10. 1891.
MONEY MARKET.
Reported for n Light" by the
Banking House OF Henry
ElaUa a 10

during the past week has been of q
character to show that, in spite of the
| ate d%ullness, 1t still retains elements
OF vitality which only need the touch
of the right influences TO develop
them into lively activity. The trading
OF late has been almost exclusively
confined to room professionals, and
the persistent stsgnancy tenn pied the
"bears" int large OyerselliDg, while
in London also the pessimists appear
I'd have simultaneously fallen into
the same trap, the short sales having
in both Eases been encouraged by
magni6ed accounts of the effects of re-
cent banking far in Berlin and Of
rumored financial dangers in Paris
When later cables cut down these
EurOpean eXaggerations to their pro-
per dimensions, 1t Vas found thai a
mole hill had eel magmiied into a
mountain, and both here and III
London there wac a rush among the
"bearsn TO cover their contracts. The
'bults" were on the alert, aud their
opponents have paid a penalty for
t0eir temerIty which is likely TO teach
them a lesson of future caution The
promptness with which the 81 tuatl Il
was turned against the bear" side
shows that, although few Influential
leaders are at present fairly In the
market, yet they are close on the
edge and maintain 8 sharp outlook for
opportunities. To this extent, the
dealings of the past week may be
fairly construed as indicating that
selling is becoming more hazardous
n,J khnt thu I,unnaifinn m h,,D - ha
ginning TO gain.
But while these tests show that the
Preponderant feeling of the market is
with the bulls" and that in the man
coverings for position preparatory TO
the coming campaign the bears"
have been put at a rather serious dis
advantage, yet too much must not be
inferred from these symptoms. The
result is hopeful u for the ultimate
future, but not One that justlfies i'm
mediate indiscriminare buying. AT
present there is unquestiOnshly a
healthy confidence at the bottom of
the market, sutficient to protect prices
against important drop; but condi
lions have not yet rIpened into any
thing like a sanguiue buying tone
The events that may % depended
upon to produce such O feeling are
not yet due for some weeks,
and it is never either wise or
profitable TO anticipate conditions too
Iar in advance. The result OF such
precipitancy is always to weary and
discourage holders, so that when the
conditions hoped for arrive there is no
spirit OF BOOM" while holders sell
cut prec pitately before there is any
chance Of bringing in all outside inter-
est and what might have been q
boom" becomes q mere transient
squirt, a failure from precipiiancy
Evidently, it is the desire of the in
fuential leaders in speculation to
avert such 4 proftless result of con-
ditiOns which promise to produce at u
later state al active upward move
ment, and they prefer 10 restrain the
rising tone until it ultimately asserts
itself with the power of q pent-up
force that can be no longer controlled
That is wise and good m .nsgement;
so far as it succeeds the prospects OF
the future are frightened; and it is to
the interest Of those holding stocks
and those contemplating buying to
work in harmony with this DRIFT.
The failure of the old and inluen.
tial, but very venturesOme, Maverick
bank through speculative alliances
was a sharp shock to confidence, and
the consequent withdrawal of some
millions OF money to Boston caused
considerable changing of loans with
the effect Of a Temporary disturbance
OF the rates for call money. Later in
the week, it was discovered that the
resources Of the bank were not nearly
so seriously impaired as was at first
supposed, which had the effect of
mitigating the ~unfavOrable impress
sion and restoring the composure OF
the money market. At the same
time, this event, coming so closely
upon the developments in the case OF
the Keystone bank and the large de
faIcalOn In a New Orleans bank. has
Tudely shaken what ever confidence
III baukirg may have arisen from the
check on mismanagement provid ed
through Offic al examinations Tn.
less such inspections can be made
more searching, they will be regard
ed as being as much a snare as q pro
lection.
Bat the moment. there Ia q distinct
revival of distrust in European tinan-
ces. Although there is some abate-
ment OF the outflow OF gold to this
country, yet it is felt that, with the
inevitable further extraordinary ex-
Ports of our grain, this change can be
only temporary. The absense of any
Improvement in the situation of Ar
gentlne finances, the progress OF
political disinlegrstion in Brazil, and
the possible development of un-
favorable conditions in Gillian
iIance, all coming upon a very
sensitive state Of finance in the
European centres, are events calcu-
lated to create distrust and apprehen
sion. Beyond this, the chronic fears