San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-11-13
ghe Daily Eight.
FRIDAY, NOVEMBER 10, 'sl.
MONEY MARKET.
Reported for the Light" by the
Banking House OF Henry
ClewS n Co

Cle"s ~ 10.
NEW YORK, Nov. II, 1891 [-Spe-
eial. THE course of business at the
Stock Exchange for the past week
calls for little comment beyond noting
that 1t has been on q par, as respects
dullness and staguancy, with the
several weeks next preceding. AT
one end of the rope have been the
room bears and at the other the room
bulls; and their mutual tuggtDg has
shown only gains for the down side,
while the ordinary outside operators,
great and small, have listlessly
watched the performance. Something
of the dizziness may be attributed to
the election excitement and TO the
holiday attending il; but ii would be
difficult to make the market more
lifeless than it has been Of late.
Last weeks advance ill the Bank OF
England rate and the recent report
that Russia had prohibited the ex-
port of all cereals have had no pre-
ceptible effect. The latter rumOr
would have been important if true"
but it has received neither cODtlrma-
ton nor denial, and may therefore be
regarded as having been based upon
anticipation. The advance of the
Bank of England rate appears to have
stiffsned the money rate on the Con-
tinental bourses, and as that measure
was doubtle intended to divert the
westward drain of gold from London
to the European centres, IL may be
expected that the German Reichs bank
and possibly even the Bank OF France
nil fNllnyu TlA nf I
Bank of England as a measure of de
felse, in which case the latter institu-
ton may find it necessary to further
advance its rate at no distant day.
London finance is supposed to new
and by no means Insignificant strain
by the outbreak OF whatappears to be
a serious form of revolution in Brazil.
The suspension of Congress, the de-
claration OF martial law, and the ere.
alton of a dictatorship mean revOlu-
tlon in its gravest form and the re.
ports represent this state of things as
by no means confined to Rio but gen
eral througout the country. This is
another great South American disas-
ter added to the arrangements still
remaining from tie Argentine collapse
of year ago, all of which is calculat-
ed to affect unfavorably a wide range
OF securities held in Europe. To this
must be added the disturbance OF
bank reserves in Western Europe
likely to arise from the remittance
to Russia of the proceeds of the
recent loan negotiated in Paris
Much of that money, under ordinary
circumstances, have remained on the
continent to be drawn against for
Russian disbursements outside the
CEar's territory; but the distress and
the financial exigency arising from
the Russian crop failure are calculat
ed to create use at home for much
of the proceeds of the loan that would
have been otherwise used. Under
these circumstances, the great banks
of Europe are likely to clutch their
gold with special tenacity,-a con.
dition OF things anything but con-
ducive to confidence in securities
and especially those of the specula-
tive, class. 80 far, these facts and
prospects have had no effect upon
American securities in the foreign
markets. On the contrary, a special
preference Is shown for them,
on account of their being more
than any other investments outside
the sphere of these influences. So
far, this exemption is very gratifying;
but 1t must be remembered that, in
the event of any acute pressure in
the European markets, our securities
would be especially liable to be sold
from the fact that they could be re
allied upon with less loss than in the
case of most others. At the moment,
however, Americans rank among the
strongest investments in EurOne and,
for much of the time, are firmer than
at New York. Taking the foreign
situation as a whole, however, il is
more suggestive of future trou BILE than
of support to this market; and this is
factor which encourages the hest
fancy now evident among our leading
operators.
Among the domestic factors which
are at the moment acting unfavorably
on the market, are the comparatively
numerous new issues of bonds for i'm
provement purposes and for equip
ment; which while their object may
be entirely justifiabie, yet carry an
unfayorable Implication as to the fin
ancial condition of the companies is-
suing them,-it having been the
usage, with well-to-do companies,
to provide for such require
ments out of surplus earnings. The
new feat of financing, applied to
the Richmond Terminal sys-
tenn, to save 1t from Its overwhelming
ten millions Of floating debt, is anoth-
or discouragiDg symptom of the times;
for following closely upon the heels OF
a like re.vamping operation in Union
Paclhc, 1T indicates a great deal of
either Improbable railroading or bad
management, and will probably be
found in the case of both companies
to be only q postponement of their
troubles.
In view of the various factors above