Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-08
THE TRADE OUTLOOK
On the Eve of an Advance in Prices
and Greater Business.
RECORD OF THE STOCK MARKET.
Europe Will Require 1OO,OOO,OOO Bushels of
Wheat From Us.
AMERICA CAN SET THE MARKET PRICE
rcoRREsroSpExcE OF THE DISPATCH.

CORRESPONDENCE OF THE DIsPATcH.l
NEW YORK, Aug. when the period
from 1878 TO 1877, and from 1884 to 1887
and the wear 1S9O-1S91 are considered, each
of which comprises one of increasing volume
of general trade, and a tendency to advance
on the part of prices of nearly all the staple
products. it will be found that at the pres
time. if the analogy is to hold true, we are
on the eve of an advance not only in price,
but an expansion in the volume of business
This may sound strange, in view of the
recent contraction of prices of railroad
shares in Wall street and the tight time
money market A Wall street capitalist of
note SAYS that men who have money to lend,
and who have been first in promoting enter
s7rises Of promise for years past, now have
their pockets buttoned. They prefer not to
lend money, except upon specially advan-
tageous terms, and explain this by saving
that money must be tight during the COM
ing autumn for several reasons. One is
that the Government will not buy bonds as
1t has done for years past, another is that
we are now awaiting the return of the gold
which has been shipped abroad, to the
extent of more than $50, 900, 600, and con-
cerninC the return of which there has been
expressed more or less doubt: and the third
is that at this time funds are in the habit of
going West TO move the crops, to such an
extent that with the reasons explained the
outlook is for a decreased amount of money
TO loan in general commercial lines. Lend
ers of funds, therefore, are demanding high
rates of interest, or prefer not to loan.
POOR PROSPECTS AHEAD.
These features have been quoted as evil
dence that the prospect for an increased and
improved business outlook is not bright,
vet to one who examines closer, it is not i'm
probable that the reverse is true. 1t should
be remembered that, following the last two
or three so-called panics in the money mar
llet. prices of securities rebounded from the
highest point touched to go back to equally
low or still lower point within a year,
nfter which substantial or continued i'm
provement was noted.
During the closing months of 1890 the
New York stock market was affected by
what was characterized as a semi-panic
caused bv the effect upon the London money
market by unwise investments in South
American securities From the 1st of JAN
Uary last during the following three months
there was greater or less recovery on the
part of American railway shares, since when
there has been a substantial decline on the
part of nearly ell the leading markets
1t is worth noting that three or four of the
more prominent stocks listed at the New
York Stock Exchange have already reached,
for the second time since the LIST of January,
as low a point as during the so-called panic
of 1890. This would indicate, at least, that
we have reached approximately point
where a recovery is among the probabilities,
judging by analogy found in the periods |
from 1873 to 1877 and 1884 to 1887
RECORD OF THE MARKET.
The following table of the leading rail |
road securities listed at the New York Stock |
Exchange records the number of points de- |
clined during the months of October, No |
vember and December, 1890. the recovery |
during 1891, with the decrease from the |
highest points reached during the current |
S-por.