Telegram-herald., 1891-12-28
MARKETS Ol 1HB WORLD
RELlIIoss WITH FOREIGN PIONEERS
n.sry Cisws' wssksy saaaasy u con-
Hssreiai Ansirs-xtgssneases sf The
Nal cissa ta kerep~-fas sit-
ssT oesstisa Lsss FEARED.

NV lolAs lttt. @os--t& 0si lstt
advises. We have expressed the opinion
that the various influences favorlng the
value Of securities woald probably
begin 70 show their effect during the
after psrs OF tins month os the ffst
half OF January. The course of the
marse. during the past week indicates
tlat such movement is probably now
setting in. There has beca q steady
gain IN activity. ald nearly every stock
on the list has shown more or lsss IN
proyenent in price. Towards the close,
there Was naturally some reslszing ON
ing 10 the intervention OF The holidays
and tie prospect of broken week fol
loving; bal there appears 10 be more
than 1ne buyer TO each seller and the
tone of the Jalrxet is decidedly strong.
In the bond market, there Is consider
able Euylng, in anticipation OF the m
vsstn ent demand 10 lie forthcoming on
the paymeet ~ January interest and
dividends, End the quotations OF mort
cages coutin.5 TO SHOW an upward
III Nement; which 10 usually the pre-
cursor OF fisc IN slockS Although.
ordinarily, the close of the year is at
tended with: n good deal OF postpone
ment OK speculative buying, yet this
year the expectation of January rise
being usually sanguine, II IS not in
prohib!e that the closing week ot 1891
may p;ove an az tive one.
4 nc Franco bulgarian incident IL ex-
citing some uneaslness, lest II may de-
velop INTO n cause Of quarrel IN the IN
terest oil Russia's ambItions; ani II Is
announced that the three preihund
powers, significantly hacked by Great
Britain, have put themselves III opposi-
ton 10 Frances demands. Here Is u
distinct clash on the lines on which the
great powers are SO sharply divided; {;
which cannot bc considered unim-
portant, and therefore excltes watchtul
interest. Al the same time. the inter
nal troubles OF China are becoming a
delicate question as between the for
eign powers. The advances OF Russia
toward the Psmir country are regarded
AS threatening Chinese territory aud
, the Britisn sphere of influence" In
India; when therefore the great powers
are on the point Of an armed interyen-
ton in China, without clearly defined
concert, and some OF them having large
territorial ambitions, il 10 not easy To
say what may come out of such 4
scramble. 1t is significant that England
stands aloof from any concert Il inter
vention IN china ani is planting her
bulldogs on tic watch against the
naraudlng proclivities OF Russia.
These things are sufficient TO keep up a
certain feverishness in financial circles
a.. 4. akfa Ia, al
rather to improve the disposition OF
European investors toward our securl-
ties than otherwise. We also have our
! own war speck. Our relations with
Chill are becoming more and more
thtsatening. and but d brief space re-
ma ns for her 10 choose between the al
ternatives of satisfaction and war.
The worrying silver question Is be-
coming gradually less feared as an eie-
ment of practical finance. IL is seen
| that pubic opinion has reached II
much soupder and safer position on
the question than it held earlier. The
predominant sentiment of that portion
of the pubic which really cares abou,
and examines the question seems 10
/ have decided, on the one hand, against
An unqualified reJecti n of the metal.
and, on the other. against an indls-
| criminate PERMISSION ot It's free CO n
age; and the conclusion Is reached that
| the only safe and feasible method OF
| seconclling these two extremes ID
through 20 ne everything possible 10
| bring about an international agree.
ment. under winch the leading nations
will b.nd Themselves TO free coinage oi
both the metals upon uniform basit
OF valuation. Most fortunately, the
current Of public and Official opinion
III Europe is moving encouragingly IN
that direction. England has officially
expressed her Willingness To intIoiuce
silver INTO the reserves of the Bank oi
| England and 10 establish free coinage
IN iudia; and the strong popular feel
ing of that county now finding expires
son in favor OF tie double standard
may easily make the COVER meBt an
parliament willing 70 go beyond thes,
limits of concession. Al the same time
the president has recently received
through Official sources. rego.fs Gucl
more hopeful as 10 the prospects OF hI
| mclallism IN Europe than those whicl
led him TO speak dubiously on thosl
chances in his late messagc. Whit,
facts of this character are CAUSING th,
men of Wall street 10 view the silve
problem as drifting towards better 81
luton than had been feared. they se,
in the operation of the silver law a. B
now stands potent element Of iaila
ton. Since the act of 1890 w,nt mt,
sp ration, it has added about s72. 600,
90 10 the active circulation, aud vii
add at least s5i coo. 900 more for eacl
year OF its continuance. The effect @
this is apparent in the present ease @
the money market; and judging from
all lr-cedents under such iniiatons,
IL allowable 10 expect tha: this condi
son OF things will result in more or lea
| iutfstion q. nrscee