The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1891-01-28
Business on the New York
Stock Exchange Dull
and Languid,
And the Prices Of Stocks Weak and
Yielding--A Micawberish
Attitude.
Waiting on Congress to Decide What
II Is Going to Do With the
Silver Question.

NEW YoRK, Jan. 27.--Henrv Clews'
circular on the financial situation says:
The past weeks business at the stock
exchange has been dull and languid, ana
the prices OF stocks have been weak and
Welding There seems to be 10 generai
lack OF confidence In the current range
of prices; but, on the other hand, there
Is an absence of any new stimulus to
buyIng. and the 'sbull" side are occupy
ing q Mlcawberish attitude, waiting Tor
something 20 turn up.
Moreover, the position OF the silver
question In congress has decided ten
dency 70 hold business In suspense. Per-
haps this factor Is To some extent maue
10 do service for Othef less obvious
causes Of Inactivity; but IL Is neverthe-
less felt that so much depends upon what
IL to be the future quality OF our cur
rency. that the decision OF this question
must have q very important bearing on
the status of all securities which DO not
distinctly rest on q gold basis OF pay
ment. Wall street has not yet Ventnre0
to discount the probable determin-
alton OF this problem, eiInor
one way or another. The
purport of such Information as IL forth
coming suggests q probability that IL
In the house not only for free coinage
hut for any important departures from
the silver law OF last summer. All re-
ports as to the disposition OF President
Harrison convey positive assurance that
he will veto any measure that would
have the effect OF further Increasing the
silver circulation, whether In the-form
Of coin or its paper representatives.
| This understood attitude of the president
may have the effect Of inducing some TO
vote for more silver who want TO please
| their constituents, yet are really opposed
| 10 that policy; but all the symptoms seem
| 10 indicate that 1t will be far from possi-
/ bic to pass any bill by two-thirds ma
| jority OF both houses. The craze stage
| of the question seems TO have cnlmln-
/ ated. The more sober and better in-
| formed Judgment on these questions OF
/ the EASTERN -BtErug ~ rapidly gaining
/ ground; and IL New York bankers aud
i merchants were 60 make their united
| voices heard In public protest, the result
| would be quickly apparent In positive
/ reyuIsion OF sentiment which would make
IL impossible to get any new silver legis-
| latIon during the present session OF con .
gress. still, so long as the question re-
| mains unsettled, there Is rom for doubt,
and that doubt rests upon Wall street al
the moment, with very depressing effect.
IL is not alone, however, the silver
question that holds business In suspense.
There are other questions of large I'm
portance pending before congress on
which there are spirited differences ol
opiuIon: and these add to the disposi
tiou 10 defer operations until the national
legislature adjourns-always the ardent
wish of Wall street In January.
But, while there are these causes fol
the postponoment of transactions, there
are none directly conducive to depression
or 20 real lack of confidence. IL Is true
that poor returns from the railroads arr
expected until the next crop season, bu
the effect OF that factor has probably
been fully discounted. Nor can any
thing be Immediately hoped for from tn
working of the new principle OF railroa'
combination adopted by the western
Traffic association; for that has airead
been credited with any good that I
, likely 90 accrue from 10 for some month
! IN come. Nor Ia the effect of the lat
crisis upon general trade feit 10 Dc ser
; ions matter; for those effects have alread
, | almost disappeared, and the feeling Il
| commercial and industrial circles Is
4
, | general expectation OF s really goo
9 business during the second half OF th
/ wear. Thus there Is nothing In Oh
} background 10 suggest mtsgivlngs as I
q l,the future. On the other hand, ther
I are certain quite positive factors on tn
; sbull" side; among which may be enuH
J Grated the reduced rate Of interest at tn
; Bank OF England, the symptoms OF tn
i beginning OF a rebuying movement
y American securities by London III
= purgatIon of weak spots from domest
J. interests. and the assurance OF an eas
q probably unusually easy--condltion
@ the local money market from this tin
until the beginning of next fall.
Money continues to accumulate In II
banks. From the interior movcmen
'f the banks gained during the wee
" 81, ,OO0, 900 net, and from the snb-treasu
Z, s6tO, 900. making Q total gain OF 81, 6OC