Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-14
Ideal Speculative Conditions.

John NJ. Oakley & Co. furnish the follow.
ing budget received over their special wire
"The general speculative situation this
morning was more nearly free from spot OF
blemish than it has been for months Money
is easier here, though it cannot be said to be
in exactly the right condition on account OF
the necessary Withdrawals beginning q
couple months hence. In London it is re-
ported to be drug and this is not at all sur
prising, for by heroic efforts the English
banks have arbitrarily attracted to that
center money that naturally would not have
found its way there at this season and on ac-
count of the general liquidation progressing
in that country the requirements for money
aside from the precaution of bankers in
fortifying themselves to an unusual degree
must be less than at the corresponding
period of recent years.
"There is one fact known to every person
familiar with the history of panics which
has direct bearing upon the present situa-
tion, and that is that the inevitable accum-
ulation of money offering at low rates after
every period of financial disturbance. The
panic, for such it has been. in England and
to a smaller extent on the continent, is none
the less panic because it has been spread
over q number of months. Had it not been
for the prompt and energetic action of the
Governors of the Bank OF England the crisis
would have been acute as it was in 1885, at
which time the management of the Bank of
England was in relatively weak hands.
"The liquidation which has been in prog
ress for eight or ten months on the other
side has not yet terminated, and probably
will not do SO until after Che autumn is
passed, but there is no panic in the air there
or here, and there will be none. The tem-
porary effect of European disturbances,
coupled with the short crops OF last year,
and the influence of the Mckinley tariff bill
and silver legislation, have kept US in q state
of nervous tension for n year past We will
most unique and independent position
among the nations of the world, as having
within ourselves the most splendid indus
trial, commercial, agricultural and financial
where in the world. We have no infia-
ton in real estate, or business, or
Wall street. The price of cotton
for big fall, the price of iron is low and no
room for big fall, the state of trade is uui-
escent, and no room for big collapse, prices
of stocks and bonds in wall street, judged
by previous speculative standards, are not
inflated, and there is no room for any i'm
portant decline. For several years ther3
has been no speculative fever raging in this
country, though it Is not certain now but
what such excitement is in store for us. We
can hardly imagine conditions more likely
to promote great activity some time within
the coming year. -
under bull way, and the conservative feeling
of larger operators may be sufficient to cause
them to withhold their entire participation
until we have passed through the brunt of
they will come into the market as sure as
fate, for the conditions are as nearly ideal
as they probably ever Will De-. And there
FORE we repeat what we have been saying
off and on during the past three months,
that whether the bull market comes right
away in the autumn or next winter, come it
will, or else our Judgment is not worth
farthiug.
to feel their way along, for we realize that
those who see fl to follow rs out but q very
small number figure In the total Of speculs-
tion and it is never wise to get too far ahead
of the crowd
"The market was strong throughout the
day, but was apparently not benefited by
the bank statement. The probability and
bull sentiment and buying orders will accu-
mulate over Sunday, and that the market
will be higher"
The Outlook Much Brighter.
Henry Clews & Co. see silver lining to
the financial cloud They say: Events
during the week were mostly Of favorable
character. The situation abroad, which has