Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-24
WALL STREETS DAY AND WEEK.
HOW WELL KNOWN OPERATORS READ
THE SPECULATIVE SIGNS.


All Changes Are Advances-Bonds Dull
and Featureless-Share Close Active.
NEW YORK, May 23.-The stock market to-
day continued its upward movement, and
while in only few stocks was there mater
ial Improvement for the day everything ad-
vanced, and bull points for next week were
thick. The bank statement showed again a
small increase in the surplus reserve, but
this had no apparent effect at the time, for
it had been effectually discounted in the
early dealings.
The Changers led in the market, and buying
orders from the West were, if anything, the
leading element in the strength of the mar
ket, the confidence being based on the latest
reports of the condition of crops and the
anticipation of an unusually heavy freight
movement this season. st. Paul was, as
usual of late, the most active stock by O
large margin, but Rock Island displayed
most strength, and with the two 1ndustrials
it is alone in scoring marked advance for
the day.
The opening was made at slightly lower
lever of prices than those of last evening,
and Louisville and Nashville was down *
per cent, but the buying began in earnest
Northern Pacific preferred, moved up until
checked by realizations, when Rock Island
up ~ per cent aSs CErdage and sugar
failed to react with the general list
The issue was anticipated by another
upward movement, in most cases reach
ing ing best prices Of the day. The
feature, and the market finally closed fairly
active and strong, though not in all cases at
at the best prices. The final advances Of
nSse nesds only SGrSa ee S s Eo9n Mera @
17S listed, and L, ,945 unlisted shares traded
in, st. Paul contributing 64,2H.
Railroad bonds were dull and without
TanA Nf S,,a,ol 49, h,,A 41,Ar
strong tone and few are materially higher
than the last previous sales. The business
amounts to only 100000, and was confined to
comparatively small number of issues.
Henry Clews Advocates Prudence.
Henry Clews, in his special weekly letter,
says: Since my last weekly advices, bust
ness at the Stock Exchange has continued to
reflect the effect of past and still continued
large exports of gold, transactions having
been restricted and the tendency Of prices
downward. As the causes of the extraor-
dinary shipments of specie come to be better
understood, however, confidence has i'm
proved and the impression is very general
that the drain is probably nearing an end.
Later advices from Europe show that our
loss of specie is not so entirely due to for
eign financial and political exigencies as has
been generally supposed on this side of the
Atlantic. The Rothschilds have not with
drawn from the Russian loan syndicate, as
reported, but have merely recommended to
the Cars Government postponement
until affairs in Paris have settled into a
more normal condition; nor was that
deferment influenced by any apprehensions
that Russia contemplated preparations for
early war, which is considered in the best in
formed quarters as outside of present prob
abilities, and which sentiment Lord Sails
bury on Wednesday emphatically affirmed
in his speech at Glasgow. So far, therefore,
fr.i1N Tod ci-
ness on this side the Atlantic, it has been
wholly baseless. Nor does the disturbance
of confidence in Europe from financial
causes appear, from later accounts, to have
been so serious as was inferred from the
earlier cable reports. After-effects of the
events of last fall continue to appear first in
one capital and then in another, with the
result of causing fresh timidity; and the
great banks under such circumstances seek
TO fortify themselves by liberal cash re-
serves; but the latest accounts from Europe
show that there is no such grave apprehen-
sion of serious monetary or credit dis
turbances as has here been supposed to exist
at the great centers.
We do not need to cross the Atlantic to
find facts which go farther than has been
toward accounting for the recent
exports of gold. Important
causes lie much nearer home, and are to be
found mainly in the fact of the new tariff
ton of goods in anticipation of the opera
tion of the higher rates of duty. In addi-
tion to the adverse trade balance thus accru-
ing, there was large return of securities,
on the Barring and South Ameri-
can troubles, which has been yariously esti-
mated between 100000 600 and $5O, 0,OC0 It is
thus easily apparent how an adverse bal
lnce of over $50, ,000,0 900 may have arisen
within the last few months.
The Question That Concerns Us.
All great inf1uxes of gold are soon followed
oy refluxes, as their effect is to restore con-
idence; and the restoration of confidence is
attended with a desire to employ idle money.
The question in this case that concerns us is
gold will flow back to New York in
lime to meet the usual fall demand for money
20 move the grain crops. Three months will
,lapse before that demand will begin to be
much felt. If during that time Europe re-
covers its equilibrium, it may be expected
% invest the balances it has collected from
Is. If confidence does not recover to that
'xtent, still necessity will compel such large
European purchases from our abundant
'rops as will place within our reach the gold
We have SO freely parted with. In any event,
t is not to be overlooked that, since the specie
Exports set in, we have added $l2, 100000
% our silver currency and that before |
he fall demand from the West becomes act
We, we shall have q further increase of
10, ,0O0, 900 of that form of currency. To say
lothing, therefore, of tho prospective excess |
If the Governments payments over its re- |
'eipts, it is clear we can reckon upon the !
oss of gold being largely compensated for |
~ the increase in the paper circulation
1t is no trifiing warrant for con1idence that |
ntire floating Indebtedness to Europe, with |
nut a symptom of distress anywhere and |
With so little effect upon the value of securi- |
les. Still, confidence should not be per- |