Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-02-01
HAS TOUCHED BOTTOM.
BEARING THE MARKET HASN'T MUCH
RESULTS JUST NOW.
The End of the Deadlock in the Senate
Brings Feeling of Relief-Efect of the
Bank of England's Action-Money Flow
ing in to New York.
ESPECIAL TELEGRAM TO THE p1sPArcH.1

ESPECIAL TELEGRAM TO THE DISPATCH.1
NEW YORK, Jan. 31.-Henry Clews & Co.. in
their weekly financial review. say: We have to
record another week Of dullness and weakness
on the Stock Exchange. The seasons invest
ment demand appears to have been satisfied;
and the speculative movement that set in with
the restoration of ease in money has exhausted
itself by advancing prices to level that leaves
little room for further rise until some new ele-
ment of stimulus is forthcoming '.Bear" at
tempts to force prices to a lower level do not
AFFORD encouraging results. and the fluctuations
are consequently within such narrow range
OF prices as to discourage operations. Under
these circumstances, the market is a narrow
one, and transactions are largely confined to q
few specalties which are affected for the time
being by exceptional considerations.
Factors connected with politics and legisla-
tion hold the market in suspense and are pro-
ducing an unsettled undertone. In the States,
as well as at Washington, party politics are as
suming phases of conflict and "crookedness"
which suggest unwelcome tendencies in the
working of our political institutions. Schemes
to defeat the results of elections and to abuse
the power of majorities cast shadow upon the
political horizon; and the tendency toward
broad sectional differences upon fundamental
issues suggest political possibilities which none
like to consider, but which, none the less, all
are unable to disregard.
The sudden uprising of the Farmers party
also has disturbing tendency. 1t throws
practical politics into confusion and defies all
possibility Of forecasting the settlement OF
national questions upon which vast interests
are dependent. The serious feature of this
movement is that while its broad platform in
cludeS barely a single sensible or wholesome
issue and is little else than an expression of the
lowest form of popular ignorance. yet 1t ia
backed by mass of voters possibly large
enough to constitute it determining power in
the next Federal elections. The virtual mis-
carriage of the Federal elections bill and of the
cloture rule in the Senate seems to have been
welcomed irrespective of party attachments,
for the reason that it was calculated to revive
sectional hostilities at a time when the bonds
of amity between North and South
were being cemented by new material
sage of the free coinage bill still continues
to contribute. among other causes, to the dun.
ness Of the market; but this factor would have
much more effect were it supposed that there
is much probability of the enactment OF the
measure. The unfortunate sudden decease of
the Secretary of the Treasury may De regarded
as in some measure favorable to the silver
faction. Mr.. Window was undoubtedly the
chief intellectual force arrayed against further
commitment 10 to silver currency, and II may be
reasonably feared that the loss of his firm
counSels will leave the President more exposed
to the astute management of the silver men.
Unless a Strong successor to the deceased
Secretary is appointed new set of uncertain
ties must surround this question.
London is now becoming an important ele-
ment concerning the future of this market.
TIE action Of the Bank of England in reducing
its rate of discount from 81 to per cent, is
conclusive evidence of decided ease in the
money market. What that ease means and
what effect it may have upon speculation are
open questions. Judging solely from the pres
ent condition of the London stock market, it
might be inferred that the ease In money is in
a measure caused by the absence of demand
from the Exchange. Speculation is at the
moment, as dull in London as it is here; and,
even on the very day that the bank reduced It's
rate, London was seller of securities at New
York. 1t is reasonable to expect that the
holders of the large mass of new securities
issued in Great Britain within the last three
years will avail themselves, as far as possible,
of the ease in money for rev1ving their suffer-
ing speclalties; but how far such a movement
would extend to American investments re-
mains to be seen.
saThe uncertainty about the upsho. of our
silver legislation no doubt creates much shy
ness toward those Of our issues which might
be deemed payable in silver The METROPOLITAN
financial press is loud in its warnings as to the
consequences of free coinage, and predicts a
sweeping return of corporate securities in the
event of the adoption of that measure. Still
there seems to be no reasonable room for
doubt that, in the event of the pending silver
schemes being defeated, London speculation
would run very actively into Americans; the
more SO on account Of the disastrous losses
that have fallen upon British investors from
the sort of foreign enterprises to which they
have been committed during recent years. In
this view, the fate of silver legislation will
have very much to do with the future course of
speculation and of prices both at London and
New York.
The local money market continues to ex-
hibit extreme ease, and SO far from offering
any obstacle TO speculation affords to it every
facility. Money is flowing to this center from
the interior in liberal volume, the net receipts
of the banks from that source during the week
having amounted to 81 100000. The transac-
tions with The Sub-Treasury, however, show a
mainly attributable to the current specially
large payments of duties at the Custom House.
consequent upon the termination on February
/ of the period within which goods may be
withdrawn from bond at the old rates of duty.