Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-25
AWAITING DEVELOPMENTS.
The Silver Situation and the Absence Of Any
New Stimulus Makes the Stock Exchange
Du1l-A Slight Drop pinot improbable
Money Accumulates.
npxc,AI rrrxeaAx TO THE prsrxroH.,


NEW YORK. Jan. 24-Henry Clews & Co.. in
their weekly financial review. say: The past
weeks business at the Stock Exchange has
been dull and languid. and the prices of stocks
have been weak and yielding The realizing of
the previous week by some Of the larger opera
tors has NOT been followed by disposition to
buy In again; and, although there are good
many holders who still cling to holdings which
show good profits, yet the preponderant dispo-
sition at the momentis is to dispose Of "long'3
stocks There seems to be no general 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 "bull" side
are occupying Micawberish attitude. waiting
tor something to turn up.
Moreover. the position of ths.silver question
in Congress has decided tendency to hold
business in suspense. Perhaps this factor IS TO
some extent made to do service for other less
obvious causes of inactivity: but 1t is neverthe-
less felt that SO much depends upon what Is TO
be the future quality and quantity of our cur
rency, that the decision of this question must
have a very important bearing on the status Of
all securities which do not distinctly rest on
gold basis of payment. Wall street has not
YET ventured to discount the probable deter
mination of this problem, either one way or
another. The purport OF such information as
will be found imp0> sible to get majority in
the House, not only for free coinage, but for any
important departures rom the silver law OF
last summer. All reports as to the disposition
of President Harrison convey positive assur-
ance 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 attl-
tude of the President may have the effect of
inducing some 10 vote for more silver who
want to please their constituents, yet are really
opposed to that policy: but all the symptoms
seem to indicate that it will be far from pos
sible to pass any bill by two-thirds majority
of both Houses.
The craze stage of the question seems to have
culminated. The more sober and better in
Eastern States is rapidly gaining ground, and il
New York bankers and merchants were to make
their united voice heard in public protest. the
revulsIon of sentiment, which would make it
impossible to get any new silver legislation dur
ing the present session of Congress. Still, SO
long as the question remains un-ettled. there is
room for doubt; and that doubt rests upon Wall
street at the moment, with very depressing
effect. 1t is not alone, however, the silver ques
tion that holds business in suspense. There are
other questions OF large Importance pending
before Congress, on which there are spirited
differences of opinion; and these add to the
disposition to defer operations until the Ma
tional legislature adjourns-always the ardent
". sh of Wall s;reet in January
But, while there are these causes for the post
ponemenJ of transactions. there are none di-
rectly conducive to depression or to real lack
L
the railroads are expected until the next crop
season; but the effect of that factor has probably
been fully discounted Nor can anything be
Immediately hoped for from the working of the
new principle or railroad combination adopted
by the West ern Traffic Association; Tor that has
already been credited with any good that is
likely to accrue from it for some months to
come. Nor is tie effect Of the late crisis upon
general trade felt TO be a serious matter; for
those effects have already almost disappeared,
and the feeling in commercial and industrial
circles is reasonably hopsioi one, wnlie there
is a general expectation of really good busi-
ness during the second half Of the year. Thus
there Is nothing in the background to suggest
misgivings as to the future. On the other
hand, there are certain quite nsitive factors on
the ',Oull" side; among VIII ch may be enumera-
ted the reduced rate of interest," at lie Bdi Of
England, the symptoms nf the beginning of a
rebuying movement of American securities by
London the purgation of weak spots from
domestic interests. and the assurance of an easy
probably unusually easy-eondltion OF the
local money market from this time until the
beginning of next fall.
Viewing the situation as a whole, am dis
posed to regard 1t as a reasonably safe one for
the purchase of sound railroad stocks on raids.
Any "bull" factor arising would be nkelS TO
meet with q ready response from buyer. But,
on tne other hand IL is nos impossible thar,
should the uncertainties about silver legisIa-
tion be much further prolonged. the market
would seek relief from the WEAKNESS of waiting
in slight further drop in prices. Any such
fall should regard as affording a good basis
for buying; and in the mean time light prof
may be made out Of brief turn by buying on
the slight daily drops and selling on the
rallies.
Money continues to accumulate in the banks
From the interior movement, the banks gained
during the week $4,000 600 net. and from the
Sub-Treasury S6lUO0O, making q total gain of
81 900 600. The increase OF Government ex-
pendtures and the changes in tariff, which take
effect under recent laws. will cause sharp de-
pletion of the cash in the Treasury and cor
respondingly benefit the banks; and that effect
will be more or less permanent