The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-01-30
MONEY PLENTIFUL.
The Government Expenditures VIII Help
the Banks, and Though Money Is
Abundant the Silver Cues
ton Holds Business in
Suspense.
INJURIOUS ION.

| ii
dull and languid, and the prices of stocks
have been weak and yielding. The real
ling of the previous week by some of the
larger operators has not been followed
by disposition to buy in again; and, al
though there are good many holders
who still cling to holdings which show
good profits, yet the prepondcrant dispo-
sition at the moment is TO dispose Of
"long" 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 buving, and the "bull side are occu-
plying Micawbcrish attitude, waiting
for something to turn up.
Moreover, the position of the silver
question in Congress has 4 decided ten
dency to hold business in suspense. Per-
haps this factor is TO some extent made
to do service for other less obvious causes
Of inactivity; but it is nevertheless felt
that so much depends upon what is to be
the future quality and quantity of our
currency, that the decision of this qucs-
ton must have very important bearing
on the status of all securities which do
not distinctly rest on gold basis of pay
mcnt Wall street has not yet vcntured
to discount the probable determination OF
this problem, either one way or another.
The purport of such information as is
| forthcoming suggests a probability that
it will be found impossible to get ma
iority in the House not only for free
coinage, but for any important departures
from the silver law Of last summer. All
reports 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
NAV have the effect of inducing some to
vote for more silver who want to please
their constituents yet arc really opposed
to that policy; but all the symptoms seem
to indicate that it will be far from posi-
Die to pass any bill by Il two-thirds ma
ioritv of both Houses. The craze stage
of the question seems to have eliminated.
The more sober and better informed judg-
mcnt on these questions of Eastern States
is rapidly gaining ground; and II New
York bankers and merchants were to
make their united voice heard in public
protest. the result would be quickly APP
parent in a positive revulsion of scnti-
mcnt which would make it impossible to
get any new silver legislation during the
present session of Congress. Still, so
long as the question remains unsettled,
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 question that
holds business in suspense. There are
other questions of large importance pend
inc before Congress, on which there are
spirited differences of opinion; and these
add TO the disposition to defer operations
until the National Legislature adjourns-
ALWAYS the ardent wish of Wall street in
January.
But, while there arc these causes Tor
the postponement of transactions, there
are none directly conductive to depression
or to real lack of confidence. 1t is true
that poor returns from the railroads arc
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 combina-
ton adopted by the western traffic associ-
alton; for that has already been credited
with any good that is likely to accrue
from it for some months to come. Nor is
the 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 indus
trial circles is a reasonably hopeful one,
while there is Il general expectation OF a
really good business during the second
half of the year Thus there is nothing
in the background to suggest misSivlngs
as to the future On the other hand, there
arc certain quite positive factors on the
"bull" side, among which may be cnumer-
atcd the reduced rate of interest at the
Bank of England the symptoms of the
beginning of rc-buyng movement of
American securities by London, the pur-
CATION of weak spots from domestic inter-
est, and the assurance of an casy-prob-
ABLY unusually easy-condition OF the
local money market from this time until
the beginning of next fall.
Viewing the situation as whole, | am
disposed to regard it as reasonable safe
one for the purchase of sound railroad
stocks on raids. Any" bull' factor arts
ing would be likely to meet with ready
response from buyers. But on the other
hand, it is not impossible that, should the
uncertainties about silver legislation be
much further prolonged, the market would
seek relief from the WEAKNESS OF waiting
in a slight drop in pieces. Any such fall,
| should regard as afiording Il good basis
| for buving, and in the meantime light
profits may he made out of brief turns by
buying on the slight daily drops and SELL
| ing on the rallies.
Money continues to accumulate in the
banks From the interior movement,
the banks gained during the week, $1,000
600 net, and from the subtreasurv TblO,-
600 king total gain of $3,6lO,0O0. The
increase of government expenditures and
the changes in the tariff, which take eff
feet under recent laws, will cause sharp
depletion of the cash in the treasury and
corrcspondingly benefit the banks; and
that effect will be more Or less permanent.
HENRY CLEws. !,
Big Land Sale.