Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-07
The Foreign Pressure.

John NJ. Oakley & Co.'s Wall street cor
respondent wired: "The immediate influ-
ence on the stock market lately has been
the foreign situation as 1t relates to our sup
ply of money, and not as it relates to our
supply of stock. While Europe has been
taking gold from us, it has been in payment
of obligations previously contracted rather
than in discharge of current debts
Europe is returning no stock to us; on
the contrary, owing to the increased ease of
the London money market, operators there
are inclined to view with favor American
investments which can now be carried
easier in London than for several months
past The strong position of the Bank of
England and the increased reserves of the
Joint stock banks must exercise soothing
influence over British and Continental feel
ing. Of course the European world looks
with trepidation upon the demands which
the United States will make upon it for gold
in payment of our prospective shipments Of
breadstuffs, and, while many people here
the gold, we see no reason why we should
not draw 1t out of London just as Russia
when it felt disposed drew gold out of the
European money centers.
money in commercial business, and next
autumn there will be less goods imported
and smaller amount of duties paid into the
treasury.
at will be remembered that the situation
was aggravated last fall by a sudden col
lapse in London which excited surprise and
alarm oil over the world, and this happened
at the same juncture when the Mckinley
bill was compelling large imports and heavy
payment of duties. We have this coming
autumn to look forward to the receipt Of
gold from Europe rather than OF securities,
and even if we do not get the gold the in
crease in the circulating medium of this
country will compensate for the loss which
we have sustained through gold exports
during the first six months of this year.
Short crops in Europe insure moderately
good prices for American breadstuffs, and,
consequently, prosperity for the farmers
and railroads running through the agricul-
tural regions This will stimulate all
kinds of business and produce great feel
ing of confidence concerning the stability of
our condition.
"The indisposition of money lenders to put
ont loans on time will continue to turn dear
money into the stock. market and compel
caution and dullnesS in commercial business.
"VieWing the whole situation it appears
that we have discounted the money situation
on the bear more than we have discounted
the crop and railway conditions ON the bull
side. and therefore we are still inclined to
expect steadiness In prices, II not an actual
appreciation. Whether we are to have q
bull market ohi5 summer or next fall or next
winter. no one can, of course, determine, but
that the present conditions are peculiarly
happy in the outlook "a ana % t9a1 6hy 5aey are bound
'The bank statement was not quite so good
as expected, butts figures showed a loss only
of sSil 900 and it cut no figure in the market.
Traders have DuI lew sIoOhs anu tnere IL
fair short interest. The public are not sell
ing. The outlook for Monday Is bullish If
active, and firm if dull"
viii Swing the Other Way.
Henry Cews & Co. speak Of gold ship
menta in the following vein: "Wall street
has been somewhat disappointed during the
mast week at the non-cessation of the ex-
ports of gold. Nearly s7.Ooo,o 900 of specie has
been sent to Europe, within the six days, In
the way Of regular exchange transacsionss