Telegram-herald., 1891-12-14
HENRY cLeWs' OPINIONS.
uis weekly ssDuaAry ss the Condition
of Trade

-
of Trade
NEW YoRK, Dec. l3.-Ooe Of the not
able features OF the market II the IN
crease Of investment buyers. They
represent not only the earnings Of .
wear of reasonably prosperous businsss.
bu aiso the lIquldAted principal OF
~ stern land mertgagss, of which con-
siderable amounts are already being
settled on. OF the results Of the large
crops, while greater sums are likely 10
be extluguisied during the coming six
months As the crops come INTO the mar
ket.
At the moment, speculation is held
iI'check by the influences incident TO
he approaching holidays and TO the
Q en- ITS and makiug-up of accounts
at The closing OF the year. Be-
siGe the opening OF congress, with y
largely new political complexion, IN
duces certain amount OF waiting for
ind drstions of what 10 likely to be the
iut1re course of legislation upon cer-
tain important questions. There things
have tendency to defer operations
and may keen the market quiet until
aheus the cl, o. OF the year, or possibly
SOMEWHAT longer. All signs 90 TO snow
that. for the next few months, the
uaific OF the railroads will largely sur
pass u precedent. Alrs . iy, the roads
connecting with the wheat-growing
states find their rolling stock employed
70 1t. utmost capacity, and they not
only are unable 10 accommodate the
Goa t'atiic but are compelled 10 refuse
lar. Quantities of grain, which IL ac-
Gun q ting In immense stocks in the
ele, At0rs and store-houses of the IN
terror. Next, the roads connecting
with the corn belt will be equally taxed
lar beyond their ability to move the
crop Of maize.-many times larger than
that Of wheat; and to this must be
added an extraordinary forwarding of
oats for export, to supply the Europ an
defic ency. When the figures come
pouring week after week into Wall
sr ct showing the extraordinary mag
ritude of this traffic, 1t will need no
prophssying to say what must be the
effect upon speculation.
The presldents annual message has
| good effect upon Wall street 1t large.
Ii Is regarded as not only an able. mo-
derate and statesmanly document, but
also a. revealing . healthy condition of
the business Of the country, and as
favorlng measures promising stahility
and safety. and above ali as affording
guarantee against any further ap-
proach towards danger in our silver
policy. Tie new po.itlcll complexion
| of Congress IS likely to produce an ex-
citing session in the lower house. It 10
- be expected that the main object of
botn parties will be to make record for
the election OF 1892; but little positive
legislation IS likely to be enacted. as the
minority will be held in check by the
majority, aud tie majority will be
| restrained by the senate or the pres,-
dent. There IA therefore nothing in
| congressional prospects that is likely to
| seriously disturb Wall street during the
| coming months.
In Europe, there is . singular calm,
succeeding the late financial apprehen-
slons and the fears of impending war.
| Exactly what estimate 70 to be put upon
this new aspect, is Ia not easy to say. II
would doubtless be utopian t. assume
| that there has been no occasion for all
the recent excitement. and not safe to
conclude that all the dangers have been
permanently aveited.
The money market remains easy; but
the banks have ceased to receive the
large cash remittances from the IN
terror prevailing for some weeks past.
Considering the immense forwardings
| Of gram from the west, this u not sur
prlsing; and IT is not impossible even
/! that. under such unusual circumstxn-
ces, New York might become debtor to
| the west: but the move ment that would
bring that about would correspondingly
increase our claims upon Europe fot
| gold. HENRY CLEws.