Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-26
IT MUST BE REPEALED.
Death of the Silver Law the Only
Remedy for Financial Disorder.
BANKS ALL BOARDING GOLD
And Europe Is Still Intent Upon Drawing
From our Supplies.
CLOSING FEATURES IN WALL STREET

ESPECIAL TELEGRAM TO THE DIsPATcA.l
NEW YORK, Dec. 24-Al Of the Wall
street markets, especially those for securi-
ties for money and for foreign exchange,
have reflected this week only one thing,
neutrality-suspicious. both in this country
and abroad of the ultimate effects of the
Sherman silver legislation of 1890. The
only evidence lacking to establish the fact
that Senator Sbermsn's law is operating to
the detriment Of the business interests Of
this country is premium on gold. Binan-
cial institutions that control enormous
amounts of money and investors generally
are reluctant to part with their funds
because they are afraid the United States
may 60 upon 9 silver basis in the near
future. Europe is intent upon selling all
the goods it can to the United States and
exacting prompt payment in gold. The
circumstances prove that in this way gold
is already being boarded. Of course the
banks hold on to all the gold they have
tenaciously. The heroic remedy for the e1-
listing financial disorder is repeal OF the
silver law which has given Senator Sher7
mans name unenviable notoriety. Wash
ington advices are that the repeal of that
act rests largely with the Committee on
Rules of the House, majority of which are
Democrats.
To-day's market was very dull, as is usu-
ally the case before double holiday. and
whatever improvement in prices was re,
corded was due in the main to the evening
up of short contracts The only noteworthy
movement was an advance of nearly per
cent in Manhattan Railway.
The statement of the Clearing House
banks issued to-day shows that the banks
are pursuing a very conservative policy; A
reduction in loans OF over $500, 200 pulled
down the deposits so that although there
has been a loss of s475OOO in lawful money,
the aggregate surplus reserve is nearly
three-Quarters of q million dollars larger
than last week.
Monday is a legal holiday and the banks
and exchanges will be closed.
ESPECIAL FROM DOW, JONES & COL
NEW YORK, Dec. 2.-To-day's market has
been entirely of a holiday character as far
as the active list was concerned until the
last half hour. The only feature was the
rise in Manhattan on the idea that the COM
pany would secure the franchise for rapid
transit in New York. Just before the close,
however, a bullish feeling was developed in
| the general list which continued to spread.
| This was due in some part to the bank state
T.,
| tually managed to strengthen their position,
owing to large receipts from the interior,
| without contracting credit or facilities to
any great extent.
| There was no sign OF a continuance OF
Yesterdays contest in Reading, although
| some few large lots were traded early in the
day.
The advance in Pacific Mail was on the
| Injunction against the Panama Railroad
| line of steamers to Chile being made per
manent by the Suprement Court, at the suit
| of Pacific Mail.
The Westinghouse people deny that they
will turn over the business of lighting the
| Worlds Fair to the General Electric Com
| pany, and say that their orders for Their
| new lamp are very heavy.
| Don Dickinson is quoted as saying that
| silver purchases will be suspended early In
| January. London opinion is that II the
Treasury elects to obtain gold against bond
| issues the crisis would only be deferred, and
| matters NeuTd eventually be worse. unless
| the silver law was repealed.
Railway bonds were quiet. The sales
were s2lS,O0o. Oregon Navigation 5s ad-
| yanced ~ to SS, and Chesapeake and Ohio
| southwestern seconds l to 70. st. Paul and
| Manitoba 5s declined l to lO3 Louisville
| New Orleans and Texas 1rsts to "a.