Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-18
Fresh From Wall Street.

J. s. Bache & Co. to Oakley & Cot
The financial world has been considerably
agltated this week by the export of four
and three-Quarters millions of gold from
Boston and from this port. Money has been
stringent, loanin9 as high as 80 Fer cent.
The bulls tell us that these rates are manip-
ulated, but we rather think high rates are
in consequence of the loss of fconfidence, and
fear that the present dangerous silver
policy may lead to serious trouble.
The fact that We are exporting such big
amounts OF the precious metal at this sea-
son OF the year is being traced to the 1act
that last months value of exports from the
United States was about Sl5,C0 900 less than
during the same month last year, and tnat
ior the five months ending November 80, as
compared with the corresponding periou OF
last year, was $50 0o0.0o0. This If we con.
slider that the imports show an increase
over last year, and the TACT that Europe has
sold an enormous quantity OF our stocks
and currency bonds, will rapidly make ap-
parent the cause of these exports OF gold.
The payment of S., 500, 900 Edison IS and the
tacJ that the Brooklyn street syndicate is to
pay like amount, also tended to stitfen the
money market.
The bank statement, which was published
to-day, shows couclusively that tie high
money rates brought a big influx of capital
from all over the country, and these will
continue as long as money rules at present
rates; it will thus happen that country
bankers will lend but sparingly to the coun.
try merchants, and the people OF this land
wall thus see what folly is this whole sill
yer business. 1t Is an expensive lesson
which we are going through, but the sooner
we get over iL the better it will be for all
concerned. The interests OF this country
are so diversified on account OF tue great
eXpanse of territory that the interests of
the West are not the interests OF the East,
nor the interests OF the South those OF the
North; we think that when the country will
have had this practically demonstrated TO
it, it will be willing to repeal one of the
most obnoxious measures ever forced
upon it.
1t is needless to say that the market was
quite demoralized all the week, but still the
short interest thereby entailed was consid-
cradle. and as regards the near future all
that we can say is that it vii depend en-
tirely upon the doing of the present admin
istratioI.
We think an application will be made to
Washington soon asking the Government to
issue So, ,OO0, ,0OO or SI0O, 100000 gold ponds
tO be sold IN Europe, as the Secretary of the
Treasury has the power to do ii, as given
him by an act OF Congress some time ago.
OF course, il this bonu issue should be made
it will create a sharp rally in our market.
II nothing is done the Generalization must
We therefore caution our friends to the
very utmost-only those with big mar
gins should trade in this market.
From sproul & Co.'S market letter: What
is technically called a money panic is not
necessary to be anticipated but it seems
plain tnut call loans viii rule from to 10
per cent and that uneasy feeling will be
leadily aroused ut each fuctuutiUn of the
exchange market winch threatens to force
gold shipments. a bull movement under
such circumstances is out of the question
aud the refusal OF the market to, rAIIy testt-
fies to the streets appreciation of this tact.
SUme attention was hGtracted to-day to the
slightly easier tone OF exchange due to de-
creased inquiry and the Offering OF a few
loan bills. BLnkers are now inclined to
think that only sS,oOo,oO0 to s5,OCO. 200 gold
will go out on Tuesday. Nevertheless this
Improvement is considered to be merely u
temporary demonstration and 1t is we'll to
remember that foreign interests take a
much more serious view of our currency
than is held here.