Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-31

ures of American railroad legislation
meshods. as compared with these In vogue
IN England and continental countries. Per
Iect freedom has been allowed to railroad
| projectors in running lines, or proposing to
run them wherever they could raise the
| capital to undertake the project and make
| preliminary surveys, and the result OF 1t
mas been in some instances to greatly depre-
clate the value of investment made in or
lglnal lines by people who pioneered the
way and took the risks incidental to open
ing up new territory.
This has operated very well while the
country was being gridironed with the rail
way, but we have now reached point or
development so complete that the freedom
or speculators or even biackmailers to pro-
Ject or threaten parallel lines may do
great deal more harm than good, both to in
| vested capital and to the communities
served. 1t is contrary to the best interest
| OF any region to have its railways impover-
| ished by any cause whatever, either by leg
islatlon or excessive competitive construc-
tion, for under such conditions the service of
| the roads becomes inefficient and unsatis-
Iactory. This always reacts upon the COM
munity Immediately interested.
one new question that may interest wall
street is beginning to peep its head aDove
kne horizon, and that is the agreement OF the
democrats Congressional caucus TO attack
the Mckinley tariff bill in sections by sep
arate bills. The silver question goes to the
ana any further decline in its bullion value
may bring the currency question prom
heHbly before the country ana w all SCreeI
ne bank statement, as expected was a
good one, the reserves increased 100000 the
actual cash 100000 and deposits IL. 009, 600,
bringing the deposits up to nearly 10000 600.
Inc market to-day was weak and the pubic
are not coming in with the expected activ-
lty. Outside business is not inspiring and
cheap and plentiful demand money is not
an active and convincing argument TO out
siders."
No Bear Cards Left.
Henry Clews & Co. say: 1.-THE past week in
Wall street has been one of irregular move
ments, the outcome of the bear raids of the
previous week. The late bear demonstra-
tions produced a good deal OF dislocatlon of
speculative interests and nave developed q
considerable amount OF short contracts;
which has prolonged the policy of attack
and caused, within the past week, a success
sion of smart skirmishes between the two
sides.
"One noticeable feature OF the market is
the absence of any definite expectations as
to the future OF the foreign markets for
American securities. II any are returned,
they do not affect prices here; for the reason
that the local abundance of money creates
an extraordinary carrying power and be-
cause that power is likely to be long main-
tanned. AS to the chances of any important
foreign demand, that is little calculated
upon rs an element in this market.
"The course of external happenings has
favored the bull interest The presentation
to Congress of the Chilean correspondence
was followed by offers OF concession from
the offending country which are reported to
De satisfactory to our Government, so that
passed the stage of danger and can no longer
De counted upon by the bears as source OF
sensational alarms. This deprives the oppo-
sition of its last effective card"