Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-08
A CHEERFUL OUTLOOK
For Those Who Deal in Stocks and
Other Financial Investments.
MATTHEW MARSHALL is HOPEFUL
And Tells Why He Believes There Are
Really Good Times Ahead.
MONEY NEVER MORE PLENTY OR CHEAP

Business at the Stock Exchange continues
to improve the total dealings in listed stocks
Tor the week again showing considerable
increase over those of the week previous,
while those in the unlisted stocks have but
slightly diminished. The salient feature
of the market is the firmness of high-priced
shares such as those of companies like Con-
solidated Gas Lake Shore, Long Island.
Manhattan Elevated and the coalers, the
demand for which is sufficiently explained
by the pressure of idle money and their own
favorable prospects In addition. number
of stimulating rumors in regard to the COM
panies are in circulation, some of which may
possibly be true, but none of which, If true,
are important.
The industrial stocks were not quite so
actively dealt in as they were the week be-
tore, but noticeable absorption of them by
investors has commenced, which tends to
maintain them at their present advanced
quotations. The surplus income, both of
this country and of Europe, has not gone
into new enterprises to any great extent
since the Barring collapse year and a half
ago, as the accumulation of currency at the
great financial centers demonstrates. Con-
seQuentIv, the best old securities are nearly
out of the market, and when they are to be
bought at all they bring high prices.
Temptation in Large Dividends.
This turns the attention of capitalists to
newer and less approved enterprises and
makes them look longingly at the large divi-
dends promised by the industrials. Still,
they are deferred from buying these as
freely or they would otherwise, by the
secrecy which wells the affairs of the COM
panies, and do not very well see how the
veil can safely be lifted. Industrial opera
tions are of such nature that knowledge of
the world, and information about them OBJ
4-ira raolf oil
or less imperfect The only thing that an
outsider can do is to rely upon the personal
characters of the managers of the various
enterprises, and If he is not willing to trust
them with his money he had better do some
thing else with it. They are like the general
partner in business firm of which he is
only special partner. Everything depends
upon their honesty and ability, and a special
partner has nothing else to look to.
Meanwhile, the process combining and
consolidating numerous small industrial
concerns into single great ones goes on
apace, the latest example being the forma-
tion of the National Wall Paper Company
out of about 20 little corporations and firms
engaged in the manufacture of wall papers.
The capital of the new company is $50, ,000, 600,
and its promoters assert that they have the
control of the country. As in other similar
cases it is also asserted that with little or no
increase of the selling prices of the goods
great profits can be Elade by reducing the
expenses OF manufacturing and manage
ment. This seems to be foun ded in reason,
and is probably true.
Workingmen short of Leaders.
While capital is thus becoming every day
concentrated in fewer hands, the movement
for the organization of labor is, on the con-
trarY, anything but prosperous. As 1 re-
marked week before last, the chief obstacle
to perfect union of workingmen is their
want OF discipline and leadership. Leaders
especially, sufficiently educated and intelli-
gent so to order and manage strikes as to
insure success, seem few and far between.
The Homestead workmen evidently were ILL.,
informed about the number of men able and
willing to take their places, and they like
wise under-estimated the public detestation
OF rioting and Iawessness in enforcing their
demands. Against the blunders which they
have made Competent heads would have
warned them in season, and would have ad-
vised them to accept the terms offered by
their employers, biding a more favorable
time for demanding better ones.
The building trades strikes in this city
have been more skillfully managed, but still
reached, indicates that they were not justi-
fed, and will prove fruitless of good.
Nevertheless, l adhere to my opinion that a
complete, or nearly complete, union of
workingmen is the result toward which So
ciety is tending, and, though 1t is yet long
way OF, it will be reached at last 1mper-
feet and often mischievous as are the labor
unions in their present condition, they are
better for the workingmen than the old
chaos of individualism which some em-
ployers idly talk of restoring.
Personal Assaults Not Advisable.
As BENJAMIN Franklin said to his fellow
patriots after signing the Declaration of In
dependence, so the workingman can say to
all other workingmen, "My friends, we must
hang together, for if we do not We shall be
hanged separately" While, too like all
other good citizens, i abhor personal assaults
as a means of enforcing united action, 1
make great allowance for the habits and
manners of men engaged in mechanical
occupations. Every animal fights with the
weapons which come readiest to it. Cats
use their claws, dogs their teeth, women
their wiles and Establishments, educated
men argument and reason, and uneducated
men their fists. Besides, to muscular arti-
sans beating is by no means so serious an
outrage as 1t is to more delicate creatures,
and it does not express the same malignity.
Time and experience will correct the evil,
and by its disappearance the cause of united
labor will gain immensely in public estlma-
tiOn.
The smallness of the gold exports last
week and the prospect of their early cessa-
tlon are pretty generally viewed with satjs-
faction by our financiers, but for what rea-
son do not understand. the total amount
OF coin and paper money in the country ac-
cording to the latest Treasury statement is
over S2 200 000 000 of which 81 600 900 is in the
hands of the people and in the vaults of the
banks, leaving $780, 600, 900 900 locked up in the
Treasury. To this enormous mass we are
adding every month about "a, 000, 900 in legal
tender notes, issued against purchases of
silver bullion under the act of July, 1890, SO
that in year from this date our currency
Will be further increased by about $50, ,0O0, 900.
No Danger of Money Stringency.
Why, in view of these figures, anybody
should fear a fall in the prices OF securities
and merchandise whenever few millions
of dollars in gold are sent to Europe in
liquidation OF our debts is more than i can
explain. If every dollar OF gold in the
Treasury and in the banks were thus e1-
ported it would not in the least diminish the
amount of money in circulation, and if the
entire stocks of it in use in the country
were withdrawn, the loss would be only
about $500 900 900, leaving us still ST. 900 OO0,-
600 to 20 on with. The fact is th6t we have
too much currency, and the export of gold
is the natural corrective of the redundancy.
Were it not so the loss of gold we have al
ready sustained would have produced a
rise in the prevailing rates of interest,
whereas, as We see, nothing of the kind has
taken place.
Indeed, so difficult is it TO lend money at
any rate whatever, that one of the largest
trust companies in the city has cut its de-
posItors down to per cent per annum, and
1t is reluctant to take fresh deposits even
on those terms. 1t is significant, too, that
the West is calling this year for much less
money tEan usual TO move the crops, show
ing that the local supply is larger.
The friends of silver have been q little
cheered during the week by cable dispatch
IRON Vienna announcing that the famous
slablsIlClan, HTO1. AOOlph SOelDteT, mas Qc-
vised a scheme for promoting an increase of
the use OF silver money, the principal feat
are of which is the restriction of gold COIN
age to pieces of the value OF not less than 50.
Only a Cheerful Look Ahead.
Considering that in practice this restric-
tion long ago took effect, and that the small
est gold coins in circulation anywhere in
Europe are the British half sovereign, the
French 10 francs and the German 10 marks,
all of which are worth 81 and more, do not