'f: ?: wm j - v THE ' PECTSBtmd " DISPATCH, MONDAY, DECEMBER 91, 1891. ' 6 TURN OF THE TIDE. Matthew Marshall Sees the Beginning of an Upward Movement IN THE PRICES OF ALL STOCKS. Evidences of the Advances to Be Found on Xearly Every Hand. INFLUENCE OF THE JIIXD OYER HATTER rHiriAt. TKLEGRAM TO mi DISPATCII.A Xew York, Deo. 20. Under the cap tion, "Waiting for the Upward Move ment," Matthew Marshall writes for to morrow's Sun as follows: It may, possibly, be owing to my want of acquaintance with operators on the Stock Exchance and to the consequent restriction of my sources of Information to the daily re ports of the market published in the news papers, that I fail to see, as yet, much evi dence of the general upward movement in stocks for which the purchasers during the temporary spurt of last September have ever since been waiting. The conditions, as 1 not only concede, but have myself pointed out, are favorable to a rise. The harvests have been abundant, and tho prices of our brcudstuffs and othor food prodncts are high; money is easy, and to be had at low rates on good security; the railroads are doing an extensive business, and there is nothing in the financial situation to alarm the most timid, yet speculation seems to re main dull, the rmblio apathetic There is a demand for srood bonds, and a few special stocks have advanced somewhat upon orders from Europe, but there is no extensive buying. If 1 nm right in the view that I take of it, this condition of the stock market goes to confirm my favorite theory that it is to the constitution of the human mind, and not to material facts, that wo should look for the explanation and the Jorecast of men's actions, iiotivas that are all powerful with them at one time have no eflect at others, and different line of con duct frequently foilow apparently identical c.iue. The reason is that the motives and the causes find varying tempers upon which to exeit themselves. The Influence or Hind Over Matter. When men are hopeful and sanguine every favorable circumstance increases their en thusiasm and those that are unfavorable are disregarded. When, on the contrary, they are despondent and depressed, they are insensible to encouraging considerations and dwell only on the dark side of things. Jietwcen the two, also, mere is a state oi in difference which at present prevents move ment in any direction. It is the capacity for reading men's minds and divining their mood, that distinguishes the genius in stock speculation from the common operator, J ust as the capacity for perceiving the decisive moment of a battle and taking advantage of the enemy's un icatiiness marks the great general as su perior to the mere routine commander. The absence of conspicuous leaders from the Stock Exchange at the present moment may, indeed, indicate that such leaders do not exist, but it miy also indicate that, in their judgment, the tiine for them to begin operations has not yet arrived. For want of their assistance in September tho upward movement then came, as I said it would, to a pecdy end, and for the want of it now the market "is halting and uncertain. There is, plainly, no ground for initiating a tall, be cause prices are as low as they ought to be, in view of all the facts, and that there is no general rise is because ail tho movers for It are not yet ready. Torgery and Fraud Have Hurt. 3tuch of the hesitancy of the stock-buying public, I am disposed to believe, is due to the recent revelations of fraud and rascality in the world of finance and to their influ ence, in deterring people from putting their money out of their hands into those of the managers of corporations. A certain nmonnt of dishonesty, more or less, is al ways to be expected from men everywhere, but usually it is so small in proportion to tneir nonesty tnat no account, practically, ! taken of it. Lately, however, the instances in nhich men who have been trusted as in capable of doing wrong havo shown them selves false to their obligations have been fo frequent that it has alarmed the timid and made the boldest pause. Edward SI. Field's I e-hypothecation of securities hypothecated with him was bad enough; his selling them outright was worse, and now it appears that he has added lorgery to his previous offenses. It is not probable that even one other man in as good standing ab he was is equally base, but it is Losible. and the bare possibility of it is dls eartening. The dUs-cnsion among tho Richmond Ter minal managers Is aUo calculated to create uneasiness. Hero is an enormous property, embracing ovr 8,500 miles of railroad, against u hlch have been issued $.75,000,000 of stock and an Indefinite number or millions of dollars of bonds, the value of which depends entirely upon its being managed in the most efficient manner. Yet upon the eve of a general revival of business all over tho country it finds itself in financial straits, and with officers who do not agree in thoir views of the policy to be followed. One set proposes to call upon the stockholders lor pecuniary aid, and the other, with whom I confess 1 smypathize, asserts that such a aid is not indispensable. The .Future Judged by the Fast. Assuredly, if the past is any indication of the future, I should hesitate to intrust more money to directors who havo brought the concern into its present condition. This I tar, how ever, without having mastered the hole problem. The affairs of the company are'o complicated by its numerous pur chases of stocks, assumptions and guaran tees of bonds, and leases of railroads and parts of rail roads, that I should have to give tliem at least a w eek's study under expert guidance before I could hope to understand them I refer to the subject only by way of mentioning one or the dampers upon peo-ple"- cheerfulness which restrains them lrom buying stocks. When the industrial stocks, snch as lead, cottonseed oil, distillers' and cattlo feeders' trust, National Cordage Company, sugar reflneriei and the like first began to be bought and sold in the market, I had great hopes tnat they would largely supplant rail road securities In public favor.and furnish to investors who could afford to take a little ri-k, remnmerativo employment for their capital. That these stocks remain so low in price as they do. relativelv to the dividends they are paying, proves that their future is distrusted. Certainly, when no more than S percent per annum can be derived from good railroad investments, an industrial stock which divides 7,8andl0 per cent ought nottoscll bclowpar. Standard Oil Trust, with only 12 per cent dividends, sells at 160 and upwai d, and that the other stocks I speak of are relativelv o far below it, is not flatter ing to the officers of the companies. An Effect or Crisp's Klectlon. The election of a Speaker of the House of Representatives who is known to be an ad vocate of-the silver standard has revived the hopes of the partisans of silver and the fears of those of gold. The President has given his word that he will veto any free silver coinage bill, andthesecuringofa two thirds vote of the House over-riding his veto seems unlikely. Still, the renewal of the agitation of the subject is one of the things that makes thoughtful men pause, and their attitude has its influence upon less conserva tive minds. Logically, tie transition from the gold to the silver standard, which freo silver coin 1 ge would establish immediately, and which the act of July 14, 1890, will, if unrepealed, bring about ultimately, should increase the prices or all merchandise ana commodities, and stimulate speculation; but most of tho Wall street financial' magnates are obsti nately convinced that it will create a panic, and their apprehension makes them cau tious. Against these and othor discouragements ciiciimstancesare silently and slowly pro ducing a revival of confidence and of hope. Tl-.e good harvests are telling on the divi dends of railroad companies. General trade instill suffering from the bad crops of 89 i:nd '90, but the money which tho farmers and the planters ure receiving for those of this last season cannot long be withheld bv them lrom circulation. If they use it in 1 aying their debts the creditors who receive it must do something with it in the way of reinvestment, and thns will make new or increased employment for industry. Capital Cuming in From Europe. Capital from Europo is also apparently flowing this way for investment, and im ports of gold are strength cning our moneyed institutions. The increase of spofcie and of legal tenders goes on steadily, and tho banks of this city have $31,000,000 more ol them than they had a year ago. Men who have money to lend are picking up good securities us fast as they can, and conse quently the prices of first-class bonds nud stocks are firm, with a tendency tondvance. This movement must sooner or later extend to those of a lower grade, nnd thusllrt, or at least lighten, tho burden of the bankers aud of thu institutions which have been carrying them for tho last year without find ing purchasers. Already I notice advertisements bringing to public attention the merits or securities which have been held back for a market favorable to their disposal, which indicates a belief that the propitious season has ar rived. It should not bo forgotten that two years ago, at the height of the speculative fever which ended with the Baring collapse, the rate or Interest on long investments of the best class went down below 4 per cent, and the Government could not buy all of its own bonds it asked for at much better than 2 per cent. A Too High Bate or Interest. In April, 18S9, the city of Xe w York sold to somo ol our leading trust companies a largo issue of 2f per cent bonds at par, and by the way, 'although these same bonds can now be bought at a small dlsoount, the Government t's, for which they were taken in exchange, havo declined more than twioe as much. Latterly, the rate or Interest obtainable on long investments has been 5 per cent, or thereabouts, which seems to mo too high to last. On the whole, the balance of probabilities is in favor of the early commencement of the upward movement in prices for which so many people have been waiting. Whioh securities will participate in it, and to what extent, nnd which will be exceptions, is a matter for tho exorcise of individual judg ment upon the facts of each case. My readers must not forget, too, the familiar saying that nothing is so certain as the un foreseen.and that unexpected events may.at this moment, be in preparation which will reverse all the conclusions drawn from those now known to us. HORSFORD'S ACID PHOSPHATK For Abuse of Alcohol. It relieves the depression therefrom. Look OutI The "Home Guard" is now displayed at all the stores of the Great Atlantic and Pa cific Tea Co., and willbegiven out.fromnow until Christmas. This most beautiful panel is our Christmas souvenir to our patrons. If you haven't been dealing with us in the past, don't fail to make a purchase of one pound of tea, one pound of baking powder or two pounds of coffee in order to obtain one of these "Home Guard" panels.and also satisfy yourself that we have the best goods at the lowest rates, and the most excellent assortment of presents. Don't fail to call at the Great Atlantic and Pacific Tea Co. 34 Fifth avenue, Pittsburg. 1618 Penn avenue, Pittsburg. 4314 Butler street, Pittsburg. 6127 Penn avenue, E. E., Pittsburg. 1703 Carson street, S. S., Pittsburg. 120 Federal street, Allegheny. 124 Fifth avenue, McKeesport. Natural Gas Fails During cold weather, but our coal and coke never fails to give satisfaction. Our meter always registers 76 pounds to the bushel, ',UUU pounds to tne ton. Having increased our facilities for hand ling both anthracite and bituminous coal, lump and crushed coke, we are prepared to furnish both manufacturers and families on short notice, either in carload lots or de livered by wagon, all sizes anthracite; also, best Panhandle and Youghiogheny bitumin ous coal, all well screened. Careful deliv ery. Retail yards, Fourth avenue and Try street, Liberty avenue and Thirtieth street Telephones"226 and 1465-3. jrwsn Latimer, Meters & Co. Ton can't make mince pie without brandy. Max Klein can furnish it .Ladles' Gold Watches at E. P. Roberts & Sons'. The handsomest stock in the city. Ele gant engraved and diamond set cases. Price 525 to 5100. AH warranted good time keepers. Look at our watches. "We can please you. Open evenings. E. P. Roberts & Sons, mwp Fifth avenue and Market street lampi. A wonderful collection that are marvels of grace and beauty. We want you to come and see them in our new art room, at Hardy & Hayes', Jewelers, 529 Smithfield street Three doors from City HalL Open every evening till Christmas. Evervbody gheny, Pa. goes to Max Klein, Alle- Five Thousand 50c scarfs open first to-day for the great rush. See them. Will Price, 47 Sixth street Are you and your wife friendly? If not, good feeling can be restored by buying her Christmas gift at K. Smit's, Smithfield and Liberty, and 311 Smithfield street Albums! Fancy Goods! Toilet Sets I Christmas goods in great variety. B. S. Davis & Co., 96 Fifth ave. Like Magic Is the relief given in many severe cases of dyspeptic troubles by Hood's Sarsaparilla. Possessing tbe best known stomach tonics as well as the best alterative remedies, this ex cellent medicine gives the stomach the strength required to retain and digest nour ishing food, creates A Good Appetite and gently but effectively assists to natural motion the whole machinery of the body. Host gratifying reports come from people who have taken Hood's Sarsaparilla for dyspepsia, indigestion and similar trou bles. "I for a long time suffered severely with Dyspepsia, and could find no relief un tU I was persuaded to use Hood's Sarsaparilla, which haB com pletely cured me. When I firstbegan to use Hood's Sarsaparilla 1 weighed 126 lbs. I now weigh 155. My ap petite is good and my general health excel lent." Fakijie S. Davts, Staunton, Va. GIVE YOUR BOYS A USEFUL PRESENT. Press anfl Outfits $1.75, 2.50, 5.00 7.50, 10.00, 21.00 to 31.00. Send Ec for Catalogue' W.A. BUNTING GO Stlx .a.xre. PITTSBURGH. PA. XpSpk u CHRISTMAS DAY IS .A.T IHIJkJSrD. Only four days to make your purchase of HOLIDAY GIFTS. "We are anxious to niake every one, young and old, happy on Xmas morning by re minding you that we have yet a WORLD'S FAIR OF NOVELTIES To make all the people of the two cities rejoice. The holiday spirit seems to have invaded and taken possession of every department, imbuing even the senses of visitors and buyers until one fairly imagines Xmas to be but a day off. Shrewd and thinking people always know where to go and select for them selves, and will not be led by that fantastic and non compus mentustalk, which we often read in the daily papers. AJ,Ii WE ASK of you is to VISIT OUR GRAND AND GORGEOUS DEPART MENTS, now ready to meet the pressing demands. "We guarantee to t,ave you 15 PER CENT TO 25 PER CENT ON ALL HOLIDAY GOODS, lrom a Doll to the finest Piano Lamp. Don't fail to visit us. Will be open every evening till Xmas. Note the name. DOUGLAS & MACKIE, 151, 153 and 155 Federal Street, Allegheny. Found Bound In a Cave. Gospobt, Ind., Dec 20. SpeciaL' Miss Cora Allen, aged 18, makin&her home with her stepfather, William Smith, about four miles from this place, disappeared Thursday night Last night Marshal Crouch and his deputy arrested a young man at Stinesville, who is supposed to know something of her disappearance. This morning the girl was found in what is known as Porteis cave. Her hands and feet were tied and she was nearly frozen. Extract of ALL COODCOOKS The Tear RoundU Send to ARMOUR & CO., Chloago. for Cook Book showing use of ARMOUR'S EXTRACT In Soups and Sauces. Mailed free. MAKE MERRY I The joyful holiday is at hand and you want to be pre pared for it A decanter of old cognac, a bottle of some choice wine or a demijohn of rare whisky such as Max Klein can supply you with, will give an added zest to the Christmas dinner. No other liquor house in the State can furnish you with the following: 1869 Overholt, $3 per quart. 18 7 1 Guckenheimer, $3 per quart. 1873 Finch, $2 50 per quart. 1881 Overholt, $2 per quart. Silver Age Pure Rye, 8 years old, at $ 1 50 per quart. Duquesne, 6 years old, at 1 25 per quart. We have in stock all kinds of imported and domestic wines; still and sparkling Scotch and Irish Whiskies, all brands; Ja maica, Vera Cruz and New England Bums, Virginia and Maryland Apple Jack and Delaware Peach Brandy, foreign and do mestic fruit cordials and cigars. An absolutely pure 7-year-old Finch, Guckenheimer, Overholt, Gibson, Bear Creek or any Pennsylvania Pure Bye 51 per quart or 6 quarts for $5. Four-year-old Port, Sherry or any other California wine COc per quart or 12 quarts for 55. See our choice stock. Goods shipped any where. MAX KLEIN, 82 FEDERAL ST., ALLEGHENY. de21 UNTIL CHRISTMAS. JOS. HQRNE & CO.'S Penn Ave. Stores. del3-61 HOT THE GREATEST SHOW OH EARTH But the Best $1.00 Spectacles on Earth is what we arc advertising. These spectacles are made of Crystal, give ease of vision, look well when worn, and preserve the eyes. They are just what we claim for them, no more, or no less. GIVE GRAND MA OR GRAND PA a pair for Christmas. Just the thing, and how useful to them. If they do not fit their eyes bring them back after Christmas and we will fit them perfectly. CHESSMAN OPTICAL CO., 42 Federal Street, Allegheny, Pa. Ue21-Mwr BEEF N H N ALL DEPARTMENTS. hi) fl 'JJ M n AMUSEMENTS. THE ALVIN THEATER CHAULES L. DAVIS. . . .Owner and Manager ' JEFFERSON COMEDY COMPANY. To-Nieht and Tuesday Evenings THE RIVALS. Wednesday Evening HEIR-AT-LAW. Seats now on sale. No Matinee on Wednes day. dc21-39 ALVIN THEATER. Three Nights. Commencing Thursday, Dec. 24. Special Christmas aud Saturday Matinees. is it a big JOHN C. RICE. Laughing Success? A KNOTTY AFFAIR. de'21-40 near tne audience laugh just once and you will Join with us in saying YESI DUQUESNE Pittsburg's Leading Theater. To-Night, Tuesday and Wednesday Even ings and Popular Wednesday Matinee, the Comedian, STUART ROBSON, IN "SHE STOOPS TO CONQUER." Thursdav, Friday and Saturday Evenings, Xmas and Saturdav Matinees, -THE HENRIETTA." Next week "Slnbad, or the Maidof Balsora" de21-3S ("I KAND OPERA HOUSE X ALL CHRISTMAS WEEK. Matinees Christmas and Saturday, NAT C. GOODWIN In tho laughing lurore THE NOMINEE. Prices 25c, 50c, 75c. $1 resorved. Next week Birds of a Feather. de20-55 OPEN EVENINGS TILL CHRISTMAS A MELLON CHRISTMAS GIFTS TO The Goods advertised below are to be found in our Mammoth Basement, and, mind you, there are FIVE MORE IMMENSE FLOORS ABOVE THE BASEMENT ALL PACKED WITH HOLIDAY GOODS. :: :: :: :: :: :: NgT (jjljjfe CHINA TOILET SETS. A large line to choose from. Prices up to $25. At only 1.97 we show a handsome 10-piece English Por celain Toilet, neatly decorated. . CHINA DINNER SETS More than double the variety you can find at any other Pittsburg store. Prices up to 150. At 13.50 we give you a very thin and fine English Porcelain Dinner Set of 112 pieces, beautifully decorated. At $2 we give an exquisite Carlsbad China Dinner Set of 102 pieces, most artistically decorated. . FINE In Beautiful Plush Boxes. Fish Sets. Oyster Sets. Game Sets. Ice Cream Sets. Berry Sets. Pudding Sets. After-Dinner Cup and Saucer" Sets. Can you think of prettier Holi day presents ? MUSTACHE CUPS, Or Plain Cups, fine china, beauti fully decorated, at only 15c. Fuel China Sets OVER FIVE HIDEED EMPLOYES ON DOTY. M AMUSEMENTS. HAKRY WILLIAMS' ACADEMY To-Night, Matinees Tuesday, Thursday and Saturday. Holiday Matinee Christmas Day. Night prices. t H. W. WILLIAMS' OWN SPECIALTY COMPANY. de2047 MESSIAH By tne MOZART CLUB, AT OLD CITY HALL, MONDAY EVENING, DECEMBER 28. Tickets on sale at Jlellor & Hoene's, 77 Fifth avenue. delS-49-D HOLIDAY PEESITS. GOLD SPECTACLES, $5 and upward. GOLD EYEGLASSES, With Chain attached, $5 and upward. PEARL OPERA GLASSES, $5 and upward. FIELD GLASSES. J. DIAMONDS OPTICI A N SliTHST .OS-Goods sold lower than any other house in tbls city. del-42-D PETALUMA. GEO. K. STEVENSON 4, CO., SIXTH AVENUE. nol6-MW yii XL-s ART BRIC-A-BRAC. A choice collection of the most cele brated wares including Boyal Worcester, Doulton, Bonn, Eoyal Dresden, Crown Devon, Iron Cross, Hungarian. We also have left a limited number of those beautiful Dresden Lace figures, and will close them at 25 Per Cent Off Marked Prices. JAPANESE GOODS. Hundreds of Japanese Vases and Japanese Table ware. 1,000 richly dec orated Japanese Cracker Jars, large size, at 48c. POCKET KNIVES, All kinds, grades and handles. At 25c we offer a good steel blade pocket knife, with 2, 3 or 4 blades and stag, bone or pearl handle. 3 PIECES tr. FOR ONLY U Fine English Porcelain Cup, Saucer and Plate to match all for 15 c. (g yacsa &ik ttr. v JUL c crrt . Y&MjmX WW OPEN EVENINGS' TILL CHRISTMAS NEW ADVERTISEMENTS. Laie, PI & Gnu (Paris) Sole agents for this finest Hatin the country atpop ular prices. Correct styles in Derbys of every known make. Fine Fur Derbys, $1.24, $1.48, $1.98. Fine Crush Hats, 69c, 89c and 98c. 954 and 956 Liberty St. delG-SS-Mwr1 &P KfiSCuH MANNS' MIEN A MILLION jfaeggtasy FRENCH CHINA DISHES. Plates, bowls, dishes, pots, jars, sugars, creams, etc., in Limoge, Dresden, Carls bad, Vienna, etc., will be offered this week 4 AT BIG REDUCTIONS. Fine GMna Cups and Saucers. A gigantic and magnificent collection of all styles, shapes and sizes: round cups and square cups; pentagon, hexagon and octagon and diamond shaped cups, high cups and low cups, wide cups and narrow cups cups of all the quaint, queer, unique and artistic shapes an extravagant imagina tion can conceive. We offer fine China Coffee, Tea or After-Dinner Cups and Saucers at 25c. BEAUTIFUL CARVING SETS. The best Sheffield and Domestic hand-forged steel goods, in every kind of handle, put up in ex quisite silk plush and satin-lined boxes or plain boxes. Prices, 48c to $15. frft ftT For fine quadruple 4),0 plated Butter Dishes, satin finished and beautifully en graved: worth 3.50. ALL GUSTOMBBS WAITED u NEW APVEKTISEMEXTS. W I UiV 0 V I lkXlM WHVONlXTrllS' I OFFER YOU AS BEAUTIFUL AND BRIL LIANT STONES AS MONEY CAN BUY. VOLTAIC DIAMONDS Aro not expensive and make an elegant Christmas present. What lady would not wear them? What gentleman would not de sire them? Mounted in solid gold.. Hinjrs. $4 SO to $18; Eardrops. $3 75 to $15: Studs, $2 50 to $12; Pins, $2 to $9 50; Pendants, $8 to $20; Brooches. $4 50 to $25; Sizes from K to 5 karats. Bring your genuine diamonds with yon and compare them. I bave no agents in the United States. BERNARD E. ARONS, Jeweler, Sole Owtteb. de20 OPEN EVENINGS TILL CI-jRISTMAS BISQUE FIGURES, ALL KIXDS, From the cheapest to the very finest, in large and small de signs. See those we sell at only $2.25. They're 15 inches high and beautifully decorated. LAMPS. LAMPS. Piano Lamps. Banquet Lamps. Parlor Lamps. Library Lamps. Hanging Lamps. Hall Lamps. Table Lamps. Fairy Lamps. A splendid assortment of each kind and each kind at prices ranging from one quar ter to one-half below those of exclusive stores. Ml Lamps carefully packed and promptly delivered at the resi dences of our customers. QQC Large size silver JjO plated Mug, satin fin ished, gold lined; worth $2. ON PROMPTLY. JL fr Gb rrwii r, UT Hiixkj wjSPI M & - 1 . Jt
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