Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-01
GOLD FOR EXPORT.
Large Amounts Engnged-Littie Doing In
Railroad Stocks-Silver Certificates
strong-The Bears Continually

Railroad Stocks-Silver Certificates
strong-The Bears Continually
Hammering the Market.
NEW YORK, July S1-Tne Bank of England
advanced its minimum rate of discount this
morning, and its weekly statement showed
small loss in reserve, while f50, 600 were re-
ported withdrawn from the bank for export
presumably to South America. In response to
this action everything in London was fiat this
morning, including American stocks, in which
there were declines from our last evenings
figures. extending to over per cent, st. Paul,
Louisville and Nashville, Norfolk and Western
preferred and Atchson being leaders. Large
engagements of gold were made in the early
morning here for export, and this market fol-
lowed the London figures down, first prices
being geherally from u toM per cent lower
than those of last evening, while st. Paul was
down N and Lackawanna, Louisville and
Nashville and Rock Island l per cent each.
The market exhibited little recuperative
power and none of these losses we're regained
the only strong points In the market being
Sugar Refneries and Silver Certificates The
heavy gold shipments undoubtedly were most
influential in keeping the market down after
the first rally in the early trading. Banking
houses here, however, say that 1t is now getting
too late in the season for further heavy gold
crease materially from this time out, and some
of it may come back again soon as the balance
of trade does not warrant it.
The railroad news was of slight moment and
had no apparent effect upon the course of
prices. The railroad list to-day furnished little
feature to the dealings, although there was
considerable animation in both st. Paul and
Atchison, which suffered most from the Lon
don selling. The traders were inclined to take
in their shorts in the early dealings but the en-.
eagements of such large amounts of gold for
export as the result of the action of the Bank
of England changed the temper of the dealings
again and again. and prices sagged of slowly for
the remainder of the day. The most promi-
nent feature of the ma<kst. however, was the
unusual activity and de cided strength in Silver
Certificates, which were put 2h per cent to 1lS1z
and closed at 1l31l. The business done in them
footed up 100000 ounces. On the whole con-
siderIng the unfavorable circumstances, the
market displayed stubborn strength and the
bulls are evidently waiting for matters
to settle abroad before making any
s5s9 6Gr here Advance In the prGss %sany. fa spe
bears are hammering the market as much as
they dare but are not bringing out any long
stocks. The market finally closed frmer &C
something better than the lowest points on o
slight rally in the last few minutes. The entire
list is lower tonight and the important losses
comprise Edison Electric, 51<; Pullman. ~;
Louisville aud Nashville and Burlington each
14s; st Paul, "; Rock Island ~ and Atchi-
son, Hooking Valley and Union Pacific per
cent each. while Sugar Is the only one showing
gain. being up " per cent
Railroad bonds were inclined to be more
active In the forenoon. but became dull again
in the AFTERNOON. so that the aggregate Of the
business done during the day was only ~, 698.-
0O0, out of which the Atchison incomes, which
are being sold by the same parties VINO are