Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-11
STILL WAITING.
Wall Street Closely Watching the Financial
Pinch In South America-Bears Draw
Ing Comfort From the Railroad

Situntion-Steck. Features.
NEW YORK. July 10.-Ths stock market is
still awaiting developments, especially as re-
CARDS the monetary possibilities as affected by
the financial straits of the Argentine Republic
and Uruguay, whose disasters are expected to
be reflected here through London. The bears
are now working this point to get up gold
shipment. The failure of the governors of the
Bank Of England to raise their minimum rate
of discount this morning shows that there is
not the scarcity Of money in the English CAP
ital that they would have US believe. At the
same time the scarcity of bills offering in the
exchange market seems to have no other ex-
PLANTATION than the recent selling of stocks for
London account
The railroad situation also geus considerable
attention from the bears. At the same time
the railroad earnings continue to show the
most satisfactory returns, and the st. Paul for
the first week in July returns an increase of
S3S 129 over those OF last year. The Chicago
bears, however. are selling the stock on the
theory that there will be no no dividend on the
common stock this fall, and that the June and
July net earnings will both show a decrease.
The final passage of silver bill will in all
probability, fail to create boom Immediately,
but that there will be more healthy advance
than followed the first effort to pass a bill adj
mits of little doubt. To-day's market was a re-
action from the unnatural depression of yester-
day, and in some directions exhibited more
real life than has been seen for some weeks,
but the general list exhibited steady harden
ing tendency after the first effort at depression
had been given up, which was very gratifying
to the bulls
London was factor in the early rise but
turned seller on the improvement and aided in
bringing about reaction, but the selling orders
again made headway. st. Paul and Northern
Pacific preferred were prominent in the early
dealings, but later New England, the trusts,
Lackawanna and the Grangers in general were
the leading features. Just before the close,
however, Messrs. Kidder, Peabody d Co. en-.
gagged 81, 0OO, 700 for export and precipitated
selling movement which reached all portions of
the list and large proportion Of the material
gains we're lost, the market closing weak at the
concession. Most n the list are higher to-
night, however. and Chicago Gas and Lacka-
wanna are up per cent each.
Railroad bonds shared to q limited extent in
the new strength of the stock, and while the
great majority of issues traded in were nothing
more than steady, a few show material gains
this evening. There were no special features,
though the dealings reached $685. 900.
Government bonds have been dull and
steady.
State bonds have been dull and firm.
The Post says: So far as the money markets.
and the South American panic are Concerned.
the unfavorable condition can almost be only
temporary. There can scarcely fail to be an
unusual amount of money seeking new specu.
lative investment before the end of this MONTH
The Granger roads are still trying to come to
some agreement, and will probably do so; but
even if they do not make very decided sue
cess of it, their stocks (especlaily St PauD
have been pretty largely oversold and there is
now sufficient outstanding short interest to
help advance their prices with other stock upon
any general improvement in the speculative
temper Of the market. Except the possibility
of he exports of some gold within the next
week. everything in the general situation looks
favorable for better prices for stocks, and even
il few millions of gold should go out the
exports have thus far this year been SO light
that they can easily be spared.
The following table SHOWS the prices or active
stocks on the New \ ork Stock Exchange yester-
day. Corrected daily for The DISPATCH by
WHITNEY & STEPHENSON, oldest Pittsburg mem
bers of New York stock Exchange, 81 Fourth ave-
nue.: