Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-20

Bank of Germany holds about $50. 100000 less
gold than it did year ago, and the Bank OF
France about 5000. 900 more than it did at thas
time The rumor is that the Chancellor mas
ordered an evening up of the difference anu
hence the exports from this port as there IS no
more 10 be had In London. That the transac
tions are made at a loss Is without douus,
though the uessrs -Dr to prove that the rate
OF exchange on Berlin will permit II being oone
without loss
In the market to-day the pressure at the
opening by the traders who were continuing
the raid had the effect of opening the marset
Oh from q to a Der cent with exceptlonai ue
cllnes in q few stocks. The resistance met
with, however, at the concessions soon caused
cessation of the operations and before noon
tne market had drifted back into guinness, Will
prices once more on level with those Oh tne
opening. The news or the afternoon was con-
sidered more favorable to the fnal passage OF
silver bill, and the traders went IN TO Dring
ABOUT rally, and the covering OF shorts was
soon factor in a slow but steady appreciation
OF values. which before the close had Drougnt
most of the list up to small fractions above
last evenings figures. Chicago Gas was leader
in the advance and Jersey Central also made
sharp progress, the two stocks closing IA ana
per cent respectively higher than last eVcnlng.
The close was quiet to dull but nrm at the
improvement. The rest of the list was gem
orally small fractions better than last evening.
Railroad bonds were quiet and rather heavy
throughout the session, and on business OF
Sl.SOOGoo there were no active features, and
most OF the final changes OF Importance are In
the direction of lower figures.
lIGovernment bonds have been dull and steady.
state bonds have been neglected.
The Post says: The exports of gold IN the past
week have done more than anything else to aid
the bears in depressing the stock market. The
causes of the export movement are obscure and
therefore have attracted the more attention.
Sterling exchange in this market is NC on the
pound, too low yet to admit of the export OF
gold to London without loss. But there Is an
unusual condition of the exchange markets IN
both Berlin and Paris in tteir favor and against
London, which justities the export of gold to
Berlin and possibly also to Paris. 1t is quite
well known thar this is not due to commercial
trade balance in their favor, and therefore
must be due to the changing of investments,
especially on the part of capital in Berlin. The
fact that the gold goes from the United States
have been selling American securities, bat it is
quite plain that by the selling of some sort of
investments~they are drawing specie from
England lost f3OO,OOO on balance and the
reserve is down to 80 1890 per cent,
against Al SLIGO per cent last week. The bank
does not advance Its rate of discount to-day. 1t
remains at per cent, but the open market
rates of discount are up to ~ per cent, which
Is much nearer to the bank rate than usual,
and the rates for bankers balances in London
we're up to 21l and ~ this afternoon, against
~ this morning. Whatever may be the nature
of the changing of investments in Germany,
which has turned the Exchanges in favor of
Berlin and against London, and through Berlin
has affected Parls. it is plain that the Bank of
England does not regard it as more than tenn
porary. The gold goes from the United states,
however only because we can spare it better
than the Bank of England and does not neces-
sarily prove that Europe is selling American
securities. If this was the case the rates for
sterling would show 1t more positively. 1t ap-
pears as yet TO be more a balance in favor Of
Berlin and against London alone than against
this country.
Tne following table SHOWS the prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for The DISPATCH by
WHITNEY STEPHENSON, oldest Pittsburg mem
bers of New York Stock Exchange. 81 Fourth ave