Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-04
BACK TO THE OLD PLACE.
THE STOCK MARKET RETURNS TO ITS
FORMER DULL CONDITION.

The Feeling Was More Bullish Than for
Some Time-The Shorts Displayed Con-
siderable Nervousness, Which Led to
Efforts to Cover Outstanding Contracts.
NEW YoRK, Aug. 3.-The stock market to-
day went back almost to its old condition of
dullness and listlessness, and the Changers,
especially Burlington and st. Paul, fur
nished all there was of interest in the trad
ing. The feeling among the professional
opera tors was more bullish than for some
time and the shorts displayed considerable
nervousness, which led to efforts to cover
outstanding short contracts early in the day,
making higher opening and some activity
IN the first half hour. The glowing reports
from the West of the excellent condition of
crops and the extraordinary movement of
winter wheat are having their legitimate ef-
feet, and while the leading bears still main.
tain apparent confidence in their position
and predict still lower prices for everything,
the evidence goes to show that the desire to
cover which caused the rally last week is not
yet satisfied. The nature of late transactions
in the stock market is sufficiently indicated
by the cessation of all activity when the ef-
forts at depression cease. The dealings to-
day, after the first squirt of activity due to
the demand from the shorts left over from
last week, became utterly devoid of feature or
movement of interest even among the
specialties and lowpriced shares which
dullest market. Prices throughout the day
failed to get more than q fraction from the
opening figures, and absolute stagnation
reigned during the afternoon, accompanied
by the most intense dullness. Raiding OH a
small scale was attempted during the fore
noon on various items Of outside news, but
all failed to do more than kill the anima ton
in the market and hold prices down
In the last hour, however, there was
an attempt to cover the contracts
put out earlier in the day with the result OF
making little more activity and bringing
prices up to slightly higher figure than dur
ing the first hour. The market finally closed
dull and firm, at something better than the
opening prices. Burlington was the one fea-
ture of tho day, although st. Paul showed
little larger business, and it was the only
stock which shows q material Improvement,
its gain for the day being, per cent.
Railroad bonds we're dull, and except for
some little animation in the Richmond and
West Point 5s and the Oregon Improvement
represented no fea ture of interest. The Rich
mond ana West Point issues were strong,
terest, recoveredI per cent, while 5s are up a
like amount to 5S13. The other issues traded
in we're dull and listless as stocks. The trans
actions OF the day foot up only $4,000.
Government bonds have been dull and IT.
regular State bonds have been entirely
neglected.
The Post says: There was some buying OF
silver bullion certificates to-day on the news
Of further shipments of the metal to London.
Something more than 125,000 ounces are to
be sent tomorrow, and. there are other Lon
don orders in the market. These exports,
like those of a week ago. are ordered by the
Rothschilds for the continental act 1t Is
noticeable that in the face of these ship
ments the bullion officially reported on
hand against the stock exchange cert1ncates
has been steadily increasing. There have
been only two insignificant withdrawals
OF bullion from this account in the last
ten days; Yet some people persist in point
ing to this deposit account as the visible
supply" OF silver in New York. As matter
of fact very large amount of bullion Is
stored on simple warehouse receipts in the
safe deposit company, and it is from this
stock that Withdrawals are made. How large