Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-09
DEVOID OF FEATURE
THE STOCK MARKET WAS DULL AND
DISPLAYED NO TEMPER.


but Local Bear Element Was Inactive
Industrials Were Strong and Sugar
Rises q Trif1e.
NEW YORK, Aug. e-The stock market
to-day was again quite dull and displayed no
decided temper, though the general ten
dency WAS upward, and prices this evening
are generally fractionally higher than last
night. The trading as o rule was devoid OF
feature, but the attention of the bears was
turned upon Richmond and West Point
again, and that stock was made comp ra-
lively active and weak, though its decline
was measured by small fraction. The
leading active stocks were St. Paul, Union
Pacific, Northern Pacific preferred, Atchi-
son, Burlington, Richmond and West Point
and Chicago Gas, and only In the last named
was the extreme fiuctuation for the day as
much as per cent.
London was again q buyer and the local
bear element was rather inactive, except in
the stock above mentioned. The opening
was firm under the influence of the foreign
buying, but the pressure upon Union PACIFIC
operators caused slight depression in those
and checked the upward tendency in the
general List after Atchison had risen &c and
Others smaller fractions. The industlials
rose " per cent to 1911. The bank state
ment showed loss in the reserves of over
$1OO0,000, but had no appreciable influence
on the speculation, being about what was
expected, and the late trading was utterly
featureless The market finally closed duIl
but firm at small fractional gains for the
day, no material change taking place in
quotations among the leading shares.
Railroad bonds were fairly active, and the
dealings in all issues reached s349, 900, but
there was no decided tendency of prices,
and the final changes are irregular, but for
small amounts.
Government bonds have been dull and
heavy.
State bonds have been neglected.
The Post says: The temper of the financial
community is extremely bullish, as was
plainly enough shown by their heavy orders
of the past week in Boston specialties. In
the same connection the movement of the
Boston money market Is interesting, call
loans being quoted there yesterday at Z per
cent, and SO scarce as to occasion a virtual
money pinch. This has bearing of some
Importance on our own local prospects, and
as that for time loans, may have a consider
able part to play in delaying an organized
movement for higher prices.
Brokers Brace Up.
John M. Oakley & Co. received the follow
ing over their special wire: 1.-THE feeling Of
hopefulness which marked the close of yes
terday's business was continued to-day and
the opening prices recorded q still further
advance, with the exception of Richmond.
This stock seems to be the object OF attack,
a long and exhaustive article appearing to-
day in a paper of this city, which tended to
show that while they had not earned divi-
dends they had continued to pay them. Not
withstanding this bearish article the COM
mon stocks of the Richmond recorded a de-
cline OF less than per cent from yesterdays
closing prices.
THE bank statement showeda decrease of
81 900 COO in reserve, but this is largely &C.
counted for by shipments OF currency which
we are advised have this week been sent to
Washington and the interior. 1t was to be
expected that some currency would be re-
quired in the bank for use in the movement
OF crops but we think that far more will be
required this year than in former years, as
the Western banks already have a proper
tion of cash on hand to meet much of this
The fact is that this market has
held its own to-day and prices have been as
well maintained as they have ever been.
Saturday being a half holiday, the mar
ket is usually dull and halting one, and in
the face of this and the decline in the re-
serve the quotations we're well maintained.
The bull element may not yet be thorough
ly organized to inaugurate campaign, but
they will Join forces later on and will be
well supplied with inclination for long and
successful one."
The Finish in Gotham.
The following table shows the prices OF active
stocks on the New York Stock Exchange Yesterday,
Corrected daily for THE DISPATCH by WHITNEY
a STEPHEN SON. oldest Pittsburg members Of the
New York Stock Exchange, 81 Fourth avenue.