Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-26
MANIPULATED STOCKS.
BUT ONE SHORT HOUR OF ACTIVITY
AT THE OPENING.

Tho Rest of the Day Depressed by Bearish
| operationsLMany Shares Close at tho
Lowest Point for the Week-A Favorable
Bank Statement.
NEW YORK, July 25.-The stock market to-
day was active and weak during the first
hour but dull and stagnant for the re-
malnder Of the session. closed at the
lowest prices of the day, and in many cases
OF the week. The opening was steady and
oull, but the bear manipulation in Burling-
ton was renewed Immediately and in the
most open manner and that stock was soon
OF material amount. A pressure was after
ward brought upon the Richmond and West
nolns aenn, securities, and the bonds suffered
mas not Deen dealt in during the week, sold
down over s. per cent from its last previous
sale: In addition to these declines Jersey
central was also almost unaccountably
weak, losing per cent, which affected the
rest of the list unfavorably, and small losses
were sustained all along the line.
Ine Dank statement, however, unexpect-
edly showed material gain in the surplus
reserve, and the downward movements was
cneckeo except in the stocks most directly
erected by the manipulation, SO that the
nnal dealings were devoid of feature of In
terest. The market closed dull and barely
steady for the general list, but in most cases
at the lowest prices of the day. The final
put Jersey Central is down ~; Burlington,
rs, and Richmond and West Point Us.
Railroad bonds displayed the usual dull
ness, She sales for the session amounting to
s26I, ,0eO but the tone was weak, and while
the active bonds were only slightly changed
as rule, the Richmond and West Point 6s
lost EI at9l
A Question of Faith.
John NJ. Oakley s. Co. received the follow
ing by their special wire: "When foreign
bills Of exchange are SO Disseminated
or fr1uk
cannot be sold to advantage it would seem
to indicate that the foreigner wants our
gold and is bound to have it even at a cost
beyond which the ordinary business profit
would warrant. This may arise from two
causes, fear of commercial credits or a de-
sire to fortify themselves with the actual
metal in the apprehension that the tendency
of our tiues is toward a different stand
ard, and that later on gold will be
difficult to get, even at premium. There is
no immediate evidence here that any dis |
elimination Is being made in the purchase |
or sale of our bonds, as between god and |
silver bonds, and this is where such senti- |
sion. We would not look for it in specula- |
tive stocks which would probably be bene-
flied by silver payments. When gold be-
much less about gold payments.
"The business Of the week has been un-
both to the brokers and clients
It was not market bull or bear could profit
by to any extent. The short side, as we
early in the week indicated, was the one on
which there were light marginal profits to
be made and the general range of prices
have been lower. While we think pur-
chases Of stock now will reap handsome
profits by and by, the dull season is still
with us, and with it the tendency to further
fractional decline.
''The grain markets have been more active |
and stronger. Corn especially is attracting
the attention of grain spectators, and the
doomed, it is said, for much higher figures.
"The tendency of the market to-day has
been downward, and this was not checked
BY the bank statement, showing as it did
Values do not seem to be considered now.
It Is question of faith, and this seems to be
acking."
The Outlook Full of Promise.
Henry Clews sees silver lining to the
loud He says: wall street continues
wholly devoid of interest in both the invest
nent and speculative branches or business
IN the Stock Exchange, operations are con-
lned to room traders, who are satisfied with
fractional changes and follow the transient
Of tone rather than seek to give
he market a bias one way or the other. The
ruth is there is no immediate material for
he formation ofa violent upward or q down
yard movement. Neither bulls nor bears
ave contracts outstanding important
nough to invite attack from the opposite
ide: nor is there anything in outside infiu-
noes of enough immediate interest to in
lite large operations. Under these circum-
tances, everybody easily yields to the
of the seasons recreations and
he street is virtually partially deserted.
"This condition of things is natural enough
sequence to the worldwide financial
arrangements of last fall. Caution every
here, the contraction of credit in every di-
ection, critical examination into the condi-
on OF the institutions through which
nance operates. discouragement toward
Deculative operations and undertakings,
nd a protracted process of liquidation
lese are among the influences to which
nancial interests have been subjected alike
Europe and the United States for the last
inc or ten months. The condition has been
lat of collapse after convulsion.
"But ON the other hand, we have on this
de situation distinctly our own and which
full ofextraordinary OF promises. Our agri-
lltural crops, upon which nearly one-half
our population are directly dependent,
ford upon the whole promise of un-
lralleled results. This prospect enables us
look upon the foreign situation with much
ore equanimity than we otherwise might
the same time, in estimating the foreign
tuatfon, it is proper to take into account
at, while the feeling abroad Is anything
1t hopeful, yet there appears to be no ap-
ehension abroad of relapse into worse
ndition than now exists, and it begins to
appreciated that prosperity in the United
ates will not be without its compensat ons
d reliefs to European commerce. Still,
r the present, l continue to advise con-
ryatism in all business movements, SO as
avoid plunging heavily into debt"
The Finish in Gotham.
he following table shows the prices Of active
rrected daily for THE DISPATCH by WHITNEY &
EPHENsoN, Oldest Pitts6urg members Of the
W York Stock Exchange, 81 Fourth avenue.
9 ngIro