Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-21
LIFELESS STOCKS.
ALMOST COMPLETE STAGNATION IN
THE SHARE LIST.
An Excellent Bank Statement L . Good
symptom-silver Certificates Higher
Lackawanna tho Only Feature in Rail-

An Excellent Bank Statement L . Good
symptom-Silver Certificates Higher
Lackawanna the Only Feature In Rail-
road Stocks, Scoring a Good Advance.
NEW York, June 2O.-The stock market to
day was insignificant in every respect, and
reflected only the waiting attitude Of opera
tors, the trading being extremely small and
the fluctuations strictly in accordance. The
foreigners were inclined to buy, but the
trading element was bearish, and there waa
no disposition to trade by domestic opera,
tors. The feeling abroad was indicated by
higher figures in London this morning, and
this produced generally higher prices at the
opening here, which, however, were soon
neutralized by the short sales by the trading
element
: No material change occurred, and the ex.
pcctation of good bank statement, which
was not disappointed, developed a firmer
Prices were, therefore, brought up to a
shade better than the opening figures, and
kept there for the remainder Of the session.
Lackawanna was the only feature Of the
day, developing marked strength in the last
hour, moving up sharply on the buying of
traders, and scored the only material gain
of the day. OF the other stocks, st. Paul,
Louisville Burlington and Chicago Gas were
more active than the general list, but failed
to make more than slight fractional ad-
vance.
Silver certificates were strong and active
The bank statement met all expectations,
making remarkable showing, and served
to keep the market firm to the close, which
was dull at the best prices, but only slightly
better than last evening.
Railroad bonds were as dull as stocks, the
sales reaching STA, and while firm tone
still prevailed, the movement was scarcely
perceptible.
York amounted to 81, Isl, $685. of which 81, 69O,-
COL was in gold and S13l O97 silver The inn
ports of specie amounted to $46,446, of which
$40, 741 was in gold, and S25, ,7o5 silver.
Uncle Sam Very Rich.
Watson & Gibson sent the following to
John NJ Oakley & Co.: "There is little
cheap gossip going around to influence small
spectators that the United States Treasury
is hard up With the one hundred million
gold fund and twenty-three millions depos-
tied with the national banks 1t is a trifie bold
to talk about the straits of the Treasury as a
bear argument. IT we were to enter the
autumn with the Treasury vaults full of
money withdrawn from circulation, and
doubts were present as to whether the Sec
retary might let it out by bond purchases
promptly enough to prevent str1ngency,
predict trouble. We confess that we think
the late Congress was absolutely tAdif-
ferent to and ignorant of the relation of
revenues to expenditures, but with bankers
willing to take the Government bonds at Q
per cent, the credit of the nation, by actual
test, is higher than ever before.
at is hard to see just what is going to pro-
duce tight money in Wall street. The banks
in the West, rs we have shown by actual fig
ures prepared for us by. she Controller Of
the Currency, have nearly $14, COO 900 more
business there, as elsewhere, is dull nearly
all the resources of the interior banks will
be at the disposal of the farmers. The in
disposition of bankers in Eastern cities to
do ffrr1o
bly operate to curtail commercial business
and to leave large proportionate amount
free for brokers and speculative uses than
would ordinarily be available.
"The outlook for Wall street values is cor
tainly favorable, and sooner or later the
speculative spirit will be aroused and will
discount the magnificent harvest prospects.
So far we believe that this has been very
little done. Business may remain dull for
some time, but we are running into
q period of prosperity to which Wall street
will show the way, just as a year ago we
which wall street first led the way A dull
business throughout the country might just
as easily accompany boom in stocks as a
big rush in trade; a Last autumn aia accom-
Wall street. Just now dullness reigns
supreme, and neither bulls nor bears opin-
ions are good for anything as O guide to
daily fluctuations A change will come, and
we believe for the better.
"The bank statement was even better than
expected, showing a large gain in deposits
and in reserves of $5,6s7000, while the actual
gain of cash was s. 100000 in round figures.
We expect better prices Monday. Silv er
was higher to-day, and its friends are talk
ing big prices for it. We believe in its future,
but we think it likely to get little reaction
next week"
Weak Points Counterbalanced.
Henry Clews & Co. are hopeful. They say
IN their weekly letter 1.-THE most significant
event of the week was the reduction of the
Bank of England rate of discount from 4 to
! per cent. For months past Londen has
been the objective point of interest, the
storm center, SO to speak, of the financial
world; and the clouds of distrust which had
gathered in from all parts of the world |
threatened to burst with renewed fury over |
those intrepid racers on the sea of finance |
who had been carrying an over-press of sail |
N South American waters. The danger |
signal, however, has been lowered, the |
Dutioss il bright. and now that |
IuUAnse u relieved t11Hev1nsnS dAoaA