Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-30

which was attributed to orders from Lon
don. This theory, however, does noS meet
| Jority of selling orders had their inception
| able.
The bank statement showed, as expected,
material increase in the surplus reserve,
,%nlch now stands at the highest ngure LOT a
long time; but this was made the occasion OF
u snarp drive at the whole list OF actIve
STOCKS, and further depression follow ed Wnat
should have been the sustaining element of
sne uay. The utter apathy OF tne larger
operators was indicated by the occurrence,
nu anu IL appears that no interest Is sumclenIIy
Interested in the market to defend 1ts nolu-
lngs against the attacks of the traders.
The drive at Louisville resulted in loss
VI over . per cent, but while the entlre hso
tSe with the decline IN no % cane frac mas
,lon, even in st. Paul, which resumed us
neu,ln .eau IN point of activity. In point OF tne
STOCKS mentioned, however, there was no
animation in the market for more than 1ew
minutes Mt q time
About s., 200 600 in gold was taken to go out
IN to-moTow's steamers. The bearisn opef-
tSions th Oh the trading element, whlcn ieaves v,
ene impression that this week MARKS tne
summation of the movement IN golo, sus-
talns the confidence of holders and prevents
Ilquluation from aiding in the downwaro
movement in stocks. Commission people
are not disposed to give any prognostica-
tions as to the probable course of prices, ana
the waiting attitude assumed by the leading
initiate.
A Weak Opening and Decline.
=. The opening was weak at only small frac-
evening, but the downward movement in
augurated at the opening was continued
with but slight interruptions for the greater
portion of the day. Specialties suffered, and
Pacific Mail was weak all the way out. The
Industrials, represented by Sugar, were also
specially weak, but the fluctuations in the
rest of the list were generally confined to
were devoid of feature of any kind. The
covering of shorts put out earlier in the
week caused fractional rally after the low
est prices of the week had been touched in
finally closed dull to firm at the improve
ment, leaving most stocks at fractions below
last evening. The important losses include
Sugar ~, E. N. 1ss Missouri Pacific per
cent.
The operations in railroad bonds were
more restricted than usual, the sales reach
ing only $780, 900, but there were a few ma
terial changes, while the great majority of
and Ohio Series A, lost 211@234; Toledo, Ann
Harbor and North Michigan firsts, at 13l,
Enie penser City Cabs lists rose to lol
The exports of specie during the week
amounted to S473,602 in gold, of which 8, ,635, :
s62 went to Europe, and $e7,s0O to South
ss5,6O9, of which ssI 4OI was in gold, and s5l POS
silver. Lazard Freer shipped s2,000000,
Heidleback & Eichleheimer $500, ,0O0, and Von-
amount. The shipments T to-morrow e w 60 'sts as
follows: BY La Bretagne, to Paris, 81, $4,000;
Aller, to London, 1000; sUmbria, to Liver
pool, $S50,000.
The Bears Favored.
John NJ. Oakley Co. received the follow
ing over their special wire: This has been
dull day, but such business as there was
favored bears. The facts of a good bank
statement and bad European crop reports
and that the trunk lines and lake lines had
agreed to restore rates were more than
nutralized by the announcement that about
s., 100000 gold would go out tomorrow. The
weak point was the same as yesterday,
Louisville and Nashville, which was sold on
the report that it would either lower its
semi-annual dividend or pay it in scrip:
St. Paul and Union Pacific were also lower
than for several days. There was more
strength in Chicago Gas and whisky than in
almost any other specialties. There was
spasmodic bull rally just before the Dank
statement came out but traders were dis
posed to play the short side. Large operators
and the public were not sin it," The bank
statement was a pleasant surprise to the
bulls for it showed an increase of s., 81, 900 in
$7,500,000. The loss in specie was 1896, ,OO0, but
the gain in legal tender was 81, 117,00o.
Tnere are O g0Ou many bankers anC nnan-
cial observers who say that in their opinion
we shall not get back next fall much of the
gold that we have been exporting. This idea
is not based upon the expectation that
Europe will not owe us for importation, but
rather upon the feeling that the great Euro
pean bankers will surround their gold by
restrictions that will make its export diff
cult. This is probably true, but the best an
swer to this mode of reasoning is that not
withstanding the reluctance of British,
French andGerman banks to let gold go to
Russia it has gone. Gold is like water in one
respect, it finds it natural level and tenn
porary damming up does not prevent an
ultimate equal.
Evidences continue to multiply that the
shortage of crops on the Continent is becom-
ing practical problem to French and Ger
man legislators. A lowering of the duty on
corn was yesterday recommended by an
almost unanimous vote of the Berlin Cham
Der of Commerce.
Our farmers are going to be in q position
this season to reap harvest from their
fields and from foreign pocketbooks. Anti
railroad legislation, and all of the hobbies of
the Farmers Alliance will melt away in the
presence of big crops and high prices.
Oakley's Table of Quotations.
The following table shows the prices of active
Corrected daily for THE DISPATCH by WHITNEY IL
New York Stock Exchange, 81 Fourth avenue;