Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-19
A LONDON FAILURE
THE PRINCIPAL FACTOR INFLUENC.
ING THE STOCK MARKER.

Nearly All Shares Decline Large Fractions,
but Before the Close Recover Most of
the Losses-A Very Small Business in
Railroad Bonds.
NEW YORK, July 1s.-The failure of the
English Bank of the River Platte was an
nounced in London this morning and caused
materially lower prices for all kinds of
stocks there. Our market felt the effects of
this decline, and while the opening prices
here we're above the London equivalents,
large fractions we're knocked of most of the
active shares. The opportunity to sell the
market down was not to be neglected by the
bears, however, and they Joined with the
foreign sellers in pressing the market down.
The stocks which have an international
market, in the main, suffered the most un-
der the circumstances, but Burlington and
Lackawanna led the downward movement,
the bear pressure being specially heavy on
the latter on account of some supposed
trouble in the coal trade. Each of these
stocks lost per cent, while the rest of the
list declined only fractions if at all.
The downward movement was checked
before the expiration of the first half hour,
however, and while there was no disposition
to buy for the long account, the covering of
shorts helped prices up little, and later,
when the bank statement was issued, show
ing material gains in cash and surplus re-
serve, the buying became more pronounced
and the upward movement was accelerated.
Prices in the last few minutes were brought
up to about the level OF those of the opening,
and the market closed firm though quiet at
the recovery. The final changes are insig-
nihcant in all cases, being generally the
losses made at the opening of business only.
The trading in railroad bonds went down
to the smallest proportions again to-day, the
$2l9, 600, while the f1uctuations were confined
to corresponding narrow limit. No ten
dency of prices in either direction was to be
detected.
Will Return Our Gold.
John NJ. Oakley & Co.'s correspondents
wired: "Waiting is the watchword and
watching is the waiting word. This is the
situation summed up, or as broker put it
the other day, Eve are full of hope, chuck
full of hope but when it comes to business
there is none This apathy excites the ap-
prehensions of the followers of the stock
market and one of our esteemed broker
clients in writing US says: is not the fear on
the other side that we are drifting on to a
silver basis the main cause of our loss of
gold and the accumulation of silver by our
banks? Will not we get securities in pay
ment of our breadstutfs instead of gold? Are
not our crops overestimated and the meagre-
ness of European crops exaggerated? Is not
our spring wheat crop below last year in
condition, and the corn crop late? If we do
not get back our gold, will we not have hard
times in money2
"These are our friends apprehensions, held
by others, probably the majority of these
who are interested in our financial affairs,
and who consider them but we believe that
Europe will have to return to us our gold
and that they will Of necessity use largely
our cereals, that our crops will in all proba-
Dility average better and larger than for
years, and that this growing, prosperous
country of ours, with all its aggressiveness
and its unbounded resources, will before
long assert it's inherent strength and re-
surely come to o realizing sense and keen
appreciation of the opportunities here
afforded him and return his bullion for in
vestments. In the meantime We may see a
somewhat lower range of prices. To-day's
market has been like many others gone
before"
Homo Influences Unchanged.
Henry Clews 6 Co. furnish the following
points to investors: "The Stock Exchange
moves along sluggishly, with its daily sales
of about 100 600 shares, one day favoring the
bulls and next the bears, but with no fixed
tendency either one way or the other. Only
one thing remains f1xed-the predominant
conviction that stocks are intrinsically
worth the price at which they are now held.
This estimate protects the market against
the attacks of the room traders, but it does
not elicit any outside buying. 1t may possi-
bly, prove to be the bases of a buy
ing movement at some later stage, but
ket is rather negative than positive.
Although the secrets of the diplomatic
conferences of last week at London may not
be divulged, yet Europe will henceforth re-
gard the Drfebund as virtually backed, at
least under certain contingencies, by the
moral and physical force OF Great Britain
This is change of profound Importance in
the situation of European politics. 1t places
Russia and France at such an overwhelming
as to virtually bind over those
countries to keep the peace on penalty Of
utter discontinue. Such a result would
bring direct advantages to this country.
All that is needed to give full effect to the
benefits of our abundant harvest is a restor- |
alton of confidence in the countries with
which we have commercial intercourse. 1t
would mean better foreign markets and |
better prices for our grain, as well as for all
other exportable products.
The Finish in Gotham.
The following table shows the prices of active |
stocks on the New York Stock Exchange yester- |
day Corrected daily for THE DISPATCH by WHIT |
NEY & STEPHENSON, Oldest Pittsburg members of |
" Il nth