Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-21
DISCOURAGING ADVICES
GIVE THE MARKET AT NEW YORK AN
OTHER SEVERE SET BACK.

Trading Generally Was Purely Professional
The Bulls Say the Crop Condition Will
Be Felt Sooner or Later Unless There is
stringency.
NEW YORK, July 2O-The advices to-day
abroad were not encouraging and the stock
market met with another set back in the
shape of further export of gold to the
amount of 100000. The trading is still al
most professional and this at a time when
many confidently expected, to see a better
state of affairs in the street is particularly
discouraging. The outside conditions are as
favorable as expected but the foreign stu
alton even though their appears to be dis
position to support the weakening houses
there, remains as q menace to the stability of
prices and seems to be the principal check
to operations in speculative line here. 1t
is felt that any further trouble there will be
followed by heavy return of American
securities to these shores and the pressure
to sell which to some extent emanates even
now from foreign sources prevents any ap-
preciable improvement in prices The bulls
in the street are not disposed to take such a
contingency to consideration and say that
the crop condition will be felt sooner or
later in Wall street unless stringency in
money, which is now expected, should
occur. The shipment of gold was most eff
fective factor on the bear side to-day, and
the trading element no longer hesitated to
sell the leading stocks short, Burlington, st.
Paul. AtchiSon, Richmond and West Point
and Lackawanna being specially conspicu-
GUS for the impression made upon their fig
ures. The selling pressure brought more
activity, which, however, was confined al
most entirely to the few stocks mentioned,
and while there was noticed an increased
tendency to trade in the low-priced shares
such transactions resulted in II important
movement. The market was firm at the
opening, but the traders sold Burlington
and few others, aided by some foreign
sales, and fractional losses were scored in
all the leading stocks in the early trading.
\ very promising rally from these prices
was in progress when the announcement of
the export of gold was made, and the stocks
bought in for the short account were thrown
over Immediately and new lines put out all
along the line so that before delivery hour
most OF the prominent shares were down
about l per cent, and Burlington, which
bore the Drunt of the pressure, nearly per
per cent. The most demoralizing spectacle
OF the day, however, was to see East Ten
nessee first preferred sell at Al, and on the
marketing of 200 shares decline to AZ. The
late trading was marked by sharp decline
in silver certificates to SO, but the stock list
under the influence of covering rallied frac-
t1onally, land most shares were brought up
to within shade of Saturdays figures The
clo3e, however, was again heavy at close to
lowest prices. The final changes generally
show large fractional losses for most OF the
leading shares, while Burlington is of l2s,
Jersey Central per cent and silver certin-
Gates u, while most stocks show only 1nSlg-
nificant losses for the day.
HRailroad bonds were little more, but
without any material change in temper from
that ruling for the last two weeks, but the
transactions were enlivened by heavy trad
ing in the Atchison incomes which was the
result of the declaration of a dividend off
per cent upon them. They rose. however,
only q per cent on sales of $245, 600 out OF
total days business of $763 OO0 The rest of
the market showed widening tendency,
but with a firm tone no important changes
were made. Government bonds have been
dull and heavy. State bonds have been dull
and steady.
The Post says: 1t is asserted on good
authority that the Bank of France is at pres
ent practically refusing the payment of
checks in gold, policy due to its own wish