Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-30
A LAND OFFICE BUSINESS
TRANSACTED IN STOCKS ON WALL
STREET YESTERDAY.

A Poor Bank Statement Has Not Even .
Momentary Efect-The Highest Prices
for the week-The Market Closes Strong
Bonds Active.
NEW YORK, Aug. 2s-The stock market was
extremely active, the transactions for the
two hours of business being the largest
seen for that time in more than q year,
except during the November panic of last
year. The list displayed the most pro-
nounced strength, and, Notwithstanding
that realizations in tho advances Of the
week were unusually large, the demand was
such that prices halted only for a short
time and then resumed their upward move
ment all along the line. The buying was Of
the best quality, and was very marked in
volume for both foreign and domestic oper-
ators the bullish feeling running very high
and carrying all before it.
The bank statement showed q further loss
on surplus reserve, but it had 1P effect even
vance met with no check after the first half
hours trading.
The opening was strong at fractional ad-
vances over last nights figures, and the early
demand sent the list further on its upward
march. The realizations here caused a tenn
porary setback, but the buying was then
resumed in earnest and prices began for
The market finally closed very active and
decidedly strong at the highest prices for the
day and the week. The trading reached the
unusual total of 252 lis.
Railroad bonds kept pace with stocks in
the amount of business done, though prices
are unchanged and business not SO evenly
distributed. The total reached s., ,EH,000.
Closed at the Top.
John N. Oakley 8 Co. received the follow
ing from Watson & Gibson: "The market
started or this morning with a strong, ad-
vancing tendency, and, much better than
was expected, the advance was resumed,
closing at the highest prices Of the day. St.
Paul seems to hang back, but we believe it
will sell at considerably higher prices.
Atchison was strong on increased earnings
of $67 006 for the third week in August.
The pace has grown pretty rapid during
the past few days, and traders and the pub
lie alike have gotten over on the bull side.
The market Monday morning under the ac-
cession of buying orders from the country
should rise sharply under new transactions.
transactions. Reactions do not discourage
the bulls; on the contrary they encourage
them, for they solidify values and give op-
portunities to a new clientele. It lakes
numbers to make q bull market. and one
operator does not and cannot do it.
"There appears to be a large short interest
in Burlington and Quincy, and quite de-
mand for the stock, it loaning fat to-day.
This shows that during the long period Of
bear talk and actual decline investors came
in and took away the certificates from the
street."
An Encouraging Outlook.
Henry Clews diagnoses the money market
in this wise, ''The money market affords, on
the whole an encouraging outlook. The re-
serves of the banks have at last begun to de-
cline freely under the drain of money to the
interior. and large as the surplus is, as COM
pared with one or two years ago, yet it is
necessary for the banks to depend upon
being literally reinforced with cash from
some outside source. Some amount may be
expected after September l from the re-
de1nption. of United States ~ per cents
about 2l000 900 of which remain to be eX-
tended or redeemed; but what sum viii be re-
deemed the event only can show. The
main dependence of the banks must be upon
inevitable, the only open question being
that of amount Apart from tho effects Of
the prospective extraordinary exports of
wheat, it deserves notice that the national
exports are showing s. large lncrease-those
for. July being $s,20O,090 above the same
month of ls90-while the July imports fall
S11 200, 900 below those of last year.
"The securities movement with London
has, within the last few days, changed from
one of return to that ofexport; and the rates
for sterling exchange show q weakening |
in sympathy. 1t may be a few |
weeks before specie imports set in; but the |
movement Is near enough to |
payments for redeemed 4%s, any important |
stringency in the local loan market"
The Finish in Gotham.
stocks on the New York Stock Exchange yesterday.
Corrected daily for THE DISPATCH by WHITNEY& |
Oldest Ptttsburg members of the |
New York Stock Exchange, 81 Fourth avenue,