Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-19
THE GOLD SHIPMENTS
Caused by Low-Priced Staples and
Unusually Heavy Imports.
A BULLISH NOTE FROM KEENE.
He Says Gold Exports Are legitimate and
the Sherman Law Q Failure.
SUGAR INSIDERS GROWING NERVOUS

ESPECIAL TELEGRAM TO THE DIsPATcH.l
NEwYoRK, Dec. 1.-THE same influences
that governed the stock market yesterday
and the day before were effective this morn
ing, but their force was modified somewhat
by the easier market for sterling exchange,
which in turn has led foreign bankers to
reduce their estimates of the amount of the
specie they may be required to ship on
Tuesday. On Thursday the current talk
was that large amount of gold, s., ,0O0, 600
to Sc, OOO, 900, would be exported next week.
Yesterday the estimates were reduced to
So, OOO, 900 and to-day some bankers placed
the amount at 81, 900, 900. The money mar
ket this week has been disturbed by the
shifting of about S15,00O,0OO, of which
about 81, O00, 900 has been sent out of the
country, $4,000, 900 collected in bank in
preparation for possible exports of specie
next Tuesday and the remainder was used
in operations of an entirely local character.
The gold shipments can be accou nted for
upon other grounds than the assumption
that our present use of silver is driving the
dearer metal out of the country. The low
prices for staples, notably wheat and cotton,
both, as compared with last year. and the
heavy imports, are ali we'll defined causes
which should be accepted by the public as
logical, If not conclusive, in preference to
any assumption, As to the immediate
future of the money market bankers who
are engaged in business dor what they can
get out of it express the opinion that money
will rule at full figures the balance OF the
year.
n sual Saturday SCALE the total transactions
du ring the two hours that the Exchange
was opened 1or business being approxl-
which was supplied by Distilling and
Cattle Feeding, as was the case yesterday.
That stock sold at 64A, making the maxi
mum decline for the week nearly per cent
but it closed alta recovery of point, max
ing tine net decline for the day n per cent
and for the week ~ per cent.
Other noteworthy dealings were in Ma
Chicago Gas at a net decline OF nearly per
cent, and in Sugar Refining. which closed
only q shade below the final price of yester-
few of the less active industrials. The
railway list was comparatively neglected.
ESPECIAL FROM DOW. JONES COL
New York Dec 1.-THE market being
practically without any transactions in
money or exchange to guide it, moved some
what less erratically than OF late. The
principal factor influencing the trading
throughout most of tine day was the GER
tainty that at least 81, ,000, 900 gold will be
exported next week. and the uncertainty as
to whether the check to the exchange
market is any more than temporary.
A feature in the early trading was some
considerable buying OF Dietfllers by Keene
brokers at prices above yesterdays closing.
But these purchases were Immediately
swamped by heavy liquidation, influenced
by the money outlook 1t was noticed that
there was quite an apprectable amount OF
bear selling to-day by people who believe in
the eventual recovery OF the market. The
Point was given that stocks are now
ready to rally sharply on any
change for the better. Nevertheless
change in to-dny's market until shortly be-
fore the close, when an important interview
with Mr. Keene was published. in which he
said that he considered the gold exports
legitimate, and that the silver question
would adjnst itself before long. He also ad-
vocated the repeal OF the Sherman law and
declared himself strong bull on railroads
and industrial stocks. The rally that fol-
lowed on this was lost almost Immediately
amount of gold to be taken next week, under
tho Influence OF which the close was weak.
London had small buying orders at the
opening but they were Immediately hlled
and passed almost unnoticed.
The insiders on Sugar are nervous for fear
Havemeyer says he would not be surprised
to see Sugar below par.
London opinion is that the money market
here will verge on high prices until the re-
peal OF the sherman act
Stocks generally loaned to-day at 8 to 10
per cent, Distillers loaning at the highest
rate.