Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-10
STOCKS DULhBUT FIRM.
THE STRENGTH OF THE BANKS Is THE
SUPPORTING FACTOR.
A Poor Bank Statement Counts for Nothing
Louisville and Nashville Alone in
weakness-No More Engagements for
Gold Shipments-Railroad Bonds Onist

A Poor Bank Statement Counts for Nothing
louisville and Nashville Alone in
weakness-No More Engagements for
Gold Shipme ents-Railroad Bonds Quiet.
NEW YORK, July 9.-The stock market was
again intensely dull, and, apart from the
trading in Burlington and Quincy and Louis
Vile and Nashville, presented no feature of
any kind. A firm temper prevailed. The
expectation that further engagements of
gold would be made last night was disap-
pointed, and rumor that the forthcoming
Government crop report would be favora-
Bile on corn were influential fact ors in the
movements; and despite the fact that the
bank statement showed a material reduc-
tion in the amount of cash held, as we'll as
the surplus, it went for nothing in view of
the strong position of the banks at present.
London was apparently seller OF Louis
stock showed a loss of l per cent from its
last price of Friday, but it remained alone
in weakness, and other stocks stea lily ap-
preciated when there was business enough
to cause any change in quotations at all.
The market on the whole, was firm from
opening. 10 close, while retaining its pro-
fessional character.
shares, including Atchison, $3.50; Chica go
Gas. l,570: Lake Shore. 5000; Eeading, 2,9OO
st. Paul, $780, Union Pacific, $500.
Railroad bonds were very quiet, and on
note.
Railroad Bonds to the Front.
John NJ Oakley & Co. received the follow
ing Interesting budget by special wire from
Watson & Gibson:
"While the rates for money have hard.
ened there is still large accumulation of
surplus capital both here and in London
which is looking for judicious Investments,
and the better class of railroad bonds are
likely to be gradually absorbed by many OF
these investors. Among such bonds we re-
gard the several preference bonds of the
Reading Company as presenting quite an
attraction. With the increased earnings Of
this company it is more than probable that
these several classes OF ponds will be pnt on
cent one the prices at which some Oh these
bonds are now selling will look compare
lively cheap. fair business is now being
done in bonds. The amount of gold going
out by to-uay's steamers was far less than
anticipated and predicted, and the increase
in the 1ntes of sterling exchange, though
large amounts were in immediate likelihood
of being sent.
"When the last Government crop report
was published there was a large short inter-
est that had not covered, and on tho show
ing then made they started to protect them
selves. At this time the shorts have had
their fears as to the crop report and the
probability of its not being bad as predicted,
and there has been quite good buying by
them in anticipation of the report. While
this takes out q portion of the markets sup
port, we still believe there are better prices
ahead, and we especially favor purchases of
the coal stocks. We believe that Reading
and Lackawanna will sell at higher prices
than have been recorded for them It will
take time for this, but they will pay to buy
and hold for long pull.
"The coming National Mining Congress, to
be held at Helena, Mont, commencing July
l2, will be OF interest to the country. The
vast proportions to which the mining in
dustry has attained, the potency it exercises
In the affairs OF the nation, and tire great
extent OF the country where the business IL
Carried OH show its Importance. One OF the
ends and objects of this meeting is TO obtain
united action uniform and needful
legislation tending to advance the general
"The bank statement showed q decrease
In the reserves of about q, 500 000 This was
not large when the shipments Of last week
Are considered. Money is likely to. be q little
more active next week, and the stock |
market will, we think, show increased
activity and advancing prices unless the
cholera reports from Russia and France |
assume . more alarming outlook"
Tho Finish In Stocks. |
Ths following table shows the prices q aotivs |
sseks On TIE New York steek 1xchsngs ysstsr1Ay.