Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-07
A BULLISH SENTIMENT
Developed In the Share Market m = ResRlt
Of Easier Money-Advances All
Along the Line, With

No Declines.
NEW YORK, December 6-The stock market
was both more active and decidedly stronger
than on any other day for sometime, and the
strength attained to the condition Of buoyancy
toward the close of the day. The upward
movement met with no material setback,
though the progress made was comparatively
slow in the forenoon, and while some stocks
advanced rapidly and suddenly, the general
list steadily appreciated without any sensa-
tonal movements. The heavy bond purchases
OF the past few days and the perceptible easing
up of money at this center did much to en-
gender bullish sentiment, and this morning
the temper was very pronounced in faVor OF an
upward turn,
The foreigners were liberal buyers again
after sending higher figures from London, and
tne number OF new Duyersln the marker Irlgnt,
ened the shorts into covering on an extended
scale, and the last named influence was very
marked. Dividends upon the Cleveland, Co
lumbus, Cincinnati and st. Louis stocks and
Sugar Trust aided in giving an impetus to the
advance, but the buying OF operators so recent
ly prominent upon the bear side was specially
influential among the trading element and they
were all working on the bull SIDE to-day. Even
the Coal stocks showed marked strength. put
Missouri Pacific, Union Pacific. and New
England led in the general list. New England
was apparently advanced by the same party
who so recently have been engaged in depress-
ing the stock and the buying in Missouri Pacinc
was said to be for inside account.
There was a large demand for Sugar in the
loan crowd, and the short interest in the STOCK
Is as large as IN any other stock traded IN.
Cleveland, Columbus, Cincinnati and st: Louis
after opening up over per cent shot up ~ Iur-
ther, but failed to move after that until the
afternoon, when it retired, losing all but the
opening gains. In the last hour LackaWanna
and New England were leaders, and the former
crossed A0 again. The market finally closed
active and strong at the best prices OF the day.
Almost everything on the active list made i'm
portant gains and there were no declines what
ever.
Railroad bonds also felt the stimulus of the
change in the temper of the speculation and
kept pace with stocks in the increase IN actlV-
ity as well as strength. The sales of all issues
were 81. .982, ,0O0 Uf which the Gulf. Colorado and
Santa Fe firsts contributed S256, 600. The tone
was strong throughout. and the declines this
evening are few in number. Reading seconds
rose ~ to SIX the thirds 21S to A, and Shenan-
doah Valley tirsts 21S to 1121l
The Posts review says: The stock market
was stronger again this forenoon, and though it
is still almost entirely what is called, "a board
room traders market" a good many of the
daily spectators were apparently disposed to
anticipate the advance which everybody con-
ceded is likely to come in January. The ad-
vance, however, was largely due to the cover
ing Of shorts, and TO that extent is a temporary
cause. The bears had hammered the market
all the first four days of this week. On Mon
day they were successful in uncovering stop
orders and bringing out a good deal Of long
stock, but since then the market has shown
more resistance every day. But aside from the
spurt of prices caused by the covering Of
shorts, there is a more substantial advancing
tendency.
Under the present circumstances Of large
railroad earnings and the abundance of money
in Europe seeking investment in the United
States. is would be strange if prices of securi-
ties did not advance sooner or later. Unless
there is some manipulation of the local money
market there can scarcely be any cause for
higher rates than the present any time for the
next four months, and as for railroad earnings,
they were as good for November as the most
sanguine speculators could reasonably have
hoped for. Up to noon to-day 30roads reported
their gross earnings for the month of Novem-
Der aggregatng SIS 1888 264 against $l3 5l6 l6S in
1883, an increase of IL 3-l0 per cent.
The following table SHOWS tine prices of active
stocks on the New York Stock E1cnange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY STEPHENSON, oldest Pittsburg mem-
bers Of New YORK Stock Exchange, 81 Fourth ave-
nue.;