Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-04
A BETTER TONE
To Railroad Shares and Advances in the
MajOrity-Pacifc Mail Strengthened
by the Presidents Message
The Coalera Rafdad


NEW YORK December 3-The stock market
was less active to-day, especially for the un-
listed department, but there was a much better
tone to the dealings throughout the greater
portion of the day, and advances are in a de-
cioed majority The features of the trading to-
day were the continuance of the foreign pur-
chases, the heavy covering Of shorts in the gen.
eral list and trades on Coal stocks and the
Trusts the last having the look of demonstra-
tion under cover of which to recoup short
sales The figures from London this morning
were materially higher than our last nights
closing, and as there were plenty of buying or
ders in the market for both the long and short
accounts, the opening was made at advances
over last evenings prices extending to "a per
cent in the general list while exceptional gains
were made among the specialties Tennessee
Coal being up l. Sugar 1A and Jersey Central
2 Their figures were placed too high, however
and material reaction occurred in the early
dealings.
The stocks of the regular list, however. we're
well maintained and some marked advances
were reported, Pacific Mail moving up over
per cent on the rumor that the Presidents
message would contain clause in favor of in
creased compensation for carrying the mails
The Louisville and Nashville, Missouri Pacific
and Atchison were all quite strong, and at noon
the market was fractionally better than the
opening prices. The usual daily raid upon the
Coal stocks was then made, and the demand
from the foreigners and the shorts having
fallen away, there was material impression
made upon their prices in a very short time.
The raid was accompanied by rumor that the
Coke suit had been decided against tbs Lehigh
Valley, though no confirmation of the report
was had. Eackawanna and Reading were
pressed for sale in large quantities. and the de-
cline in the former extended to per cent, The
trusts suffered to lesser extent, but the losses
in them were material. Another endeavor to
cover the shorts in the last hour resulted in a
marked rally which extended to the entire list.
and Sugar refneries was specially prominent
in the rise, reaching the best figures Of the day.
Missouri Pacific at the time was rather heavy
and lost portion of the early improvements
The market finally closed only fairly active and
firm to strong at the best prices or there abouts
The preferred stock of the Great Northern
Railroad was traded in the unlist department
to-day, selling at 80.
Railroad bonds were a shade more active to-
day the sales of all issues aggregating 81 702-
600, though the increase over yesterday was
perceptible in the Kansas and Texas issues. the
IS contributing S274000 and the Sc $4,000
though the Manitoba IS Furnished $685., OOO The
Kansas and Texas issues were the strong fea-
ture of the day the 6s rising I9S, to 7lsE and
the IS a fraction. Milwaukee, Lake Shore and
Western hrsts lost q at l211<
The Posts review saws: The large offerings
of bankers bills in the exchange market on
yesterday and again this forenoon showed that