Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-05-04
STOCKS HELD UP.
They Break Under Covering by the Shorts
and Purchases for the Long Account,
But Rally and Close ut the
Best Figures,

They Break Under Covering by the Shorts
and Purchases for the Long Account,
But Rally and Close ut the
Best Figures.
NEW YORK, May 3.-The stock market was
again fairly active and generally strong to-day,
but there was not the same uniform movement
that has characterized the dealings of the
previous days, and some stocks tonight are
slightly lower than last evening. The great
feature of the day was the buying of the
grangers' stocks, and they again led in the
point Of activity and strength. The covering
of the shorts and purchases for the long ac-
count by the western operators who have SO
lately been of bearish turn of mind still con-
tinued and Burlington still felt the stimulus of
the remarkable increase in its earnings for
March, bringing the rest of the stocks of the
roads in that section of the.country with 1t.
The fact of the probability of renewal of the
negotiations between the Union and Northern
Pacifics was not known until after the close of
business. There was a decidedly bullish feel
ing upon the street this morning and made
Union Pacific once more one of the leading
strong stocks
There were 81, 10000 gold engaged for export
tomorrow, and while this had some effect to re-
strict the upward movement, it could not stop
1t, and its influence soon wore away though
there was an attempt to get up slight scarcity
of money in the last part of the day upon the
strength Of it. The bears, as on yesterday,
made demonstration against the list in the
forenoon and actually succeeded in getting
some stocks down to shade below THAR OPEN
ing figure at noon, but there was alarge amount
of Burlington called in which had been loaned
and it commanded premium for use at one
time of u per cent per diem, and steadily rose
and reached point within per cent of par be-
fore the close. A feature of the dealings also
was the heavy foreign buying of st. Paul, al
though the stock moved up only fractionally
a m ri Q6 toro fhr0u u0ho
the day. The activity in Richmond and West
Point was marked feature Of the early trading
but after the nature of the probable action at
to-morrow's meeting was known, the stock fell
The opening prices were generally from IA to
q per cent higher than last evenings figures
and these gains were further increased in the
early trading by fractional amounts with
Lackawanna, Richmond and West Point and
Union Pacific leading. The bears, however
succeeded in bringing the general list down to
about the level of opening figures before the
end of the first hour, after which there was q
weakness in Pullman, which declined about
per cent. The grangers then came to the front
and developed marked strength which lasted
until the close, which was active and strong at
the best figures. Pullman is alone in showing |
material loss tonight, being down 1-per cent, |
but Burlington is up 21s; Oregon Navigation,
~; Chattanooga, 2; Union Pacific, III and |
most of the others fractional amounts.
Railroad bonds were not in such urgent de- |
mand as yesterday. but the business done |
81, ,S34O00 and strong tone was |
noticeable throughout the day, resulting in |
advances all through the list There were very |
few marked changes among the active bonds, |
however, and the important gains are generally
among the neglected class Of bonds. The Bur
lington, Quincy and Denver As rose 2 to 81,
Denver South Park flrsts 2115 to 8911S. Denver
and Rio Grande Western certificates OK to
S714, Gulf Colorado Santa Fe seconds to 95.
The following table SHOWS the prices OF active
stocks on the New York Stock Exchange.
Corrected daily for The DISPATCH by Whit
ney stephenson, members of New York
Stock Exchange. 81 Fourth avenue: