Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-08
VALUES SHOOT UP.
Railroad Shares Strong and Active by
speIls-sharp Advances, in Which
Sugar scores POint-Nenrly
Everything Finishes
Higher,

Everything Finishes
Higher.
NEW YORK, December 1.-THE stock market
was quite active by spells this morning, but
there was generally stronger tone, and while
all the improvement was not retained at the
close, the great majority Of the list is materially
higher than last evening. The temper OF the
room at the opening was very bullish. and first
prices as compared with last evenings figures
were generally from Il to "A per cent higher.
The shorts were covering in the Trusts, and
CoaIers and Sugar, LackawanDa and Reading
were the most active stocks, though in the
Coal stocks the movements were not equal to
those In some of the specialties. Sharp ad-
yances were made in many stocks, and Sugar
shot up to 70, followed by Manitoba, Michigan
Central, the Chicago and East Illinois pre-
ferred and the Coalers
The bears were searching for vulnerable
spots, however, and for some time after the first
rise the market was given all the stock it could
take and Sugar rapidly lost nearly all of its
early improvement, and some stocks relied
to a shade below the opening figures. The
pressure was soon discontinued, however, and
the buying again hegan 20 @ SeL ni ana wnlie tne
all over the room. The Chesapeake and Ohio
stocks, Oregon Improvement, Denver, Texas
and FIT. Worth and some others showed special
strength in the last rise. and the market closed
active and strong generally at close to the best
prices of the day.
Michigan Central was specially strong, but
there was realizing IN Cleveland, Columbus
Cincinnati and ST. Louis upon the belief that
there would be no further improvement In the
stock after the declaration OF the dividends.
There were o few fractional losses, but Sugar
rose 2sS; Chesapeake and Ohio second pre-
ferred. 2; the first preferred. II; Wheeling and
Lake Erie preferred, l, and Oregon Improve
Railroad bonds were active and generally
strong. but final changes are insignificant
There were a few marked advances among the
inactive bonds, but the active issues were only
slightly changed. The total days business
reached 81 047,0O0. with no specially active fea-
lures Rock Island coupon SKIES rose to 1877.
Peoria, Decatur and Evansville division skies
lost at IOI The sales of bonds for the past
week were 81, 9S7 900, against $751; 600 for last
week.
yesterday in this column that good many of
anticipate the advance which everybody con-
cedes is likely to come in january. This dis
position developed into an important buying
movement this forenoon, not only by local
specuIators but by those in Chicago and Lon
DON and the advances OF yesterday were
doubled in the short Saturday. The report of
for September at S95 4S3, against $S4, ,476 in the
same month OF last year. showing an increase
of Tvs per cent was so large that many we're at
first disposed to think it was not on the same
mlleape. but it is and this fact advanced the
stock / per cent. The buoyancy of the market
held out to the close though 1t probably would
not have done so If the bank statement had
come out at the usual time, instead OF being
delayed until u O'clock. Just as the stock mar
ket had closed.
Most people had expected from the large pur-
chases Of bonds by the Treasury and to the fact
thar in Chicago exchange on New York Is at
premium there would be an increase in the sur
plus reserve OF the banks
Purchase of bonds this week have not
brought out near SO much money from the
Treasury as many thought they would, and as
for the tendency of money to move from the
West to New York, II Is Offset yet by the move
ment to the South and Southwest where the
activity of general business seems to require
more currency than ever before.
The result was that the bank statement
showed 3 decrease in deposits BY the drawing