Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-26
SLUMPED AND RALLIED.
Stocks Open Weak, bus Recover Later o.
and Score Material Gaius-The Sugar
Trust Prominent for Strength
Other Striking Featurea

NEW YORK, July 25.-The stock market was
weak at the opening this morning, but soon re-
covered and advanced steadily throughout the
remainder of the day, scoring material gains be-
fore the close. The London operators evident
ly do not sympathize with the recent declines in
this market, for the prices from that center
again came higher this morning. The report Of
the great drygoods failure, however created a
bearish feeling among the trading elements
here. and first prices were all from IA to Y per
cent below last evenings closing figures. and
vigorous hammering at the outset furnished
losses ranging up to l% per cent In Missouri
a railroad official, in which the status of the
Interstate Association was made light of. SIS
well as the disappointment over the reported
utterances of Mr.. Gould, which the street did
not regard as positive enough.
The new e., C., G. St L. stock was forced
of ~ and Sugar Trust IL. The decline
brought in good buying. however and strong
and this scared off the traders for the time
being and the market became intensely dull,
but changed its tone decidedly for the better.
The fluctuations were made within the narrow
est limits, except for the specially weak stocks
of the first hour, which rapidly recovered, and
1t was not long before all of them were again
above the opening prices. Union Pacific dis
played most stubborn strength on the fact that
the increase in the net earnings for June would
be about s2OO.OOO. and it rose without a setback,
finally scoring the largest advance of the day.
In the afternoon there was a reduction on the
rates of the foreign exchange drawers, and this
gave rise to the expectation that there would
be no shipments of gold this week.
1t was announced that the reduction was be-
cause of the increased supply of grain bills for
next month and that further reduction might
be expected, which gave an impetus to the new
bullish feeling, and in the last hour the ad-
vance made more rapid progress and Atchison,
Missouri Pacific, St. Paul, Sugar Trust and
others were very prominent for strength. The
market finally closed quiet but strong at the
best prices of the day. The unlisted stocks
were more active and 27,756 were sold, Lead
contributing 1865 There were few frac-
tional declines for the day, but the great ma
jority of the list is higher tonight, though the
only marked changes were gains of II in
Union Pacific and per cent in Northwestern.
Railroad bonds continue to show a constantly
decreasing volume Of business, and the sales Of
all issues to-day aggregated only 7l6, ,000. The
market was not weak, however, and, though
there was considerable irregularity, prices are
in most cases slightly. higher. Among the ad-
vances are Rock Island 6s, 2; Hooking Valley
Is, ~ to 5414; Buffalo and Erie, 2, and Wheel
ing and Lake Erie firsts, 2E. The losses include
ST. Paul, Hamilton and Dayton rs. 2 at 241z,
and International hrsts, at lU2, and the Sec
onds 2 at 621<.
The following table SHOWS the prices OF active
stocks on the New York Stock Exchange yester-
day. Corrected daily for The DISPATCH by
WHITNEY srEPHENsON. Oldest Pittsburg MEM
bers Of New York stock Exchange, 81 Fourth ave-
nue.: 49,