Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-20
NEW YORK STOCKS.
Market Opens Panicky Both in New York
and in London, but Immediately Re
covers Confidence and Advances
All Along the Line.

All Along the Line.
NEW YORK. November 19-Last night there
were cabled to London alarming rumors which
had been current here during the day about
certain large and influential houses on the
street being in financial trouble, and predicting
further failures and gloomy outlook alto
gether. These were reflected back here this
morning in the shape of rumors that large
houses in London were on the verge of bank
ruptcy, and, as the effect of last nights cables
was seen in the London market in panicky
feeling and sharp losses in American stocks,
these stocks opened from l to 81 per cent
lower than last nights prices. That the circu-
lators of the rumorS stood ready to take ad-
vantage of the situation created by the false
reports, however, was proved by the excellent
demand for stocks all along the line at the con-
cessions, and the loves. prices of the day were
reached during the first five minutes. while
only few stocks went below the opening
figures.
II was announced that the Pacific Mail people
had surrendered, and that George Gould would
become President of the company. The market
had no more than opened here when private ad-
vices from London came denying the stories
sent early, and announcing materially better
feeling there. which WAS soon reflected here in
purchases by foreign houses and the cession of
the sales by arbitrage houses.
The monetary situation here showed marked
Improvement as the day wore along, and the
buying assumed larger proportions immedi-
ately. while the purchases of securities by in
vestors show no diminution.
The oversold condition of the market was re-
Vealed by the nigh loaning rates Tor stocks,
several commanding Observation-Disclosures
per cent and Jersey Central, New York Central
and Lake Shore l-l6 and Reading and Louis
to cover increased in the afternoon and while
the dealings were r OF of larg value he advance
in prices was most pronounced and before de-
livery hour there were feS stocks which
both at the opening and the early
trading. The reaction in Jersey Central was
100 though it shaded off to 9S at the close. Bur-
lingtoa and Quincy and Northern Pacific pre-
ferred each showed about per cent difference
between the loves of the forenoon and the best
figures, and all the leading stocks advanced in
proportion. The upward movement ceased
only with the close of business and the final
prices were as a rule the best of the day, the
close being active and strong.
The final changes are quite irregular, but the
advances are largely in the majority, and the
losses show unimportance, while among the
sey Central 81. Pacific Mail So. Chicago Gas
IL, Wheeling and Lake Erie l5s, Union Pacific
and Lackawanna Ia, Northern Pacific pre-
ferred "a, New York Central and North
American each per cent, and the others gen
orally large fractions.
Railroad bonds showed little animation. the
sales of all issues reaching only Sl.S74, 600 The
market was still weak in the forenoon and fol-
lowed the share list closely in the afternoon.
when prices, especially III the speculative
issues. showed marked improvement Among
Inese. ERIE zdS rose 10 So12. hocklng valley 0S
los: % AZ 761z, and others in proportion. The
close, however. was strong, in close sympathy
with the share list.
The Post says: There were two leading
causes Tor the recovery of confidence and prices
in the afternoon. First was the action taken
by the Bank of England in posting a notice
ofhcially denying thaj the bank will call in
loans. and also advising the banks generals
to continue their loans to brokers until the
next account, or fortnightly settlement. The
result of this was that discounts were
easier in the afternoon in London, and
the stock market there closed firm al
a large recovery, with good buying by
capitalists for investment and with
the belief that the Bank of England rate of
discount would not be raised tomorrow, as
was thought earlier in the day would be the case.
All of this had great effect to help restore
confidence in this market. Second the revolu-
tion in the Pacific Mail directory, which has
taken place without an election and without
much, If any, struggle, in the market, for con-
troll of the stock, but by negotiation, is re-
garded as the index of most important harmon
ization of interests on larger scale in the whole
Granger and Transcontinental railroad system,
but especially in tie matter OF the Union
Pacitc-N orthwestern alliance and the atti-
tude of the other Granger roads toward it. The
restoration of the control of the Pacific Mail to
Mr.. Gould is also a factor, in that if he did not
have 1t the Union Pacific and its other allies
would be too much in the power of the Central
Pacific and other Huntington lines. One grc at
point IN all of this harlnoniZatlOn OF interests
is that 1t removes from the stock market the
most powerful bear factor, because there is no
other stock for which there is any struggle for
the control, anu therefore no reason for
depressing prices to shake out long stock.
The following table shows the prices OF active
stocks on the New York stock Exchange yester-
day. Corrected daily for THE DISPATCH by
bers of New York stock Exchange, Fourth
avenue: