Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-21
NEW YORK STOCKS.
Why So Much Interest is Centered in Pa
cific Mail-Bear Attacks on Gould
Stocks and the Grangers-
II


Money Market Easy.
NEW YORK, November 2O-The stock mar
ket to-day has been rather quiet, without any
of the excitement which has marked the trad
ing in stocks for the past two weeks, while the
movements of prices were quite irregular, and
several changes of temper occurred,
which resulted in leaving the list IT.
regularly changed from last nights
figures. The early London advices
showed an improving feeling there,
and the governors of the Bank of England, at
their regular weekly meeting. allowed the
minimum rate of discount to remain unchanged
instead of advancing it to per cent, as had
been anticipated. This caused demand at the
opening here to cover shorts, and first prices
were all from Il to u per cent higher. while
Missouri Pacific was ~ higher and New En-
gland ~ The upward movement lacked vim,
however, and while few stocks scored further
slight gains, the upward movement soon came
to a halt.
Some of the traders who had bought at tine
low prices prevalent yesterday realized their
profits and the beais felt the market with some
short sales which soon turned the current and
the market sagged away.
An attempt was made to depress the Gould
stocks. with the apparent object of affecting
the whole list but it was quickly discovered
that prominent house was buying largely,
and, while Missouri Pacific lost per cent Of
its early rise. the raid was soon given up.
Extreme dullness marked the trading for the
remainder of the forenoon, but after that time
the bears again became aggressive, taking ad-
vantage of the limited market, as usual, to sell
another line of shorts. The attack this time
was directed squarely at the Grangers. and
Rock Island in particular. The rumor that
the next dividend would be passed was freely
circulated and undoubtedly had some in
f1uence, and coming at the same time with the
announcement of the failure of Barker Bros,
in Philadelphia, helped materially to depress
the stocks of the general list. The failure
had special influence upon Reading, and
that stock kept pace with the Grangers in the
downward movement as long as it lasted. The
drop amounted to about ! to per cent in the
Grangers and fractional amounts in the list,
with the exception of Rock Island. which was
knocked down from 81 to 63L. and even the
declaration of the regular dividends upon
Northern Pacific preferred and Burlington
were of no effect In checking the downward
| movement. The bears Withdrew their forces
toward delivery hour, but the market displayed
no recuperatiye power, although there was evil
dence of good buying, especially in Missouri
Pacific and Union Pacific
Money was easy throughout the day and
silver showed some Improvement, and the re-
sistance in the general list was stubborn hav-
ing the effect of maintaining most of the list
outside of the Grangers. above last nights
| uBuIes,dnu tne uudI CuduRos tnlS evening snow
majority of advances. The close, however,
was heavy and dull at close to the lowest prices
of the day. Missouri Pacific is the only stock
showing any material Improvement and is ~
| per cent higher, while Rock Island is 81 and
Jersey Central per cent lower.
! - Railroad bonds also showed somewhat less
animation, and the number of issues traded in
was much smaller than yesterday, while q
steadier tone marked the dealings thrOughout
the day. The final changes are, however, quite
irregular. though the speculative issues are
| generally higher. Northern Pacific IS led the
dealings with sSl00 followed by Richmond
| and West Point IS with s1l2 600 Richmon
and West Point IS rose ~ to IS; Mobile and
Ohio As, to So and Colorado Coal 6s, 2 to l0l.
The Post says: To estimate the value of Pa.
citic Mail as factor in the maintenance Of
transcontinental rates it must be remembered
that the Pacific Mail has facilities for carrying
vast amount of heavy freights, such as nails,
iron. etc., which the railroads could not carry.
because they could not afford to carry it ex-
cept at rates of freight which would be abso-
lutely prohibitive. 1t is this class of freight
which Is the main support of the Pacific Mail.
But while carrying this, the ships could
also carry higher class Of freights