Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-27
MONEY is EASIER.
Stocks Continue TO Improve, but the Market
is Comparatively Dull-A Short.
Lived Boom-A Rise In Sugar
uud n uilrnod Securities

NEW YORK, August 26.-The situation at the
Stock Exchange continues to improve and rates
for money were down to a reasonable figure for
the first time In many days. The market, how
ever, made no marked response to the improved
conditions and remained comparatively dull
with slight fluctuations after squirt at the
opening. The positive relief which has been
afforded to the money market in the past few
days, together with the announcement that if
enough:had not yet been done to give ease
something more would be tried, dismisses the
monetary situation as disturbing factor from
the situation for the present at least The 1st
of September is close at hand, however, and
the usual shifting and calling of loans in order
to provide for the quarterly payments, must
make some trouble during the remainder of
the week. There is, therefore. no marked dis
position to embark in new ventures on the long
side even yet. There was rush to buy at the
opening this morning and the market opened
with boom, the advances over last nights fig
ures extending to IL per cent in the cases Of
New York Central and Cleveland, Columbus,
Cincinnati and st. Louis. The demand did not
sustain these high figures. however, and the
further improvement was small when taking of
profits ou the rise led to some selling by the
BEARS which resulted in a fractional reaction
with the usual result of dullness and stagna-
ton.
The market continued to present a firm un-
dertone until the last hour, when the buying
began in earnest, encouraged by the extremely
low rates prevalent for money and in short
time advances extending to ~ per cent were
established. Sugar refneries led the upward
movement and the rumor that SIC, 900. 600 of the
stock had been deposited. and while the rumor
lacked confirmation, there was no reaction in
its rise. All the stocks which have been weak
est of late were specially prominent in the rise
and net gains of ~ in sugar; Big -Four, 2sS;
Lackawanna, 2H, Denver and Rio Grande pre-
ferred, 2; Lake Shore, ~. Reaaing, IL; North
western, st. Paul, Louisville and Nashville,
oh u. A oh
Pacific, Rock Island and Richmond and West
Point, each N; Missouri Pacific, Northern
Pacific preferred, Oregon 1ranscontinental
Southern Pacific and Union Pacific. per cent
each were established. The close was strong
at the best figures.
Railroad bonds were slightly more active.
but failed to develop any more decided tone,
and among the few important changes in quo
tations declines are the more numerous. The
sales were only $685., 900 without any special fea-
lures.
Government bonds have been dull and steady.
State bonds have been entirely neglected.
The Post saws: Considering the extreme
stringency of the money market last week and
the gravity of the circumstances in connection
with the bad crop reporIs and the labor strikes,
it is very remarkable that the prices of stocks
should have so nearly recovered already. There
has not been time for half dozen years
the shock of the combined circumstances above
mentioned 1t shows that speculation in the
stock market having dwindled down to the
smallest proportions during June and July. the
stocks had gravitated into the strongest hands.
and. though the decline from August to Au.
gust q was from to points. it did not cause a.
single failure of any speculator on the bull side
of the market. These facts will count largely in
inspiring further recovery OF = to points as
soon as the money market appears 70 pc secure
against any severe squeeze. A or Sper cent
rate for money will ensue with that much more
of recovery.
The following table shows the prices OF active
stocks on the New York Stock Excnange JESTER