Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-18
NEW YORK STOCKS.
Faiiure-Buying More Enger jim Wall
st-eet-HopefhI Fsrllug Induced
by Prospective Bond Purcf


NEW YORK, September 1.-THE general i'm
tary of the Treasury would obtain the requisite
amount of bondseto-day, which would ensure
ease in money at least for the remainder of this
month, induced n more hopeful feeling among
commission dealers and there was displayed
this morning an increased disposition to buy.
The more sanguine bulls pointed to the fact that
the late decline having continued for a week,
argued that the reaction under the favor
able circumstances must last at least for that
time, and were disposed to take the long side
for good turn. The bears, however, while
acknowledging that there would be material
rally, we're not inclined to give as long life
and maintained that the short interest is only
moderate and liquidation of long accounts
would be started by any marked Improvement
in values
The buying to-day was more eager than for
some time. and especially SO after it became
known that the full amount of per cents had
been obtained at even lower figure than it
had been expected the Secretary would have
to pay for them. The traders were almost all
working on the long side, and there was a most
welcome absence of bear pressure in any por-
tion of the list, although some sluggishness
was shown here and there. A correction of the
general impression that the Secretary said that
he could do nothing more for the money mar
ket after the acceptance of his pending offers,
and the assertion that he said that the express
sion referred only to the per cents did some.
thing to restore a better feeling for the fu ure,
as the bears were inclined to make all capital
possible out of the impression referred to-
The London figures were higher this morn
ing, and, while there was not a very urgent de-
mand here first prices were generally slightly
higher than last nights final figures. The mar
ket soon developed strength, however, and
prices rose steadily until after the bond offer
ingS became known. By that time the whole
active list was up from l to ~ per cent, with
Lackawanna, Big Four, Chicago Gas and the
ha Uaip
The bears then attacked the list on the theory
that the result Of the bond offerings had been
discounted and III their efforts to break values
were aided by considerable realizatIons among
the traders on the advances of the past two
days. A large failure in Boston was also used
as CLUB with which to knock off quotations
and before the close almost all the early gains
had been wiped out and in a few instances ma
tcrial losses incurred. The close was quiet but
weak. generally at small fractions below the
opening figures. Rock Island is down per
cent and Burlington and st. Paul each nc,
while Pacific Mail is up per cent.
Railroad bonds were more active than usual
of late and displayed more pronounced firm
tone, resulting in a few material advances in
the list. The sales reached 1903 0O0 out of which
Rock Island SIS furnished Sl0l, 900. Hooking
Valley SIS rose to a. Fort Worth and Denver
firsts to l04, Houston and Texas general re.
ceipts to "a, and Milwaukee. Lake Shore and
Western tirsts ~ to 122. Government bonds
have been dull and lower. State bonds neg
lected.
4uc L OSt odys. ne IopOTb Ol RTOSS anu net
earnings of the Union Pacific whole system for
July and for the seven months to July 81 show
gain, as the earlier reports have shown, that
the Union Pacific Denver and Gulf is the only
prosperous part of the Union Pacific system
and the only one that saves the Union Pacific
from making very bad showing. For the
seven months to July 81 the Union Pacific,
Denver and Gulf net earnings show an increase
of S4S2 AIT, or liz per cent. over last year. while
the whole Union Pacific system shows an in.
crease Of sS2s.725. or about per cent. This,
however, is due mainly to the Oregon Navigation
which shows decrease of S445, or, or 70 per cent
of its net earnings as compared with the same
time last year. The total fixed charges of the
Union Pacific, Denver and Gulf for 1890 are
about 500, 900 month, and its net earnings so
far have been at the rate of Sl37, 900 per
month, or at the rate of about IL per cent per
annum on the S3l, 600, 900 OF outstanding stock.
The following table shows the prices OF active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON, old PittsburR mem
bers of New York Stock Exchange, 81 Fourth
avenue: