Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-19
NEW YORK STOCKS.
No Material Change in the Condition of a
Dull Market-Atchison is Down and
Jersey Central Up-Financial
Status Unsettled.

NEW YORK, Dec l6-The stock market to-
day showed no change in its general character
istics from those of the previous few days,
being dull and narrow, but withal firm to
strong, and the final changes of the day, while
somewhat irregular and generally for frac-
tional amounts only. are in most cases in the
direction of higher figures.
One of the most. prominent features of the
market at present is advances on light pur-
chases. This strength at present is due to va
riety of causes, but chiefly to the fact that the
directors of the various railroads are acting
promptly in voting for the new agreement, and
so far no opposition to it has developed in any
direction
The announcement that tine caucus of the
Republican Senators in Washington had agreed
on conservative financial measures added ma
terially to the feeling of confidence this morn
ing, and bankers here consider that if these
measures be passed great deal of gold that las
been withheld from the market will be returned
to it. The room traders continue to resist the
advance, however, and the short interest in
many stocks is now very large. which takes ad-
vantage of every little opportunity to make a
point against the market, ana this morning be-
cause London failed to respond fully to our rise
of last evening and came lower, the opening
was made at declines of from "a to "a per cent
generally, with special losses of l per cent in
Pacific Mail, and l1s In Louisville and Nash
vile.
The former was only a natural reaction after
d ".
the latter was artificial and in sympathy with
the lower London prices. The market how
ever, rallied from the first sales and there was
good, though light, buying throughout the day,
which kept prices moving almost steadily in
the upward direction. notwithstanding the
specific drives at Rock Island, Atchison and
Lackawanna.
There are bear points out to sell Atchison. on
a story that the company is cutting rates by a
new device: Rock Island was hurt by rumors
that the next dividend would be passed, and
the depression of the stock was aided by the
selling down of the collateral trust 5s from eS
to 81 Z. almost all OF which was aftcrward re-
covered. 1ackawanua reached its highest
price for some time, but was afterward raided
and all the improvement was lost, with some
thing in addition, the stock closing Its lowest
figure.
In the final rally Missouri Pacific was con-
spicuous. and all the Grangers made material
marked final advances.
The close was dull but firm at close to the
best figures; The final changes of note are
of a like amount in Jersey Central.
Railroad bonds we're quiet. and. although the
selling of the Rock Island 5s made a great
deal of business. the aggregate was small
owing to the peculiar tactics OF the sellers,
which was to make lower prices. and not to get
rid of their holdings. The total sales were
only 81, ,02S, 600 The general market was steady
and the final changes of note are few. Ontario
and Western 5s rose tn q Northern Pacific
terminals, TO los, and Toledo, Ann Arhor and
Grand Trunk frsts. to yo.
The Post says: One of the most noticeable
features of the stock market is that, notwith-
standing its extreme narrowness, it remains so
strong and prices 60 up as easily as they did
yesterday afternoon. There is still a pretty
large outstanding short interest in all the
active stocks, and. as the supply of stocks to
loan is not large, the short interest from time
TO time furnishes the motive power for upward
spurts of from 10 to 20 points Aside IRON these
it is still waiting market-waiting for the de-
velopments In commercial circles which are
naturally expected at the end of such year as
this has been. The daily reports of the failure
of banks in all parts of the country show that,
notwithstanding money is offered at low rates
on stock collaterals. the general financial situ-
alton is not settled yet.
The following table shows the prices or active
stocks on the New York stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON. oldest Pittsburg mem
bers OF New iork stock Exchange, 81 Fourth
avenue: