Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-14
NEW YORK STOCKS.
The Bears Not Yet Vanqutshed and Make q
Successful Attack on North Ameri-
can-The Destiny of Northern
Pacific Stock q Ouasfioo

Pacific Stock Question.
NEW YORK. November 13.-The stock mar
ket to-day, while still very active. showed less
excitement in the early trading. and afterward
subsided into the ordinary appearance with
only the usual fluctuations. The general feel
ing in the street has undergone a marked
change for the better, and the opinion of most
of the habItues is that the object of the in
fuental combination of capitalists which has
forced the recent decline has been accom-
plished and that with the affecting OF the re-
forms in the railroad business now proposed
there will come general improvement in
values. The late reaction from the low prices
of two days ago is regarded as principally the
effect of the covering of shorts, together with
some buying by those who had thrown their
holdings over in the scare.
There were no further failures of bank sus-
pensions to disturb the even course of events,
but the bears demonstrated the fact that they
have not as yet gone into their holes and are
still very much alive The natural tendency of
prices to advance after the late severe drop
was checked, and while the fluctuations were
on comparatively small scale they we're in
some cases very material, though the final
changes are in most cases for fractional
amounts only. The effect of the closing of the
North River Bank yesterday afternoon, and
the wild runors circulated in regard to the
North American Company, were shown at tn e
opening this morning. and this market followed
London, which had been disturbed by cables
calculated to cause distrust and everything on
than it closed last evening. The fear expressed
was that the losses of Decker, Howell & Co.
would have to be stood by the North American
Company, as the liabilities were regarded as
too large for private firm of their standing TO
have incurred, and there was great fear that
the securities which comprise the assets Of the
company would have to be sacrificed.
AT the opening there was an immense crowd
of brokers in the North American stock and
with the sound of the gavel everyone offered
stock for sale, and while 1t closed last night at
lS1s the hrst sale recorded was at Is from
cent at a time till it touched T. Buyers were
found at this figure. however, and it quickly
rallied to 19 and after some quick and violent
fluctuations 1t settled around II.
The general list, which had sympathized
with the drop in North American to limited
extent, failed to follow it down. and the general
bul'ish feeling soon found expression in ad-
vaEces all along the line, in which Cleveland,
Columbus, Cincinnati and ST. Louis Reading
Atchison. the Northern Paciics, Louisville
and Nashville and the Changers were con-
spicuous. the extreme gain from the lowest
| point being 8 per cent in the first named. The
| news of the day, however. especially that
from the West, was not of specially encour-
| aging character, and when the buying Stacked
| away the bears again came to the front, and a
| failure In the sugar trade was used with con-
slueraDle erect against the market.
Rumors of further trouble among the clear
| ing house banks we're started, and vicious at
| tack upon Northern Pacific. quite in the old
style, followed, by which that stock was forced
of from $50. the best price of the forenoon. to
! 5715. The entire list followed, and Sugar Re-
| fineries. which had been kept quiet during the
| greater portion of the day, upon the discovery
| that the transfer books had been closed and no
| authority existed to open them dropped from
50 to 54H, with demoralizirg effect upon the
general list. The movement, however in the
| few stocks carried prices below the opening
| figures, and late in the last hour there was
some recovery. the market finally closing
active but fairly steady at small changes from
| the first prices rule.
| There were some wide fluctuations among
| the speculating speciaities, with Illinois Gen.
| trail and Tennessee Coal most conspicuous, but
the final changes are generally comparatively
| small, like those of the remainder of the list.
| Sugar is down SO. Northern Pacific preferred
| 21s, PACIFIC Mail la, Louisville and Nashville
| l1s, and North American 7s6 with only frac.
| tional changes in the rest of the active stocks.
Railroad bonds were somewhat less active
the sales of all issues reaching 81 050. QUO, but
there was still a firm to strong tone displayed
| and most OF the active issues again show ad
vances. One of the most marked exceptions
was the Northern Pacific IS, which suffered
| with the other Willard securities. and dropped
per cent to 7SH on business of S25e, 600
Other declines Of importance, however, were