Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-23
NEW YORK STOCKS.
Bank Statement Shows a Small Margin on
the Right Side, and All Stocks
but Two Advance-Causes
Of fI,a

but Two oAdvance-Causes
of the Rise.
NEW YORK, November 22-The stock mar
ket to-day was still very active and decidedly
strong throughout the session, the opening
prices as a rule being the lowest of the day,
while the final are either at or near the highest
The buying to-day was even more pronounced
than that of yesterday, and the feature was a
heavy demand from brokers Unidentified with
the leading bear operator. Among the strong
stocks may be mentioned Manhattan, Wheeling
and Lake Erie preferred, Union Pacific and
Rock Island, but the advance extended all
along the line. and the final gains are proper.
tionately larger than those of yesterday,
The bank statement showed only slight
change in the surplus revenue but it was on the
right side, and the banks are once more above
the requirements of the Is per cent rule, al
though the surplus is only few thousands.
The large decrease in the loans, amounting to
nearly 81, ,O00,0 900, was regarded as encouraging,
as it reflects the purchases of securities which
have been paid for outright and taken from the
street.
There was some selling by arbitrage brokers,
and also some talking of profits by the traders,
who say that the advance has been too rapid to
last, but the demand was SO urgent that there
was no interruption to the upward movement,
list. North American was one and the other
Willard stock hesitated in sympathy.
The market opened with a continuance Of the
activity and strength of yesterday and the OPEN
ing advances we're generally for large fractions,
while Missouri Pacific and Canada Southern
each were "a per cent higher. Great activity
marked the dealings during the first hour and
the upward movement was very pronounced.
the whole list, with the exception of the Viii
lards and one or two specialties, advancing with
great rapidity. There was some hesitation be-
lore the issue of the bank statement, but after
that was issued the upward movement was re-
sumed and the stock market closed strong and
active at the best prices of the day.
North American yielded slowly and is alone
in showing decline of all the active stocks
The loss was 1H per cent, but on the other hand
Lackawanna rose zzs, Rock Island, 2L; Union
Pacific, 2; Wheeling and Lake Erie preferred
Paul, l5s; Canada Southern and Louisville and
Chicago and ST. Louis per cent.
Railroad bonds were as active as usual of
late and the strength of the market was in
strict conformity to the advance In the share
list, the final changes showing many marked
gains among the active bonds. The sales were
sll5O,OO0, out Of which the Texas Pacific in
comes furnished sl23 900. The important ad-
vances were: Burlington and Quincy Nebraska
Is. to 81; Hooking Valley IS, to IS: Mobile
and Ohio As, 24 to 63; Northern Pacific IS, 2
to l0S, and Northern Pacific IS, 2 to So.
The exports of specie from the port of New
York last week amounted to S5OS, 4S9, of which
s73, 562 was in gold and S434 927 silver. The i'm
ports amounted to S332 3l5, of which S3O5 42U was
in gold and S26. Sy5 In silver.
The Post says: London was again buyer
OF stocks this morning, and the early
prices were higher than the closing figures last
night Discounts there are easier. and the
whole financial situation there is improving
But London IS not the leading factor in the ad-
vance in stocks now. To a considerable extent
capital there will be still locked up in the mass
of from $780, 000 900 to $780, 100000 Argentine se-
curities, which will have to be nursed by the
addition of other capital, while:the syndicate of
bankers who hold them will necessarily have to
assume practical protectorate over
Argentine finances and Argentine pol
itics The panic in stocks and
railway securities generally had its
which seems to have set in at last, after six
buying of stocks by American capital large
part OF it being the capital of the general pub
lic who are not the usual Spectators in stocks,
but only come in as buyers in conjunction with
the great and radical change of values.
The lowest prices for all stocks which have
been made for years, were those of November
10, Is and 19. From that point there has been
q general recovery of from to points in the
last week, though this still leaves all the active
stocks from Is to % points below their prices in
May.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
WHITNEY STEPHENSON, oldest Pittsburg mem
bers of New York stock Exchange, 81 Fourth
avenue;
Clos