The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-18
STOCKS BEGIN TO GO UP.
A MORE CONFIDENT FEELING SEEN
ALL ALONG THE LINE.

The Market Undoubtedly OVerSold
for Some Time Past -Lackawanna
Makes a Gain of Six Points and Other
stocks Lesser Amounts.
NEW YORK, Nov. 1.-THE stock market
to-day, after having time to recover from
the scare OF Saturday. was less active than
on any day for the past two weeks, and the
return of confidence caused slow but ma
terial advance all along the line, notwith-
standing the fact that there was great ir-
regularity and feverishness throughout.
Two more failures were announced,
both due to the shrinkage in
values, but they had light effect, the failure
of Gregory Ballou serving to keep Missouri
Pacific down behind the rest of the list, as
it was understood that the firm was heavy
long of the stock. Sales under the rule at
one time were about all the business done,
but thev were all cleared away before noon,
and later, when it became evident that no
more failures were to be announced, buying
assumed a more confident 'front.' and the
upward movement was accelerated.
THE MARKET oyERsoLD.
To-day's developments show conclusively
that the market has for long time been
largely oversold, and that bids and osten-
sbe purchases were made by the bears
when the number of stocks called for could
not be obtained in the market. The general
opinion seems to be that it is now only a
question with investors of long stocks at
the present prices. as the feeling of inse-
curitv has almost subsidized, and a steady
Improvement may now be looked for on
sound basis There was re-
newaI Of the old rumors this
morning of a combination among
leading capitalists to support their respect
oiolf of ha
Clearing House, in following the example
of the New York banks, in issuing clearing
house loan certificates was of much infu-
ence in reassuring many would-be buyers.
The general confidence that the worst has
come out in the publication of the truth in
regard to the Barings, and the prompt action
by the Bank of England, would prevent
prevent any recurrence of the slump in
values in the future through forced lioui-
daton.
THE OPENING
The market was very irregular at the
a opening, through lower prices from London,
aud the effect of improvement in the feel
ing here, and while most stocks were frac-
4 tionally changed Burlington and Lacka-
wanna were each % lower, and Northern
Pacific preferred and Rock Island were
each up per cent. The market was, as
rule firm from the first sales, but there was
further decline in Burlington, Lacka-
wanna and Sugar, which, however, was
soon checked, and those shares, as a
rule, moved for the remainder of
the day with the rest of the list Much
irreguaritY in the movements was noticed,
but there was marked absence of excite
ment or apprehension, and, while the uu-
certaintie5 OF the situation for the present
kept room traders quiet and commission
houses were not specially active, tine diminu-
uon of the amount of business was the only
unfavorable symptom, if such it may be
called, and the demand from the foreigners
and shorts kept prices moving slowly and
steadily in an upward direction.
LACKAwANNA RECEIVERS.
The greatest interest was centered in
q Lackawanna, and after its early drop there
q was rise of 6 per cent. in it, the price
touching 1870 in the afternoon. Northern
Pacific was still very prominent, and showed
smaller fluctuations than other active stocks,
but preferred touched 60. There were few
weak spots, and Jersey Central went below
par and Wheeling aud Lake Erie stocks sold
lower, but they had no apparent influence
upon the rest of the market, and the close
was fairly active and strong at about the
i oeS5 prices Of the day. The final gains
are 2 per cent each in the big four and
Bock Island, / IS each in Union Pacific, st.
faQl' ana Louisville; "a in Atchison, II
each IN Northern Pacific preferred and
ana per cent in Pacific Mail, with frac-
lo9al gains in the rest of the list. The sales
oi lsted stocks were 3l5, 900 shares, and of
unlisted $3.50 shares, Northern Pacific
preferred furnishing $500 and Lacka-
wanna 81, ,04G shares,
CONDITION OF THE BARINGs.
special dispatch from London saws.
.; dne barlngS declare their financial posi-
Mon 10 pe sound now, as the banks have
S,i SIui@lseea three years support. The firm
m1n , reaIze 94000,000 surplus. They now
nod @o,00,O00 of the best commercial
PAPER e5, IN n the world, and their total liability
@I,OOU,UO0 1t is conceded that while
ney were embarrassed by the steady de-
h Pleoaloh 10 Argentines to considerable
caUsa cauea'' the principal ard precipating
droSS. iToSo VI t1elr trouble was Russas with
account - - 04A 'Do Ia LII
ARRANGED SATISFACTORILY.
BOSTON, Nov. 17.-Kidder, Peabody G.
E., ore in receipt f cable from the Bar
IN ssatlng that all matters are arranged
9i'oiuTglofily 9iT. T1!1ily and permanently and author
gs ais Aidder, Peabody & Co. to proceed
no1 ,'u . pust -ess as Usual. The Boston banks
ng. TY,"V Il o'clock this morning to agree
Eari,ae yi Such concerted action of a pre-
beemed ~ nature as might be
ifoa4 an4lttee voted to issue clearing house GER
rG Gt~eS. ~. Iorty-three banks voting in favor
aoa..G none against it. The rate of interest
11et ~ 9ates will be 7.3 per cent. Security
ANY, ~ put up by a vote of the directors
sso srp5 5e oank aL asking for certificates In the
rfieo. 8. SlO0 for each SIS advanced. No
nonDt yes were ASKED for to-day. The
! ''uu' VIII not be limited.
y VISIT TO THE BAR1Nes.
gn3oN, esoo;D9 Nov.17.-A representative of the
,rir G-aGed I, Press to-day visited the house of
rnl orIe - BROS. & Co. Everything was quiet
: eTto. oue place, and there we're no internal
rs III aai signs of disturbance. The rnem-
Ecen,on The firm stated that their
pYauc9s inot and other liabilities will
4stian vo as they fall due, and that the
rd ~ a4 :tl VI the firm, with the Bank Of Eng
ktora ''' Dack, is stronger now than ever
oa, 5e5'eF Or the official close. business on the
Il to4nCdnange to-day had decidedly bet
J. bi1ts sS-ib-utncy, b,,t prices rallying at weak
s1a The the UaC Sav Sill having general decline
Is karca fay. LAY. Speculative dealings were
the y, ,i,s ae@ Venturing to operate In view
6arkat tam and critical condition of the
teativ some some good Investment business
ID streat atsssed Sstti to modify thu depression,
on Eaps set ( dealings on late continental tele
80 we're Chiefly y,trol,r,..