Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-01
NEW YORK STOCKS.
specnlations ms to Whether the New Policy
Of the UuiIed States Treasury
Buying Silver Bullion is

VI the Uulfed stRtcs treasury
Buying sIlrer Bullion is
or is Not Fnilurc.
NEW YORK, September 3O.-The stock mar
ket OF to-day was in a transitory state. both the
bulls and bears still holding for further devel-
opments, while each side talked and wrote
plenty of stuff to bolster up its own cause. The
Dutls were inclined to pin their faith upon the
recent strength shown in Lackawanna, while
the bears were making all the capital out of
Union Pacific and the unfavorable statement
oil earnings. The market during the day was
remarkably free from hear pressure, and only
In burlington and Quincy was there any
marked effort to make an impression. The
rumors of forthcoming bad statement OF
earnings furnished the ground for the limited
selling lndulged in. On the other hand there
were a few marked advances made, though
they were not fully maintained, and the final
changes are generally slight. The opening was
quite irregular as compared with the nnai
neures OF last evening. but there seemed to be
desire to cover, and while London was a seller
to limited extent there was no pressure any
where IN the list. and the early dealings saw a
material Improvement all along the line Sugar
Kehneries leading, followed by Rock Island,
chicago Gas and Lackawanna, The demand
soon Stacked away however and dullness be-
came the ruling feature of the trading but con-
trary to the usual rule the best prices were
well maintained. and in some stocks even
humors OF decreased earnings on Burlington
we're irregular late in the day. and the stock
was then attacked, with the result of bringing
it down about ~ per cent from the best fig
ures and in the general list there followed q
shading off from the high price of the fore
noon. No material loss was sustained, how
ever and London became moderate buyer,
winch induced rally toward the Close when
Pacific Mail recovered per cent. The feature
of the late dealings, however, was the sharp
rally in silver certificates, which from 109I
rose rose to ll23s on reportsd heavy purchase, by
and generally at fractional gains for the day.
There were no material lOsses even Burlington
being down only "a per cent, but Pacific Mail is
up IL. Sugar IL and Wheeling and Lake Erie
is preferred per cent. Railroads bonds were
again dull, with the usual slight movements
and utter lack of feature of any kind. The
sales reached S73S, 600 for all issues. Govern
ment bonds have been dull and firm. State
bods have been dull and steady.
The Post says: THE further decline in the
price of silver to-day attracts much attention,
because it starts the query as to whether the
experiment of advancing the price of silver by
the purchases of the Treasury, to parity with
gold, is not failure. There are, however,
some immediate causes which have had an
important effect in causing the decline, and
which are not permanent. First Of these that
for the last week the Treasury has been out of
the market as buyer, though the purchases
Will begin again tomorrow; next the supply OF
bullion here has not been diminished by the
Treasury purchases; next the trade relations
between England and India have been enough
more favorable to England in the last few
months to make decrease in the demand for
silver for export to India. Next money is tight
in London, and dealers in silver there, seeing
that the demand was lighter for the time being,
both In this country and for India, have only
bid declining prices. The usual presumption
of specuators in such cases is that prices will
continue to decline because they have already
declined. But whatever may be the final result
of the silver experiment. the immediate causes
above referred to have probably spent their
force for the time being, and an upward reac-
tion in the price of silver before long is not
improbable.
The following table shows the prices OF active
stocks on the New York Stock Exchange yester-
WHITNEY 4 STEPHENSON, Oldest Pittsburg mem
bers of New York stock Exchange, 81 Fourth