Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-10
NEW YORK STOCKS.
The Bulls Take the Market in Hand,
Despite One Faint Effort of the
Bears-Few Gains Less
Than Per Cent

NEW YORK, Dec. 9.-The stock market was
quite different to-day from that of yesterday,
and in place of weakness, a decidedly strong
feeling existed throughout the entire day, and
the upward movement was interrupted only
in the forenoon, while prices never got down to
the level of those of last evening. In fact, the
market was taken in hand to-day by some of
the old bear party who have turned bulls and
prices were bid up rapidly upon the shorts.
Yesterdays news was still great factor in
the situation, and the call for the meeting of
the railroad Presidents next Monday, together
with the fact that gold is already shipped. were
the cause of most buoyant opening this morn
ing. The shipment of gold from London has
already improved the situation.
The opening advances were most pronounced
in the active list, and the gains of less than l
per cent were rare. while 29 per cent was the
limit. At the improvement, however. there
was disposition on the part of the smaller
bulls to accept the profits already accrued, and
the bears and traders immediately started in
to take their market away from them. This
caused partial loss of the early gains. The
Inducement TO sell was found in the fear Of
further failures. and they came. The resis-
tance to the hammer1nG operations was most
Stubborn, however, and the selling was soon
given up, when the market began to rise, be-
coming fairly buoyant in the afternoon. The
room was found again on the bull side, and the
upward movement seemed to meet as little re-
sstance as the bear raids did lately.
The failure was announced of Colbron,
Chauncey & Co, an old and respected house
upon the street, but it failed to create a ripple
upon the rapid advance then in progress. The
movement met with no check during the day,
and the gains over the lowest figures reached in
some cases as much as per cent.
The market finally closed active and strong
at the highest price of the day. The Gould
stocks were very prominent In the upward
movement, but it reached all portions of the
list, and the final gains are more pronounced
and more uniform than for many day. Union
Pacific rose 45l Colorado Coal and Louisville
and Nashville. each 35s; Northwestern and
each 81; Silver Bullion, 31s:St. Paul and Jersey
Central, each 215; Atch1son, ~; Burlington,
22S; Lackawanna, Chicago Gas and Southern
Express, 215: Northern Pacific preferred, 2N,
and others smaller amounts
The railroad bond market was comparatively
quiet. and, while 1t followed the share list in
showing strong tone, its strength was much
less pronounced than stocks. and several de-
clines were recorded among this active issues.
The sales of all Issues reached only Sl,27S, ,OOO
The Important advances included Atchison in-
the seconds. So to 37s4; The Reading thirds. 2
to 81, and Texas seconds, to 2911.
Tie change from the panicky condition of
yesterday was almost entirely the effect OF the
New York. The higher prices for American
stocks in LONDON before the opening of this
market were, in fact, also the effect OF the re.
port in London that the Bank of England had
shipped e., ,00O,COO of gold to New York.
London capitalists saw at once that all that
was wanting in New York to make large re-
covery in the stock market was imports OF gold,
and upon this announcement they Immediately
bought American stocks very freely. The
stock market here is still about as
narrow as ever. and as much confined
to the professional traders. but it immedi-
ately followed the London market As for the
amount of gold that is actually coming Just
now, there are large discrepancies in the re-
ports by the different cables. One says the
Bank of England has shipped 81, 1000, another