Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-07
NEW YORK STOCKS.
A Sharp Bear Attnck on Louisville and
Nashville Stocks-Active Bids at Close
in the Money Market-Rail-
r0ud Shnre Revival.

NEW YORK, October 6.-The stock market
to-day was more active than on any single day
for long time, and was feverish and irregular
throughout with heavy drives by the bears
against few stocks. with full and material
rallies in most of the list, leaving prices at the
close irregularly changed, with a preponder-
ance of losses, which, however, are generally
for small fractions only. The shorts went into
cover at the low range of values, and a smart
rally was the effect in the early trading, the i'm
provement over the opening figures extending
to "A per cent, with Burlington and the Gran
gers leading in the upward movement. and
Union Pacific. North American and New En-
gland following.
There was undoubtedly good buying in the
market also, as one OF the strongest houses on
the street, including some prominent banking
firms, we're buying heavily. The news of the
day was generally of favorable nature. After
the covering demand was over the bears made
a specially severe drive against Louisville and
Nashville and North American, with Sugar Re-
fneries and Union Pacific following. The de-
clines, established from the best figures of the
was sold down to 14l1LS on sellers three day
options. The new buying came in at this
juncture however, and the upward movement
which followed was practically sharp, equaling
the downward movement in suddenness, and
more than eQualing it in its extent. Dizziness
at times marked the trading but the business
done was generally on large scale. though few
large lots changed hands.
Toward the close a few belated borrowers
came in and bid up the rates for money, though
it had more the look of a manipulation for
effect than anything else, and after ruling at
from 4 to per cent throughout the day, the
rate on call was run up TOT per cent, at which
figure the last loan was effected This had its
influence on the final dealings. and some re-
action from the high figures was made, while
the trading again fell away, and the close was
quiet and fairly steady to the opeuing prices in
of he ar l.
ly insignificant fractions, but Louisville shows
the only important loss. 2H per cent while
Reading and Missouri Pacific are both up per
cent. The Treasury purchased 800, 600 ounces of
silver, but the price fell away cent for certlf1
Gates.
Railroad bonds shared in the revival of
activity to-day, and the sales reached ST. 235 900.
which business was well and widely distributed,
the only acrive issue being Atchison incomes,
which furnished S171, 900. There was also more
movement to the list, and the important changes
are more numerous than for long time and
are about equally divided between gains and
losses. The marked changes however, as usual
of late. are generally among the inactive bonds,
while the active issues show comparatively un-
important fluctuations.
Government bonds have been dull and steady.
State bonds have been dull and without
feature.
The Post says: Of course the most important
question in the stock market is as to whether
the liquidation which carried prices down from
! to per cent last month, and appeared to cul-
inmate in drop of from / to per cent more in
the last half of last week, has been complete
enough to cause recovery. 1t is not now so
much question of the value of the stocks or
of their normal prices. as it is of whether the
holders of railroad securities are recovering
any of their courage There is no doubt that
the increased demand from importers for bank
accommodations to enable them to bring In
more goods ahead of the operation of the tar
if, played most important part in causing the
money stringency last month. But the statis-
tics of the imports and exports of the United
States, as gwen by the National Bureau at
Washington do not show any excessive ex-
portatiOn up to the end of August as fears of
tile community.
The following table SHOWS the prices OF active
stocks on the New York stock Exchange yester-
WHITNEY Il STEPHENSON. oldest Pittsburg mem
bers of New York Stock Exchange, 81 Fourth
avenue: