Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-08
STOCKS MORE ACTIVE,
But Without Any Material Recovery-A
Feverish Tone Exists Throughout the
Day-Rnilroad Bonds DuIier
Than Usual.

Than Usual.
NEW YORK, August 1.-The stock market
to-day was more active, but also displayed
more healthy tone than during the past two
days. although efforts to continue the decline
were not wanting There was, however no
material recovery, and lower prices were
marked In some of the specialties hitherto un.
touched by the downward movement
The Western bears are still harping upon
poor crops while the local contingent lays par
ticular stress upon the real or apparent scarcity
Of money. and argue that Notwithstanding the
advance in the price. which the Secretary is
willing to paw for bonds. the first offerings of
over $40. 600 900 seem to have exhausted the sup
ply, and the absorption of money by the Treas
ury still continues. In addition there Is the
drain to the interior beginning to be felt again.
while the high rates for money in London are
drawing gold from this side
The bulls. on the other hand, deny that the
bank reserves justify ruling rates, let alone the
extreme rates which have been exacted during
the past two days on the spurts, and accusa-
tions of manipulation are freely made against
few institutions who were some time ago
prominent in manipulating the rates for
money on call. While the market is falling
the short interest increases, and when the
Treasury begins to issue the new silver notes
the monetary manipulation would In all proba-
bility cease. At that time also there is likely
to be q better demand for securities and less
apathy in speculative way upon the bull side.
There was no lack of effort to get the market
down farther in the forenoon, but it met with
such vigorous resistance that it was soon given
up, and when that happened, the market re-
turned to its old condition of dullness with
slowly appreciating values First prices were
fractionally higher than last nights figures,
and there was some buying for London
account. beside evident efforts by the
Chicago sellers OF the past few
days to recoup. There was less
stress laid upoh the shortage of the crops there
fore, and the news from that section of more
hopeful character. The local contingent how
ever. was active in, depressing prices, and the
market was given an irregular and feverish
tone, which lasted throughout the day. There
was little effect. however, except in some of
the specialties like Tennessee Coal, Chicago Gas
and Chesapeake and Ohio first preferred. The
first named in the absence Of support was
offered down from 49, to A. and quickly rallied
to Al, closing at 40. Sugar was sold down in the
early dealings, but later recovered about all Of
the loss. Pressure was severe upon Atchison,
Missouri Pacific, Atchison and st. Paul, but
neither suffered particularly. The market after
the attacks weIe over always sank back into the
usual dullness with slow and steady apprecia-
tion of values. The close was dull, but nrm:
ana generally at about first prices. The nnai
changes were generally small fraotionai ao-
vances, but Tennessee Coal Is down Cnesa-
peake and Ohio first preferred lN and Cnicago
Gas per cent
Railroad bonds we're dullsr than usual ew-