Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-13
AN ACTIVE MARKET.
Prospect of Money Becoming Easier-GoId
Shipments Cease-Adyance In Rail.
road stocks-Buying to Cover

5uOFt COntractHs
NEW YORK, August R-The stock market
to-day was active in the forenoon, but later
subsidized into the usual dullness and stagnation
which have Of late become such marked char
acteristics of the speculation, and while the
activity lasted there was decided strength dis
played, which disappeared later in the day
when the demand Stacked off, The bears, now
that the New York Central strike is practically
over, affect to belittle its Importance, while
only two days ago uin stared the entire country
in the face because of 1t. The stress is now laid
upon the continued stringency in the money
market and the damage to the crops. The
bulls, on the other hand, believe that damage
has been greatly exaggerated. and even were it
higher prices realized for the crop will enable
the agricultural population to purchase as
largely as during the past year, and the west
bound traffic is likely to be fully as large. if not
larger, than ever before. while the surplus left
over from the last crop will help to furnish ton
mage to the railroads.
The time for the enforcement of the new
silver law is now at hand, and relief for the
money market is therefore near. Strong hopes
are entertained that the Secretary of the
Treasury will find some means of multiplying
the heavy Treasury absorptions. One of the
most importantant factors in the strength dis
played to-day was the buoyancy of the London
market where the late stringency in money
has been relieved, and more hopeful feeling
6AlSLS Iuau az new 1Ork. Inc easing uD OIL
the money market there with the high rates
here, have caused weakening in sterling ex-
change rates, and for the time being gold Ship
ments are out of the question: which also en-
The buying, however, was IL great part to
cover short contracts, and while there were
heavy purchases for foreign account the de-
mand for home consumption was still larger
The news of the day was in a large degree
favorable, and the proposition that the Secre-
tary of the Treasury would purchase the AIS
at par and interest to maturity met with much
favor and aided to keep the upward movement
going The most important factor to that end
was che landing of large sums by one promi-
nent bank. which gradually lowered the rates for
the tightness prevailing in the forenoon. The
upward movement continued, therefore, with
out interruption, until the close, and the ad-
vances were large and uniform, the entire list
ings. especially in the afternoon, presented
little or no social feature, and the close was
quiet but strong at the best figures of the day.
The PRINCIPAL gains comprise Tennessee Goa, 8;
Paul, 2; Union Pacific, lT; Louisville and
Nashville, ~: Lackawanna and Wheeling and
Lake Erie preferred, 1Ss each; c., c., G. and st.
Colorado Coal, Rock Island, Missouri Pacific
and Wabash preferred " each; Northwest
ern, Northern Pacific preferred and New En-
gland, ~ each; % and e! Chicago Gas. Erie and
Railroad bonds were dull. the sales being
only S76l,00O, and the tone was still heavy
though few marked gains were scored The
important changes were very few, however,
and the final changes generally are insgnif-
can't
Government bonds have been dull and firm.
State bonds have been entirely neglected.
The Post says: While money remains at 4 to
~ per cent in London. it is plain that the
higher rates here, if continued, must soon re-
duce the rates of exchange to a point where
the gold sent over a week or two ago would be-
gln to come back and thus equaize the rates
for money. In connection with this also it ap-
pears that London Spectators have recovered
from their South American furry and
were buying American railroad stock
to-day. This helps to weaken the
exchange market as well as to
strengthen the stock market. The parties who
have manipulated the money market here also
have probably realized to-day that they cannot
control it much longer, and there is reason to
believe that they were buyers OF stocks this
forenoon. When they have Dought their
stocks the money they have locked up Will
come out In pay for them. and II Is 10 De ex-
pected that with the exception Of q few trifing
spasms the money market Will work easier
from this time on Aside from this, the Secre-
tary of the Treasury will probably also in some
way contriye to buy some large amounts OF
bonds before long, which will help to make
money easier.
stocks on he New York Stock Exchange yester-