Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-18
NEW YORK STOCKS.
Market Less Active Than for Two weeks-
Effect of Rumors of Clearing House
Assistance to Banks-Rapid
Revival of Values,

NEW YORK November 1.-THE stock market
to-day, after having time to recover from the
scare of Saturday, was much less active than
for any for the past two weeks, and the evident
return of confidence caused a slow but material
advance in values all along the line notwi1h.
standing the fact that there was great irregu-
larity and feverishEess throughout the entire
day. There were two more fail
ures announced, both due to the
shrinkage IN value, but they had but slight
effect, the failure of Gregory & Ballou serving
to keep Missouri Pacific down behind the rest
of the list. as it was understood that the firm
was heavily long Of the stock. The sales under
the rule at one time were about all the busi-
ness done, but they were all cleared away be-
fore noon, and later when it became evident
that no more failures were to be announced the
buyers assumed a more confident front and the
upward movement in values was accelerated.
To-day's developments show conclusiyely
that the market has for a long time been
largely oversold, and that bids and ostensible
purchases were made by bears when the num-
Der of stocks called for could not be obtained
in the market. The general opinion seems 20 be
that it is now only a question with investors of
getting stocks at present prices, as the feeling
of insecurity has almost subsided and that a
steady Improvement may be looked for on
sound basis.
There was renewal of the old rumors this
morning of combination among the leading
capitalists to support their respective special
ties, and the action of the Boston Clearing
House in following the example of the New
York banks in issuing clearing house loan
certificates were of much influence in reassur-
ing many would-be buyers. The general con-
hdence was that the worst has come out in the
publication of the truth in regard to the Bar
lngs and that the prompt action by the Bank
of England would prevent any recurrence
of the slump in values in the future through
forced liquidation.
The market this morning was very irregular
at the opening through the lower prices from
London and the effect of the improvement in
the feeling here, and while most stocks were
fractionally changed, Burlington and Lacka-
wanna were each IL lower, and Northern
Pacific preferred and Rock Island were each
the first sales. but there was a further
drop in Burlington, Lackawanna and Sugar,
which, however, was soon checked, and
those shares as a rule moved for the
remainder of the day with the rest of the list.
Much lrregularlty in the movements was no.
uced. but there was marked absence of ex-
citement or apprehension. and while the uncer-
tainJies of the situation for the present kept
the room traders quiet, and commission houses
were not specially active, the dlmlnutloD Of the
amount of business was the only unfavorable
symptom. if such it may be called, and the de-
mand from the foreigners and the shorts kept
prices moving slowly but steadily in the up
ward direction.
The greatest interest was centered in Lacka-
wanna, and after its early drop there was a
rise of 6 per cent in it, the price Touching l30 in
the afternoon. The Northern Paciflcs were
still very prominent and showed smaller fuc-
tuations than the other active stocks. but the
preferred touched go. There were few weak
spots and Jersey Central went below 100. and
the Wheeling and Lake Erie stocks sold lower,
but they had no apparent influence upon the
rest of the market, and the close was fairly
active and strong at or about the best prices Of
the day.
The final gains are per cent each in Cleve-
land Cincinnati, Chicago and St Louis and