Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-30
NEW YORK STOCKS.
Strong and Active Market, Traced Mainly
to the Fact That Money Has Not Be-
come So Stringent as Was
Ea,ra,7 a. @I,o Na,,


New YORK, Dec. 29-The stock market to.
day presented stronger front than it has for
the past week. and at the same time showed
more activity than for several days. The i'm
provement in the market may be traced to sew
eral causes, but chief among them is the fact
that money has not become as stringent as was
feared approaching the first of the new year,
and while there was firIner feeling in money
for almost all the forenoon, the rate on call be-
ing run up to per cent at one time, still it
later declined to 2 per cent, and the easing of
the rates was followed by more confident buy
Ing Immediately. Many investors. anticipating
the interest and dividends theyw receive on
January l. are making purchases of dividend
paying stocks and good bonds, and these pur-
chaSes were a power in the market to-day, in
ducing liberal covering of shorts, aided by
buying for London account. The buying in
Western Union, Wheeling and Lake Erie, St
Paul, Union Pacific. Rock Island, the Wander
bilts and the coal stocks was excellent, and
among those shares some very material ad-
yances were scored, although the total of the
days transactions is not large. The cold
Weather and the increased hopefulness of the
outlook for the coal stocks generally induced
the covering of more than one line OF shorts in
Lackawanna, to which may also be added thc
effect of the late statement for the past year.
Union Pacific was sluggish throughout most of
the day, but report that the company had
secured III ne ,ded funds while some progress
had been mp. :; il plans for the funding of the
hoatir deb: helped it up in the afternoon, and
its gai4 for tho day was quite marked. Tha
opening OF the market was strong, and whIl =
the temper of the room was not bullish. there
was marked disposition to cover evinced by
the shorts, and good buyiug for the long ac-
count and by London kept the movement ad-
vancing. There was considerable opposition to
the upward movement in the first hour, but the
pressure to sell was then withdrawn, and after
money became easier the advance was acceler-
ated, the market closing active and
strong the highest prices of the
day. The final changes are all advances and
Lackawanna is ups, Wheeling and Lake Erie 23s.
Rock Island %, Union Pacific, New York Cen
trail and Northern Pacific preferred IL; Atchi-
son, Louisville and Nashville and Western Union
each IL; Burlington S1s, st. Paul IA North
western rs, and Missouri Pacific and Sugar
each per cent.
There was likewise broadening out .of the
bond market and while the aggregate of the
transactions was only Sl,S09, 600. out of which
-Atchison incomes contributed Sl63 600 the bust
ness was distributed among an unusually large
number of issues. The tone of the dealings
also showed pronounced strength at times and
many marked gains resulted. Atchison IN.
comes rose 212.to 40; Chesapeake and Ohio "A''
81 to lis: st. p, Z. d NJ. rs ~ to l221< and
Pensacola and Atlantic firsts 277s to 1885.
The Post says: There was scarcely any news
during the day that had much, il any. effect on
the stock market. 1t was expected that good
many failures in all parts of the world would be
announced incident to the close of this year.
but in all these cases the real situation has been
known for months. and even though they may
include some names which stood well in their
special localities, they will have no effect on
finances generally. The cooperative signIti.
canoe is in showing that the financial coDdi.
tions which have caused such serious troubles
in New York in the last six months have been
largely the effect of conditions which have
been general to the whole financial world
The following table shows The prices or active
stocks on the New York stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY STEPHENSON, oldest Pittsburg men,
bers of New York stock Exchange, 81 Fourth
avenue: