Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-18
NEW YORK STOCKS.
The Market Oversold and Prices Higher
Effect of a Probable Government
Purchase of Silver-British
Gold fny TSerIip

NEW YORK, Dec. 1.-THE stock market to-
day was very dull and exceedingly narrow. but
remained firm to strong, with the exception OF
short time in the forenoon, when there was
an attempt to knock it down on the theory that
London was selling stocks. The market at
present is again oversold, and any attempt of
the bears to cover causes a quick advance in
prices.
One of the chief influences in the strength
displayed to-day was the publication of the
proposed financial legislation. The evidence
that the opinion in favor of the proposed rail-
road agreement is growing creates a good i'm
preston.
In regard to the silver question. it is the
opinion in Wall street that if the Government
makes purchase of Sl2 000, 600 or Sl3 600 900 of
silver there will be an end to the speculation IN
certificates. because there will then not be
enough of them afloat to give spectators a
chance to operate In them.
The market to-day opened higher, but
soon the upward movement was checked by
the bear operations, and Union Pacific was
knocked down per cent and the Others frac-
tions The current was then turned, and prices
from that time failed to show weakness in any
manner for the remainder OF the day. Lacka-
wanna was subjected to squeeze of the shorts
and took the lead in the upward movement.
but Union Pacific was sluggish. and
did not fully respond to the
temper of the rest of the operations
Pacific Mail was stimulated, however, by the
piospeCLS VI Ihe suusiuy Dni coming up LOT ac-
tion, and it spurted 4per cent on very light
trading. The rest of the list was favorably
affected by the action of the three companies
on the new agreement, and Rock Island, Louis
vile and n northwestern were all prominent in
the advance which followed.
The market finally closed dull but strong at
the highest prices of the day, and the final
changes are all in the direction of higher
figures-Lackawanna showing q gain of OK:
Louisville, ~; Jersey Central. Missouri PacIffc
and Northwestern. each N; Northern Pacific
preferred and Rock Island, each III; Canada
Southern, New England and Union Pacific,
each per cent.
Railroad bonds were duller than for a long
time, and failed to record many marked
changes. the tone of the dealings being quiet
and fairly steady throughout the session. The
sales of all issues were ssh 900.
The Post says: The movement of gold from
London TO Berlin. though quite large, being
now over e., ,00O, 600 in the last three days does
not necessarily indicate any unusual financial
conditions in Germany. There is always a
movement of gold that way to Germany in the
settlement of accounts toward the end of the
year. Money is from IL to per cent higher in
15ann Berlin than In,s in London, and that
of money to Berlin. Whatever of Amer
lean or other stocks Berlin has sold in the
last week would have to be paid from
London, and something may be due to that,
But however this may be, there is reason to
think that the Bank of England would not
offer any mora obstacle to the transfer of gold
than it did to New York. The Bank OF England
is now very strong in specie, and on December
II held f2i O76 of gold against fl9 22S 576 on
November 6. There is also over f15OO.0OO of
gold on the way from Brazil and Australia,
which ought to arrive before the end of the
year.