Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-24
NEW YORK STOCKS.
Bank Statement Shows a Small Margin on
the Right Side, and All Stocks
but Two oAdvance-Causes
of the Rise.


but Two Advance-Causes
of the Rise.
NEW YORK, November 22-The stock mar
ket to-day was still very active and decidedly
strong throughout the session, the opening
prices as rule being the lowest OF the day,
while the final are either at near the highest.
The buying to-day was even more pronounced
than that of yesterday, and the feature was
heavy demand from brokers Unidentified with
the leading bear operator. Among the strong
stocks may be mentioned Manhattan, Wheeling
and Lake Erie preferred. Union Pacific and
Rock Island but the advance extended all
along the line. and the final gains are proper
tionately larger than those of yesterday.
The bank statement showed only slight
change in the surplus revenue, but it was on the
right side, and the banks are once more above
the requirements of the 25 per cent rule, al
though the surplus is only a few thousands.
The large decrease in the loans, amounting to
nearly Sc. 0C0, 900, was regarded as encouraging.
as it reflects the purchases of securities which
have been paid for outright and taken from the
street.
There was some selling by arbitrage brokers,
and also some talking of profits by the traders,
who say that the advance has been too rapid to
last, but the demand was SO urgent that there
was no interruption to the upward movement,
list. North American was one, and the other
Willard stock hesitated in sympathy.
The market opened with continuance OF the
activity and strength of yesterday and the open
ing advances were generally for large fractions.
while Missouri Pacific and Canada Southern
each were ~ per cent higher Great activity
marked the deal1ngs during the f1rst hour and
the upward movement was very pronounced,
the whole list, with the exception of the Viii
lards and one or two specialties, advancing with
great rapidity. There was some hesitation be-
fore the issue of the bank statement, but after
that was issued the upward movement was re.
sumed and the stock market closed strong and
active at the best prices of the day.
North American yielded slowly and is alono
in showings a decline of all the active stocks.
| The loss was lLs per cent but on the other hand
Lackawanna rose ~, Rock Island, ~; Union
| Pacific, 2; Wheeling and Lake Erie preferred
| and Missouri Pacific, ~; Atchison and st.
| Paul. 15ss; Canada Southern and Louisville and
Nashville. N. and Cleveland, Cincinnati.
| Chicago and St. Louis l per cent.
Railroad bonds were as active as usual of
| late and the strength of the market was in
| strict conformity to the advance in the share
list, the final changes showing many marked
gains among the active bonds The sales were
| 81, 150, ,0OO, out of which the Texas Pacific in
| comes furnished Sl23, ,000 The important ad-
IS. 8 to So; Hooking Valley IS, to IS: Mobile
| and Ohio As, "a to 63; Northern Pacific Is, 2
to 10S and Northern Pacific IS, to 85
| The exports of specie from the port Of New
S3, 562 was in gold and S434, 927 silver. The i'm
ports amounted to 1882 3l5, of which S305 42U was
| in gold and S26. Sy5 In silver.
| The Post says: London was again buyer
| of stocks this morning, and the early
| prices were higher than the closing figures last
| night. Discounts there are easler and the
J. whole financial situation there is improving.
| But London IS not the leading factor in the ad-
vance in stocks now To considerable extent
capital there will be still locked up in the mass
of from 500 000 600 to $500 100000 Argentine se-
| curities, which will have to be nursed by the
addition of other capital, ,while::the syndicate of
bankers who hold them will necessarily have to
assume practical protectorate over
| Argentine finances and Argentine pol
railway securities generally had its
| immediate origin in London, but the recovery
which seems to have set in at last, after six
| months of decline, is almost entirely due to the
| buying of stocks by American capital a large
| part of it being the capital of the general pub
| lic who are not the usual Spectators in stocks,
| but only come in as buyers in conjunction with
| the great and radical change of values.
| The lowest prices for all stocks which have
| been made for years, were those of November
| 15 Is and 10. From that point there has been
| a general recovery of from to points in the
last week, though this still leaves all the active
stocks from 18 to 25 points below their prices in
| May.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
| day. Corrected daily for THE DISPATCH by
| bers of New York stock Exchange, 81 Fourth
|