Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-23
MONEY RULED EASIER.
The Sfringency Relieved by a steadyDe-
cIIne-ConsiderabIe Reaction Through.
out the List-The Close Was
Qulet hut Firm.

NEW YORK, AuG,,et-oo--l. sssv- 5seslr .,r--a-
Ker to-day tnefe was much less excitement than
yesterday, and a material reaction from the de.
preston was brought about. chiefly by cover
ing of shorts and London purchases on the
prospect of easier money. Money ruled easier
throughout the day than onlyesterday. but rates
were carried in the forenoon to as high as q
per cent per diem and interest falling at the
close to 8 per cent. The money question is still
the most important disturbing element in Wall
street. During the day the sub-Treasury re-
ceived and paid for about 81, ,0OO. 600 bonds, and
the proceeds were put to good use, sensibly re-
lieving the stringency, and the rate went down
steadily until the close.
The opening of the market was very strong
on the expectation that something would be
done to-day, and advances over last nights
figures extended to N per cent in the case of
Chicago Gas, with the general list from 10lL
per cent higher. The demand for money, how
eyer, was still high, and the bears were disposed
to regard the prospects as still unpromlsing,
and sold the list off again fractional amounts,
though in few cases were the early advances
wiped out. There was liberal covering, how
ever, and the room traders took the long wide
again, and London aided in putting the mar
ket up on the shorts by moderate purchases of
its favorites The weak spot in the market was
Sugar Refineries, and they fell away nearly
per cent and failed to make good the loss, al
though rsllying sharply later in the day. OF
the strike there was nothing heard,
and 1t has now been 80 thor
oughly discounted that it has ceased
entirely to be factor in Wall street. The i'm
provement when once fairly started made
rapid progress and continued until late in the
last hour when the gains over last nights fig
ures extended to about 2 per cent Toward the
close some reallZations of profits accrued on
the DAYS advance caused slight reaction In
figures, but the firm tone was maintained and
the tone was quiet but firm at close to the
best prices of the day. Canada Pacific stands
alone tonight among the stocks of the active
list in showing decline, and that is only n per
cent, but Chicago Gas, Burlington and Reading
are each up 15A; Big Four and Denver and Rio
Grande preferred lE each, Atchison and North
ern Pacific preferred ~, Missouri Pacific and
New England each IA Lackawanna and Louis
VILE and Nashville per cent each and others
fractional amounts. Silver was stronger but
less active and closed l14o higher.
Railroad bonds are quiet but displayed a
irmer tone and among the active bonds ad-
vances are more numerous than losses for the
first time in over week. The sales reached
79lOOO
Government bonds have been dull but strong.
State bonds have been dull anu without
feature.
The Post says: There is no reason to doubt
the Secretary's offer to redeem the S2O 900
AZ per cents at par and also to pay the whole
interest up 10 the maturity of the bonds Sep
tember l. 1891, will bring out the tull $40 600 OOO
aud as a great part of these will come out OF
trust companies and other vaults where the
capital in them has been kept for security
rather than interest, and has, to considerable
extent, been dormant, it will be an important
relief to the money market. In case of any
continued stringency the secretary would also,
probably, after September l, prpay the 5000
900 of one years interest on the S593 800 700 of
outstanding per cent bonds For the time be-
ing the course of the stock market is governed
almost entirely by the aspects of the money
market.
The following table shows the prices of active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY'& STEPHENSON. old PittsburQ mem
bers of New York stock Exchange, 81 Fourth
avenue: