Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-07
New York and Chicago Pointers.


There was strong effort to rally prices in
Wall street yesterday. The ways and means
whereof are set forth in the following special
to w. w. vansel ll5 Fourth avenue:
Every possible influence which could have
helped the downward course of the market
was brought into place to-day. London prices
came very weak.:that market being seller to
the extent of probably 10000 shares Money
was bid up to 6per cent, and the demoraliza-
tion was intense. Some of the larger shorts
covered heavily at the decline, but it is proba-
BILE that as much more was sold by new con-
verts to the bear side as they covered; at any
rate, the loan crowd showed a very heavy bor-
rowing demand for stocks, and that in spite of
the higher rates for money.
There were many rumors used to scare timid
holders, such as probable failures both In Wall
street and in the various manufacturing trades,
but they all failed to materialize, and when
during the closing hours of the session it was
found that in spite of continued heavy sales of
long stocks the market seemed to resist stub
bornly, traders took courage and bought
heavily in the hope of rallying prices.
1t is probable that weak holders are for the
moment quite sold out and that their stocks
have come into stronger hands, who may have
only bought for speculation. but will certainly
not sell except at profit: hence, we are inclined
may not be over. AS to the future of the
market all reason would be at fault when the
current is once set strongly in one direction.
No one can attempt to guess how far it will run.
The liquidation may continue to put prices
lower, but we are bound to reach bottom some
day, and when we do it will be for quite as de-
cided movement in the other direction.
Nothing of special interest developed in the
Chicago grain pit. Gables were firm and the
leading bulls obstinate. Provisions were firm.
News of the street.
Yesterdays rain made people living on torn
up streets feel rather blue.
Work on the bridge overthe railroad at Roup
will begin this week, according to report.
w. A. Heron & Sons-The demand for good
mortgages is brisk, but while money is fairly
plenty persons having it will not let it 60 under
6 per cent unles the security is frst-class and
the amount above S., 900. The amount of Phila-
delphia money placed here is small-not SO
much as some time ago, for while the rate is
low generally, those controlling it want a very
large margin of value over and above the loan
and all the expenses of placing it, which are
greater than in the case of home money. Bor-
rowers. as a rule, are ready to pay their mort
cages when due.
The power house of the Duquesne Traction
the roof --
The school building at Williamsburg, on the
site of the one destroyed by fire, is being
hustled as fast as possible. The roof is on, and
work on the inside will begin at once The,
building covers a little more ground, but is not
so tall as the old one
J. E. Glass has sold for a. c. Watkins IA lots
in bis Alliquippa place plan in the last few
days, showing good movement in moderate
priced property.
A charter was issued at Harrisburg yester-
day for the Grove Land and Loan Association
of Pittsburg, with capital of $50, 600. The di-
rectors are James W. Grove James B. Grier,
John W. Grove. Simon Prulin, Samuel c. Bear
and Louis c. Helm, Allegheny City, and John
Schuldice and Edward Frank, PIttsburg. The
Allegheny City Ten-Cent Premium Building
and Loan Association, with a capital of $500, ,000
was also chartered.
The Pennsylvania Railroad reports that the
quantity of coal and coke originating on and
carried over its lines east of Pittsburg and
Erie for the week ending September u was
343 694 tons, of which 237 4SS tons were coal and
JOG, 256 tons coke.
Railroad earnings: Pittsburg and Western,
fourth week September net increase S9,377:
month. net increase. S26,7O6. Baltimore and
Ohio Southwestern, fourth week September.
net increase. ST. 936; month net increase s2S 415;
year to date, net increase, $I62. .62l.
Ten of "a mortgages on file yesterday were
for purchase money. The largest was for e..
500 Eleven were for less than 81 ,000
New Buildings.
Building is picking up. Fiftsen permits
were issued yesterday, the most important in
volvInp 81 000 Tho fist follous.