Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-08
A SHARP BULGE.
Wall Street Operators EncournRed-Im-
provement In the Monetary Situation
Stimulates Stock Tradiug-A Gen.
eral Upward Movement.

NEW YORK, March THE stock market was
more active and stronger In all the departments
to-day than it has been for some time, and uni
form and material upward movement was the
great feature of the trading. The recent i'm
provement in the monetary situation, both at
home and abroad, made better feeling both
for the shorts and the long account. The
liberal purchases of bonds by the Treasury
Yesterday and the heavy offerings again to-day
also had favorable effect upon the street and
the bears found themselves no longer able to
take the aggressive, and the covering of shorts
was large portion Of the business of the day.
The operations in Reading again occupied
most of the attention, but they were not either
SO large numerically nor so important in COM
parison with the transactions IN the rest of the
lisr. firm which has been loanlng large
amounts of the stock upon the street suddenly
called it in. anG not only the shorts but those
who are conducting arDitrage operations be-
tween this city and Philadelphia found them
selves in a tight place. The loaning rate went
up to 1-l6 per diem for use, Use and after 1T it had
been hammered down to 36L a rise to 3734 fol-
lowed, the close being within slight fraction
of the best figure.
The Coalers sympathized to a limited extent
but the Grangers became again very prominent
in the market, and. as there were no disturbing
reports from the West, they all made material
advances for the day. The report that divi-
dend had been declared upon Sugar Refneries
was proved to be false, and this morning the
stock opened off over per cent. but the buying
for a time at least was as good as usual of late.
and it was puSheQ up TO 1ractlOnally higher
figures than yesterday. This was all lost later
in the day, however. and it closed with a frac-
tional loss
Among the speclalties Cleveland, Columbus,
Cincinnati and st. Louis and Wheeling and
Lake Erie were the most prominent, but their
gains, except for the first named, were small.
The strong tone which prevailed during the
day lasted up to the close, which was active at
the best prices of the day. The principal gains
are: Cleveland, Columbus, Cincinnati and st.
st. Louis, ~; Rock Island, 15s; Missouri Pacific
and Oregon Trans-Continental, IL; Northwest.
ern, "; Louisville and Nashville, 1LH, and st.
Railroad bonds were decidedly more active
to-day, the sales reaching So, IA, 900, but this
was principally due to the activity il the
Reading issues, the As furnishing S8l0,O00 to the
grand total. The As and the first and second
incomes were strong, but the thirds went
back Among those which are higher tonight
are Reading frsts, ~ to g. The losses inclnde
Ohio Southern incomes, 2A0549.
The Post says: So far as can be estimated
to-day, the bank statement tomorrow is likely
to show further loss in reserve. and this
argument was being freely used in the attempts
to depress prices this forenoon, but without
much effect, because 1t can now be foreseen
that the lower rates for money in London
(which caused . reduction IN the rates Of