Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-19
NEW YORK STOCKS.
The Weekly Bank Statement Has but Little
Effect on Manipulation of Stocks
Movements in North American
ha


NEW YORK, October 1S-The trading in the
stock market to-day clearly demonstrated the
Independence of the manipulators of the street
from any and all circumstances, which ought
legitimately to have a bearing upon the real
value of securities. 1t has been known for
some DAYS that the bank statement would show
further decrease in the surplus reserve,
which for the past two or three months would
have been sufficient warrant for raid upon
the list. But the temper of the street is SO
completely changed that notwithstanding
loss in the reserves of over $1,000. 900 and the
complete wiping out of the surplus the market
to-day was strong from start to finish, closing
with material gains in many stocks.
The upward movement received also little, il
any, aid from outside sources, the foreign pur-
chases being insignificant, but the confidence
which has so lately been developed was most
noticeable, and all offerings were absorbed at
advancing figures. The traders were inclined
to discount the bank statement at the opening,
which was made on very quiet business at
irregular changes from last nights figures,
with majority of losses, which, however, were
for slight fractions only. The strength Of the
speculation became apparent IN May, however,
ab ana prices began 70 ps fse an an over @ m me ss T
half hour gains of "A per cent had been estab-
lished, North American leading the upward
movement.
Later there was a partial reaction, but the ad-
vance was soon resumed. and the bank state
ment, when issued, had no more than a passing
influence upon the course of quotations. All
the activity was in North American. The ad-
vances are very uniform in the active stocks,
but the pronounced movement was in Citizens
Gas, of Brooklyn, which, after retiring to 81,
rose to 100a, closing at a 100 gain of 2 per
cent for the day. The final changes. with ex-
ceptions noted were fractions only, but most
invariably in the direction of higher prices.
Railroad bonds are a little more active than
usual of late, the total transactions for the two
hours being S617,0OO with the Atchison and
Kansas and Texas issues leading in the trading.
The market was again firm to strong and At
lantic and Pacific lists rose 211 to 1871. Govern
ment bonds have been dull and steady. State
bonds have been neglected.
The Post says: The noticeable point in the
bank statement is, that the decrease of specie
is "a 737700, and the decrease of deposits So 224
800. In regard to the great decrease in
specie" it must be remembered that gold and
silver certificates are called "specie," and that
in default of supply of other currency these
In SO far as the movement of specie, or legal
tenders, in the Sub-Treasury is concerned,
there is reason to believe that next weeks
bank statement will show large decrease,
owing to the decrease of imports this week.
The percentage of the loans to the deposits
this week is 100L per cent, against 100 last
week, 81 in the week to October l. 965s in the
week to September q, 10015 in the week to
September 20, and l021S in the week to Septem-
Der 13
The following table shows the prices or active
day. Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON. oldest Pittsburg MEM
bers Of New York Stock Exchange, 81 Fourth
avenue;