Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-03
HOPE IN THE FUTURE.
Though Business Was Small on Wall Stree
the Market Displayed Firm Tone
Opened With a Boom-An Un.

Opened With a Boom-An Un.
usual Trade In Stocks.
NEW YORK. September 2-There is a grow
ing disposition in Wall street to look upon the
hopeful side of the situation. The market there
fore displays decidedly firm tone on a small
volume of business. To-day there was some
thing like boom at the opening. and sales were
made at material advances over Saturdays final
figures. the gains generally extending to u per
cent, while Sugar Refineries were up 81 per
cent. The number of stocks traded in was
larger than usual of late, and the strength
reached all portions of the list, although the
further gains, especially in the general list,
were insignificant. London was the moving
factor in the advances. Commission buying
helped the early gains but the demand was soon
satisfied and. dullness becoming again q feat
ure the traders were again encouraged to take
the short side, especially as there was an effort
to bid up money. which, however, was unsuc-
cessfu} and rates Immediately dropped back to
the lowest point Of the day.
Sugar yielded materially in the forenoon and
the rest Of the market sagged off in sympathy,
though in but few cases was more than the
opening gains neutralized. The statement re-
Gently issued by the cotton oil officials met
with some favor and all classes of the stock
felt thSAstimuluS and the receipts rising to n
again st 241S Saturday, and the new stock to 22
from 19. The downward movement In the 1e-
mainder of the list was not checked. however,
and the close was dull and heavy generally, at
fractional losses from the opening figures. The
final changes are in all cases for small frac-
tions with the exception of Rock Island which
Is down Ac.
Railroad bonds were very quiet, and, as
usual, without pronounced Ione and the
changes in quotations were generally confined
to Insignificant amounts. The sales reached
only S6SS, 600.
Government bonds have been dull and steady.
State bonds have been entirely neglected.
The Post says: The reason for the greater
activity and higher prices for the Granger
stocks to-day was that there is still very large
outstanding short interest in them which is get
ting uneasy, though there has as yet been no
marked attempt to cover it. All of these
stocks. and to some extent. also the Wander
bilt stocks were sold short. partly on account
of threatened railroad strikes, partly on ac-
count of the tight money market and partly
also on account of the rumors about the finan-
cial condition of Rock Island, which as q rep
resentative granger road was presumed to in
dlcate something of the affairs and prospects
of the other granger roads. But now that the
capitalists who control and manipulate ST.
Paul have begun to talk about a dividend on
the common stock some time in the near
future, possibly next year. it will help to
strengthen all the Granger stocks.
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 Pittsburg mem
bers of New York stock Exchange, 81 Fourth
avenue: