Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-01
it difficult for the bears to cover their sales of

it difficult for the bears to cover their sales OF
the past few days without loss.
The operations of to-day were consluslVe
proof of this, as after the first demand was
over and prices let on shaoe tns t soeIt
in to make decline to cover up on, but except
In Rock Island there was little enect MADE
upon the list. The attempt was soon given up,
and prices were allowed to drift Tor the re-
mainder of the day until toward me elose,
when little real buying was the occasion OF
full recovery of the early losses with something
in addition in most Of the stocks tradeo IN.
The bears in their raid were aided also by the
fact that the day was Friday when tneIe ls Al
ways a scarcity of money to loan, owing TO the
rule which makes all loans run over TILL Mon.
day. and also by the fact that the calling In OF
loans incident to the first of the month and the
preparations for the payment OF interest and
dividends.
The most prominent feature of the day was
the buying of Pacific Mail which is based prl-
marily upon the expectation that tnere Will DC
legislation which will secure to this and otner
companies better compensation Tor the carry
ing of mails, etc., but the appearance OF Rufus
Hatch, at one time President of the company,
and who has been regarded as one VINO mad lost
his all in the street, as an active buyer leo 10 the
suspicion that there must be combination De-
hind him, The stock mounted to 4lH against
393z last evening" but in the raid OF the bears
lost almost all of the Improvement, closing
with only fractional GAIN. New england was
also prominent for the buying Dotn 1or boston
and inside account and the stock Is one OF the
few showing material Improvement for the day.
In the last rally the Coal stocks were the
leaders after being held comparatively quiet all
day long, but like most of the others their huc-
tuations were small and their final gains meas
ured by small fractions. The attack OF the
bears was most all in the Grange-s, and ROCK
Island bore the brunt, the pressure being ac-
companied by rumors of another issue OF oonds
and an aggressive combination with the San
Antonio and Arkansas Pass for through line
to the Gulf. The Trusts were quiet and failed
to make any important movement, and, IN 1act,
the only decided movement OF the day was IN
Evansville and Terre Haute, which shot up
from 1881 to 1861 against 102L last evening.
The market closed fairly active and firm to
strong on the rally, generally at insignlncant
changes for the day.
Railroad bonds displayed the same quiet
business as for the past few days. but there
was less movement in the issues traded In and
fewer features OF interest. The sales reached
ST. 593 900, out of which $4,000 were In Texas
and Pacific seconds. The market displayed q
firm tone throughout the day, but the final
changes are small as rule and without special
significance. Metropolitan seconds rose z 70
>f to iM. ~ '' ~
The Post says: Considering all the circum-
stances which have combined in the last TWO
remarkable that the decline has not been
greater. First came the withdrawal OF the
Union Pacific and Northwestern from the In
ter.State Association. followed by reports this
morning that the Rock Island was cutting pas
senger rates to Denver, and that it had formed
an alliance with the San Antonio and Kansas
Pacific for competing through line from Chi
cago to the Gulf, etc.
Then the shock given to public confidence by
the discovery that the attempt to wreck the
Sixth National Bank had, to say the least,
damaged the credit of one man whose reputa-
tion had heretofore been irreproachable; and
this morning again the rumor from Philadel-
phia that the Reading had adopted its threaten
ing "more energetic policy" and begun to cut
the prices Of coal-all of these things were cal
prices of stocks, but their effect was very
Slight, and indicates that stocks are very
strOgly held.
The following table SHOWS tine prices OF active
stocks on the New York Stock EIcnanRe yester-
day. Corrected daily for THE DISPATCH by
WHITNEY j. STEPHENSON, Oldest Pittsburg MEM
nue.: