Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-02
BETTER THAN EXPECTED.
d ars Make Another Drive Mt Railrond
shares, but Meet Defent-They De.
pended Too Much on a Bad
Unulr Stor

NEW YORK, March 1.-The stock market was
ag ain dull, and after temporary depression
developed materially stronger tone than it
has seen in some days. There was drive at
the list usual in the early trading but its re-
suits were not of special Importance. and as
during the week persistent pressure OF the
bears to force down prices has met with but
partial success, the depression to-day was only
temporary.
The attack this morning was made upon the
expectation that the bank reserves would show
a falling of about two and one-half millions. but
the statement of the loss fell million short of
the amount, and as there had been good buying
all along the line at the concessions. the rush
to cover after the result was known made
sharp and material rally. Of course the de-
cline in sterling exchange rates and the
furry in money incident TO the disbursements
of the 1st of the month were partly responsible
Tor the lowering, these rates gives promise
| that there will be receipts of gold from the
other side and consequent improvement OF
the speculation.
The bears were nammerng Union Pacific
to-day by rumors of an unfavorable nature in
regard to the annual report, buS the foreigners
were buyers and heavy covering was done.
The bituminous coal stocks were specially
weak also in the early dealings. but the rally
brought them up again and Tennessee Coal
scored handsome gain, though Colorado Coal
was sluggish.
Sugar was the strongest stock and was put
up by its friends to catch some stop orders.
The remainder of the market was devoid OF
feature and the market finally closed quiet
Dut strong. generally at snaue Detter Ghah
the opening prices, The final changes
slight fractions rule, but Sugar is up 34
and Tennessee Coal 23s
Railroad bonds were duller than usual of
late and the transactions in the two hours of
business reached only S372.0 .000 The natural
tone was generally steady, but all the impor-
tant changes in quotations are in the direction
OF lower figures.
The sales of bonds for the week aggregated
s.. 265OO0, against S. $4,000 for last week.
The Post SAYS: OF course the immediate
factor of the most importance in the movement
of prices is the rate of interest for money be-
cause this not only represents the absorption of
the circulating medium of the country by the
collection of nearly So, ,O0O.OO0 of excessive
revenue into the United States Treasury i'll the
last month, but also reflects the greatest ac-
commodations that banks have been called
upon to make to various causes OF the mercan-
tile and manufacturing community in conse-
quence of the unusually mild winter. Merchants
who have usually had surplus to invest in
securities ut this season OF the year are not
able to do SO this year. Consequently, every
body waited for the bank statement, and as
they expected a bad one prices were nominaily
lower
When the statement was announced it proved
to be more favorable than was expected. The
decrease of 50, lis 900 in The deposits SO far as
they may have any connection with the stock
market. showed that the stocks which had been
bought had been paid for with the buyers own
money and not that OF the banks. All of the
more active stocks were practically unchanged,
except by small fractions, as compared with
week ago, and though the majority OF these
fractional changes are declines, they are the re-
suit of the constant short selling and hammer
ing of tho market by the board room specu-
lators.
The following table shows the prices active
stocks on the New York Stock Exchange yester-
day Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON, oldest Pittsburg mem-
bers of New YORK stock Exchange. 81 Fourth ave-
nue.;
Cos