Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-20
PRONOUNCED ADVANCES.
Whirl in Railrond Shares, With Many
Strong Features-Buils Force Shorts TO
Covcr-Bank Statement Favor
able-Best Prices Last.

NEW YORK, April 19-The stock market to-
day was more active and displayed a stronger
tone than any Saturdays market for long
time and the advances were more pronounced
than on any previous day this week. The gen.
eral expectation of a favorable bank statement
rendered the professional element. which mo-
nopolized the greater portion of the business
done, rather bullish. and the bulls took hold
with considerable vim, compelling the cover
ing of many short contracts.
As usual of late Sugar Refneries and Lacka-
wana were the most conspicuous features of the
market, especially in the matter of activity;
both were strong and made material gains,
though they were measured at the close by
fractions only. The sales during the first hour
were very large but after that time it became
more quiet and reacted slightly, giving place to
Lackawanna and Louisville and Nashville,
which became the leaders OF decided upward
movement in the stocks Of the regular list.
There were more evidences of outside inter-
est in the speculation to-day, notwithstanding
the professional character of the dealings, than
have been seen for some time. The trading
extended to specially large number of low
priced shares, and in them several marked
movements were made, the Chesapeake and
Ohio, the Rio Grande. Westerns. with Mexican
Central. Wheeling and Lake Erie. Cleveland,
Columbus, Cincinnati, and ST. Louis. and Man.
haitian being most prominent. The advance
met with no setback, and the close was active
and strong at the best prices OF the day.
Railroad bonds we're active, the sales of all
unusually evenly distributed. The market was
devoid of special feature, however, and it was
only steady to firm. and the final changes
are generally insignificant. Keokuk and Des
Moines lists lost 5 at l03, and Erie 1st consols
2 at l34H. The sales of bonds for the week
aggregated SS219,000
The Post says: The factors in the advance
for the week were the improved condition Of
the money market the movement of currency
in this direction and the buying on the part Of
the bears to cover short contracts The daily
reports from the West-have been of bearish
character, but the value of such statements is
well realized and they were without any effect
to influence prices for stocks. The appearance
of the bank statement was something of dis
appointment, in that the increase IN the sur
plus reserve was only $S72 $50 which was
less than expected, and during the
last Is minutes of business prices sold of 1s6lH.
The gain in the money reserve was only $685.
400, but the deposits were reduced 81, ,354, 600,
making a reduction of $685., $50 in the required
reserve. Loans we're contracted 81, ,7S8, 200. The
statement does not indicate the actual condi-
ton of the banks at the close of the week,
which is considerably stronger than to-day's re-
turns make it appear. The feeling at the close
of the week was more bullish than for some
time past but after the large advance of the
past week reaction in prices would cause no
surprise.
The following table shows the prices OF active
day. Corrected daily for THE DISPATCH by
WHITNEY STEPHENSON. oldest Pittsburg mem
bers of New York Stock Exchange, 81 Fourth ave-
nue.: