Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-12-13
TWO PARTIES IN STOCKS.
BOTH BULLS AID BEARS HAVE MA.
TERIAL TO WORK UPON,

A Good Buying for Bonds. but sellina
Pressure in shares-Money Easy in All
Commercial Centers-ForeiEn Exchange
Continues Strong.
NEW YORK, Dec. E.-To-day's stock
market was, in some respects, almost
q repetition Of that OF yesterday, es-
pecially in showing good demand
for bonds, while the trading in stocks
was light, the latter being subjected to
heavy pressure by the professionals, which
impaired weak tone to the dealings during
most of the session. Easy money rates In
all the important financial centers seem to
be driving the investment class into good in
vestment bonds and stocks as the only
available means of using their money. The
condition of affairs is looked upon as q FORE
runner of better prices.
The continued strength in foreign ex-
change and the Interpretation that there Is
selling of American securities by foreign
holders, renders two parties possible in the
stock market, and the bears are both activ g
and aggressive from time to time. To-day
the feature was the persistent pressure to sell
by the professional element, and while Mis-
souri, Pacific received most attention at first
and was used to start the ball rolling, other
stocks scored equally as heavy net ,osses
which was accomplished in the face Of an
other encouraging bank statement.
The only really strong points in the mar
and the Iowa Central shares were most
prominent. AS rule however the list was
devoid of special features, moving with un-
usual uniformity. The early decline was
soon checked and partial rally followed,
but the late dealings saw a renewal of the
pressure in general way, and prices slowly
melted until the close.
The final losses are generally fractions in
the active stocks and small ones in the
others, but Northwestern, on quiet busi-
ness, lost " per cent Missouri Pacific
and Burlington. "a.
The total sales 81 Of stocks to-day were lsl;7ls
shares, including: Atchison, 9450: Canada
Western. 2,5CO: Erie, B. $40; Louisville and
Nashville, $500; Missouri Pacific, Z, $50: North.
western, 2, $50: North American 2,15O: North
ern Pacific preferred. $40; Reading $500;
Richmond and West Point, L, ,626; st. Paul.
$780,
Railroad bonds were still in good demand,
and while only the Reading 4s were specially
active there was great strength shown in
spite OF the weakness the stock list. The
inactive bonds, as usual, show the largest
gains, but the tone. even among the specula-
tive issues, was unmistakable. Among the
more important advances Dakota and Great
Southern firSts rose to 102: International
seconds, 2 to 73; Peoria, Decatur and Evans
vile firsts, to los, and National Starch
were Union Pacific, Denver and Gulf frsts,
per cent at 7O13, and Toledo, st. Louis and
Kansas City firsts per cent at 81
Money in National Banks.
Watson & Gibson wired this to John N.
Oakley & Co.: "On the 11th Of last juno We
published statement specially prepared
for us by the Comptroller Of the Currency,
which exhibited the actlal amount of
money in the hands of the national banks in
the West and South ON the 4th Of May, 1891.
and two years preceding. We recently
asked the Comptroller to make up another
statement, which he has been good enough
to send us, showing the amount ON the 25th
of September of this year as compared with
cash in the hands of national banks OF the
IL Western States on the 4th or Nav, 1891,
was $50 66I, ,404 On the 25th of September,
1891, it was $50, SIG, ,4s3 being almost iden-
tically the same as last May, but on the ID Of
October 1880, with which the figures of
September IS compare, the cash amounted
to only $76 1853 III.
SIN the SoutherB States the national banks
on Nav 4. 1891, held $3s 1872 1876 compared with
$50 l39,477 October q 1890 These figures go
to show that both the South and West have
more actual money than they had in their
possession year ago.
and it reflected the influence of q strong
bear party. One might ask why such able
financers as Mr.. Gould are not in accord
with the bulls if not indeed arrayed against
were caught mapping early in the fall. The
boom came earlier than they expected, and
they were not quick enough to get out from
under. Doubtless the Gould following ex-
pected that Union Pacific would 20 into the |
hands of receiver. This was averted by the
energetic action of Pierpont Morgan and the |
creditors Of the road, and the expected |
crash In values did not come to lot out the |
Gould party short interests. Then Mr;
Pacific at a time when the public were be- |
thinning TO take An active interest in specula.
tion, and this sxpedient threw wet blankes