Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-13

Petroleum Looking Up.
Watson & Gibson wired the following to
John NJ. Oakley & Co.: "To-day's market
would have been without special interest
had it not been for the determined raid
which was made upon Richmond, selling 1t
down to 1914 as against 1477s yesterday. The
decline in Richmond securities was based
upon rumors that many loans of the COM
pany were being called, and that the debt
difficulties in this corporation were gradu-
ally but surely increasing
"The general market was inclined to weak
ness and the decline in prices was led by the
Granger stocks, which recorded q loss OF
one-half to per cent in the earlier dealings.
"On the publication of the bank state
Dent, which showed a comparatively small
decrease of only S453, ,625 in the reserve, the
short interest in the market started in to
cover and the natural consequence was the
market closed with sharp rally and with o
at 2995s, which is the highest figure it has
touched for months past. The Vanderbilt
stocks were also very strong and closed at
the top prices of the day on large dealings.
"1n the petroleum market more disposi-
tion Is manifested to buy and sell National
Transit certificates than has heretofore been
shown. The early days of this week recorded
transactions on the Consolidated Exchange
of nearly 500, 900 barrels. With this increased
activity came lower prices, which was at
tr1buted to the immense outlook of the Nc
Donald district, which is located near Pitts
burg
"With tile increased inactivity in the
stock market, the grain and cotton markets,
1t is natural to expect that the attention OF
spectators and dealers will be drawn toward
petroleum, as in former years the specula-
tlon in this commodity assumed at times
very large proportions"
General Conditions Favorable.
Henry Clews, always hopeful, has this to
say: "For the last few days the stock mar
ket has been subjected to the effective test
of realizing profits. The sellers have in
cluded many large and inf1uen tial holders,
and the "bears'' also have made "short"
sales, These combined transactions have
been large enough to try the confidence of
the market pretty sharply; but their effect
has appeared rather in checking the up
ward tendency than in producing any ma
terial decline in prices. In other words, the
result has shown that the disposition to buy
about equals the disposition to sell.
The condition of the market must be con-
ceded to be strong and healthy one. The
speculative movement is backed by re-
yfval of the long dormant investment de-
mand for bonds and the better class of
shares, and q considerable amount of securi-
ties are going out of the floating supply into
the strong boxes of permanent holders.
London Boston, Chicago, Philadelphia and
the minor cities participate in the renewed
activity, and appearances indicate that the
"boom' has substantial elements OF perma-
nence. 1t remains to be seen what may be
the attitude of the important class of
operators who have been realizing.
Some of them. conclude that they
have been hasty in realizing and are buying
in again; but larger proportion are walt
ing, or perhaps are using their influence to
create q reaction in order to get in at lower
prices. 1t seems reasonable to infer that,
unless some unforeseen initiating element ap-
pears, the present halting attitude of the
market may be continued somewhat longer
without any extreme changes in prices.
1.-THE general conditions of trade are en-
couraging. There are nowhere any specific
complaints, nor is there anywhere a boom,
but the feeling on all hands is hopeful for q
good and prosperous seasons business. In
the iron trade, the firmer tone of prices indi-
Gates the beginning of a better demand. The
increase in the current consumption of coal
is a clear evidence of growing activity in
our industries. The earnings of the railroads
show gaining rate of increase over those of
last year, which is also evidence of steady
expansion of the commercial movement"
The Final Figures
The following table shows the prices Of active
stocks in the New York Stock Exchange yesterday.
Corrected daily for THE DISPATCH by WHITNEY& &
STEPHENSON. Oldest Pittsburg members Of the
New York Stock Exchange, 81 Fourth avenue: