Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-20
STRONG AND ACTIVE.
NEW YoKK MARKETS CLOSED WITH
PRICES HIGHER.

The Best Prices OF tho Day Ruled 81 the
C1osc-The Buyers Greatly Outnumbered
the seIlers-Bonds and Stocks Firm and
Steady.
NEW YORK, Sept. rp-The stock market to
day was extremely active at the opening,
showing a marked decrease on that point
from the heavy trading of yesterday, and
while displaying considerable irregularity
was in the main decidedly strong and the
result OF the two hours seen to-day
is to leave most of the list fractionally
higher than last evening and some are
materially So The importation of gold was
the chief item of news with a tendency to
affect values, but there was little said about
it and it may be doubted whether it had any
material influence in making the gains of
the day.
The opening was strong and very active,
and while most of the list were fractionaIly
higher than last evening, Burlington at SO
was up IL per. cent. 1t was natural that
after such a gain there should be some reac-
tion in the stock and being Joined by Read
ing affected the rest of the list to a limited
extent. RealiZations were the chief factor
in such declines as were seen, but the de-
mand for stocks was still very urgent and
the buyers outnumbered the sellers and the
course of prices was soon again turned in
the direction of higher figures. In the up
ward movement the Grangers had first
place, but there were few other leading
shares which commanded attention
on account of their strength, among which
Lake Shore and Northern Pacific preferred
were most prominent. Among the special
ties Distillers was conspicuous because of
the sharp loss of 8 per cent in the early
trading, but this was afterward entirely
made up, while Buffalo, Rochester and Pitts
burg was very strong on light trading The
bank statement shows only nominal loss
in the reserves while exhibiting a material
increase in the deposits and a heavy e1-
pansion of loans, and was considered good.
The traders again went in to cover their
shorts in the final dealings, and the market
developed marked strength, finally closing
day. The final changes of note comprise
advances in St. Paul lsS, Northern Pacific
preierred ~, Buffalo, Rochester and Pitts
burg and Sugar each 14, Lake Shore per
cent.
The Post says: Most significant, perhaps,
of all the incidents of the week in its bear
ing upon finances, both here and in Europe,
is the breaking down of the last obstacle
placed by the Bank of England in the way
Of our import of gold. This mornings
cables brought news of heavy engagements
of the precious metal in London, the total
engagements in that city publicly announced
now footing up 81, $50 900, with probably as
much more contracted for but not yet made
public. According to the dispatches most
of this gold is American coin, the drop in
exchange yesterday being sufficient to meet
the premium imposed by the English bank.
1t Is not easy to conjecture where the move
ment will stop, for the heavy purchases of
our securities by London has, during the
present week, upset most previous calcu-
lations. 1t is interesting to recall now the
predictions of wiseacres three months ago
that the Englishmen would prevent gold
imports from that city by selling American
securities to settle the trade debt.
At New York yesterday money on call was
easy, with no loans, closing offered at 81
per cent Prime mercantile paper, 61a@7
per cent. Sterling exchange quiet and
steady at 81 500 for 6o-day bills and a sSM for
demand.
The total sales of stocks to-day were S07 ,67
shares, including: Atchison, Is, $40: Chicago
Gas, 6,2l0; Chicago E, preferred, 4,4sS: Erie,
souri, Pacific, s, ,734 Northwestern, 3 05O; North
ern Pacific, $3.50; Northern Pacific pre-
ferred, 1883; Reading, &c, ,500 Richmond and
cifc, 6sSl7; Western Union, 6, i25.
Bullish Predictions Justified.
John NJ. oakley's correspondents wired,