Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-23
INHERENTLY STRONG.
STOCKS HOLD THEIR OWNN THE FACE
OF BEARISH NEWS.
Even An Unfavorable Bank Statement Fails
to Have Any Great Efect-A Good Up
ward Movement in Shares Early in tho
no.- Late

Even an Unfavorab1e Bank Statement Fails
to Have Any Great Efect-A Good Up
ward Movement in Shares Early in the
Day Neutralized Later.
NEW YORK, Aug. 22.-The stock market to-
day again showed it's inherent strength, and
in the face of unfavorable ndvices from the
corn belt and an unfavorable bank state
ment and persistent hammer1ng by the ad-
vocates of lower prices, held its own, and
finally closed with q majortty of the list
fractionally higher than last evening. The
market opened under pressure TO sell for the
foreign account, but first prices were irregu-
larly changed from last nights figures, with
no material difference in any one stock.
Notwithstanding the pressure from the
traders and the selling of foreign houses,
prices Immediately developed strength, and.
with Northern Pacific preferred and Union
Pacific leading, fractional gains were made
all along the line of railroad shares, the i'm
provement in the two stocks mentioned be-
again some of its peculiar strength, and rose
13 per cent. News of frost in the corn belt,
however, then gave the traders and sold-out
bulls their opportunity to make demon
cial activity twas developed prices slowly
yielded, andlbefore the close nearly all of
the early Improvement had been neutral
lied.
The bank statement was also a factor in
the late trading, helping the downward
movement by reason Of loss in cash of
over s. ,00o, 900 and the depletion of the re-
serve Of So, 100000. Only in the Industrials,
however, was there any real weakness dis
played, and Sugar dropped ~ per cent from
its best prices, while Cordage lost its early
gain. Burlington, as was expected, was the
weakest of the railroad shares and fell away
/ per cent from it's best figure. The market
closed dull but heavy, generally at about
opening prices.
Railroad bonds were fairly active, but
failed to maintain the strong tone which
has marked the dealings of late, and while
the final changes are generally insignificant
a few losses are shown from last previous
sales.
Some Bull Cards.
John B. Oakley received the following
from their Wall street correspondents: "The
stock market this morning exhibited no
vigor but toward the close there was some
reaction due rather to traders, closing their
weekly bull accounts than to any desire to
get out to stay. There will be reactions, but
until prices have advanced further in our
Judgment they will be small. Sterling ex-
change has been little firmer, and possibly
Europe has sold a few stocks here on the
rise and they may send back S., 100000 on ~
per cent bonds, but If our market continues
to advance, they will repurchase all they
have sold and more too.
English joint stock banks have increased
their active cash reserves. and they and the
Bank of England will be in need of as large
reserves as usual. We have talked to some
of the leading financial powers on the street.
and there is no dissent from the one opinion
that values are bound to appreciate. They
do not care what each days or hours f1uc-
tuations may be. They rely on conditions,
conditions which are almost unprece-
dented."
The Finish in Gotham.
The following table shows the prices Of active
stocks on the New York Stock Exchange yesterday.
rrrJr nrSp
STEPHENSON, Oldest Pittsburg members of the
New York Stock Exchange, 81 Fourth avenue: