Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-15

ing:
A continuance Of the better feeling in
augurated on Thurs lay has been the expert
ence of to-day's market. characterized
throughout by a steadiness of prices and an
apparent willingness on the part Of some
body to buy stocks or accumulate them;
who that somebody is we will not pretend to
state. One thing was plainly apparent
toward the close OF to-day's business. and
that was the short interest, especially among
the smaller traders, had very largely in
creased. There was good borrowing de-
mand for the leading stocks. We take this
to be a pretty positive sign that strong
parties have been the slow and steady buy
ers of good stocks, and that the numerous
small shorts will have to pay higher prices
to get back what they have sold.
All the foreign advices continue to indi-
cate the growing demand for our products,
not only of our wheat and corn, but with the
embargo removed from American pork by
Germany, now comes the advice that
Austria, too, will remove her prohibition.
Western advices continue to show that
enormous sums in the aggregate are being
paid by the farmers in their mortgage
debts, principal as well az interest, and this
money is going into the hands Of investors.
1t is not fair to suppose that these investors
will morally be attracted to Wall street for
the re-investment fsr those funds. having in
mind the delays they have just experienced,
and be now desirous of placing their invest
on them should occasion demand, to say
nothing of the satisfaction Of the probable
advances they will realize by an enhance
ment in price of the securities now OBTAIN ~
able at Comparatively low figures Co; ton
Oil securities continued to snow marked
strength to-day, and Lead Trust awoke
from its lethargic condition, and actually re-
cor ed an advance of per cent.
We again quote from our Mr.. G1bson's
late address ne ore the bankers convention
in New Or cans as to speculative act1v-
ity." In 1879 conditions favored phenom-
enal Developments of interest in corporate
properties, and Wall street then witnessed
the most substantial and extensive activity
which is seen up to present time. We had
many of the same conditions which exist
this year-large crops and All equally large
demand for them from Europe; large impor-
tations of specie; increasing tonnage for the
roads and prosperity for the people. This
situation existed for nearly two years, with
varying fortunes of rise and fall in prices,
anu then came period or ten years when,
1880 died, retired or became bankrupt, and
Wall street lamented the commonplace
character and lack Of interest in its busi-
ness. Conditions again favor return OF
speculative and investment activity in Wall
street, and we appear to have iairly entered
upon career of unexampled prosperity in
the country which necessarily reflects itself
most quickly on the sensitive and placid
surface of Wall street sentiment.
When person decides in his mind that
trade is to improve he can instantly purchase
6nafeS In an eStaDilSNeu JOINT SLOck company
while it requires time to expand his own
private business to meet the improving con.
ditions. So when he concludes that business
is going to contract he has market place at
hand to dispose of his holdings to those who
are more optimistic.
Confidenceat the Bottom.
Henry Clews & Co. say: "Ths course, Of
the stock market during the past week has
been ono of character to show that, in spite
of the late dullness, it still retains elements
of vitality which only need the touch Of the
right influences to develop them into lively
activity. The trading of late has been al
most e1clu Sively confined to room profess
sionals. and the persistent stagnancy
tempted the bears into large over selling,
while in London also the pessimists appear
to have simultaneously fallen into the same
trap. the short sales having in both cases
been encouraged by magnifed accounts to
the effect of the recent bank failures in Ber-
lin and of rumored financial dangers in
Paris. When later cables cut down these
European eXaggerations to their proper di.
rnensfons, it was found that mole hill had
been magnifed into mountain, and both
here and in London there was rush among
the bears to cover their contracts. The bulls
were on the alert, and their opponents have
paid penalty for their temerity which is
likely to teach them lesson of future
caution.
sThe promptness with which the situation
was turned against the bear side shows that,
although few influential leaders are at pres
ent fairly in the market, vet they are close
for opportunities. To this extent, the deal
ings of the past week NAV be fairly con-
strued as indicating that selling is becoming
more hazardous and that the disposition to
buy is beginning to gain. At present there
is unquestionably q healthy confidence at
the bottom OF the market, sufficient to pro-
tect prices nstimportant drops: but con-
ditions have not yet ripened into anything
like Il sanguine buying tone The events that
may be depended upon to produce such
feeling are not yet due for some weeks, and
it is never either wise or profitable to antici-
pate conditions too far in advance"
The Finish in Stocks.
Tho following table shows the prices Of active
stocks on the New York Exchange yesterday.
Corrected daily for THE DISPATCH by WHITNEY, 4
STEPHENSON, oldest Pittslnrg members Of New
York Stock Exchange, 81 Fourth avenue.