Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-16
BULLS ON THEIR METTLE.
STOCKS MORE ACTIVE THAN EVER,
WITH MATERIAL GAINS.
London and the West Large Buyers, Es-
peciaIly in Union Pacific and the
Grangers-The Bank Statement, Also,
Helps the Share Market Along.


day was more active than of late, and the
tone was more active for some time, re-
sulting in material gains over the entire
active list and sharp advances in a few OF
the leading shares. The bulls were more
courageous and aggressive than for many
weeks, and the Western operators, as well
as London, were buyers of their favor1tes,
the former being especially courageous in
view of the very hattering crop conditions,
which are now receiving their due attention
from all classes of operators.
The market opened with small fractional
gains over last nights figures, extending to
% per cent, and while there was some hesl-
tation on selling of some short stock in Union
Pacific; the tone was soon recovered and
an upward movement was maugurated
which, with but slight interruption, lasted
throughout the session. Missouri Pacific
early took the lead in the advance, but later
the Granger5 and Union Pacific came to the
front again, and specially sharp gains were
made in the last half hour.
The bank statement, when issued, showed
only slight loss in reserves and cash held,
while deposits were increased materially
The effect of the demands to move the crops
were not so apparent as expected, and there
was rush to buy on the strength of the
statement, which moved up all the leaders
with more animation, and Union Pacific spe-
cially scored handsome gain. The upward
movement also extended TO q large num-
Der of specialties and the market broadened
out materially, in some instances showing
advances of over per cent. The market
finally closed active and strong at the
highest prices of the day. The trading ex-
tended to 123,347 listed.
Railroad bonds were specially active to-
day, the business done reaching 100000 for
the two hours, well distributed throughout
the list. Almost everything is higher,
though the general advances are for frac-
tional amounts.
Bull Market Coming.
John M. Oakley & Co. received the follow
ino WotG
drew Carnegie, in his Triumphant De-
mocracy,' says the nations of the Old
World creep on at a snail's pace, while the
great Republic thunders by with the rush
of the limited express. This strong Ian
guage was never untrue of our country, nor
is it to-day. 1t takes little while for the
public to recognize change in the fnan-
cfal or commercial situation, but when they
do begin to grasp it, then the arguments
that have been listened to with but dull
attention suddenly acquire force. Last
autumn when we began to point out the
dangers of the situation and to urge sales,
the public were slow to believe or see. but
when they got scared, then the bear argu-
ment had some definite meaning to them.
Last spring, when we took bull stand,
modified now and then since by predictions
of lower prices occasionally for quick
traders, we were thought by the majority Of
our friends to be wrong
"On Wednesday we brought forward what
we regarded convincing bull arguments and
on Thursday we followed up, not with gilt
footed Recommendation to buy the Western
stocks. They have all had an advance and
small traders are already crying: "A reaction
is DUE 1t isn't that sort of market 1t has
too much momentum, and prices will prob
ably go up several points before the pace
slackens. Perhaps by Tuesday it will react
point or so, but the short side Is not the
one to play. AS the mouse said: There may
he cheese in the tran but it isn't worth going
for
eve are waking up to our phenomenal po-
sition and when the speculative instinct OF
this country gets into working order we
shall have wild speculation that will event
ually lead to trouble. But that's long ways
off now. The train is started and it will
rate. We are not waiting for Chicago in 1893.
This whole country is worlds fair, free to
the observation of all the rest of the world
We write in pretty forid style, perhaps,
the cream is all skinned off.
"Inside of go days anybody can be a bull.
There are some bears who are mapping, or,
If awake, are fighting the advance, but they
will be swept out of the way like so many
midgets. The wind just now is blowing from
the wheat and cornfields of the West. This
was great day in Chicago. Wheat went up
about g cents. When the bull spectators
turn their attention to stocks there will be
lovely time here. The Stock Exchange will
do million of shares some day between now
and Christmas"
The Situation Abroad.
Henry Oews s. Co. say: Extraordinary az
have been some of the aspects of the late
European panic, yet the practiced flnanciers
of London, Paris and Berlin know how to
gauge the magnitude and bearings of the
crisis with infallible exactness;and it is per-
haps quite safe to say that the idea prevail
ing on this side of the Atlantic, that those
men are trembling with apprehension at the
probability of further great commercial or
financial disasters, is a broad misconception
and one which does not reflect favorably on
the average information Of the Wall street.
observer.
In this connection 1t Is worth while to re-
peal here the following pregnant words Of
the Governor of the Bank of England: T
wish to say emphatically that there is no
basis for the report that great financial
disaster is impending in Great Britain. 1t is
house is in danger save one, and the affairs
of that one are now in hand. AS for the
chartered banks, they are all sound, so far
as know. There have been great losses, it
is true, but these losses have been spread
over large numbers OF persons, and, as
rule, the losses have been already met and
paid, leaving the losers poorer, but still
solvent There will be few failures, of
course, but none of any importance-none
that could affect the money markets.
"It seems proper to add word as to the
"a week or two later than usual-reached
the turning point in the domestic exchanges,
and money has begun to flow westward. Al
though the amount of the reserves of the
New York banks is double what it was at the
same time last year, yet that may not pre-
vent our local cash resources being
drawn down to q point threatening
stripgency. That is matter, however,
that can only be determined by ex-
perience 1t is not to be overlooked in this
connection that the active circulation of the
country has increased some sc, 100000 during
the last Il months, which, in the absence OF
any increase in the trade of the country,
should pass for an element of some import
ance i'll estimating the prospects OF the
money market.
''Having stated some of the favorable
factors which lack OF space excluded from
our last weeks review, 1 would neverthe-
less repeat the opinion then expressed-that
the .bearish' element does not seem to have
fully exhausted itself; hence the point does
not appear to have yet been reached at
which it is safe to load up heavily with
stocks, except for brief turns, and the buy
ing should be confined to periods when
slumps are produced by the active traders"
The Finish in Gotham.
The folio wing table shows the prices Of active
stocks on the New York Stock Exchange yesterday.
Corrected daily for THE DISPATCH by WHITNEY &
Oldest Pittsburg members ofthe New
York Stock Exchange, 81 Fourth avenue.
Q 81 Q