Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-25
A STRONG STOCK MARKET.
BEARS ATTRIBUTE ITS STRENGTH TO
MANIPULATION,
But Outside Clientage Also Supports It
AGood Business Well Distributed, and
Prices Steadily Advance-The Few Lead

But Outside Clientage Also Supports It
A Good Business Well Distributed, and
Prices Steadily Advance-The Few Lead
ing Stocks Lose Their Prominence.
NEW YORK, Aug. 24.-The stock market to-
day WAS hampered at the opening by par
tial interruption of communication by tele-
graph, and there were comparatively few
orders either to buy or sell for outside
parties at the early trading, but it soon
developed a decidedly strong tone with an
active and well distributed business, and
material advances were scored in all the
leading active stocks, as well as few of the
specialties.
The bears and traders still claim that
prices go upon manipulation and off upon
long selling, but while there is undoubtedly
much skilful manipulation on the bull side,
the market has the support of a more liberal
outside clientage than for some time; and
while the reactionists have now been trying
for nearly two weeks to bring about mater
ial setback in the market their efforts have
resulted in only a partial reaction, and the
checking for a time of the new buying,
which again seems to be gathering conf
dence.
Tod day the few stocks which have of late
monOpoliZed SO large a share of the atten-
tion of speculators lost this prominence in
the market, and the buying orders being
well distributed among the leading stocks, a
very uniform, but at the same time substan-
tial, upward movement was effected.
The effect of the bank reserves and the
efforts of the reactionists to again direct at
tention to the money situation with view
to creating alarm was seen in the opening,
which was quiet and rather heavy at small
fractional declines from Saturdays final
figures. The buying was, however, evil
IDENTIFY better than the selling, and the de-
mand for stocks in all portions of the list
grew so rapidly that almost Immediately
the market developed strong upward ten
dency, which later spread to even special
stocks which have lain practically dormant
for some time, and in some of these material
advances were scored, the market gaining
both strength and activity as prices rose in
the face of the efforts put forth to keep
them down.
The news of the day was still of the most
reassuring character, and buying orders be-
came more numerous as the day wore along,
and not until late in the afternoon did the
animation die away or prices give any signs
prices, however, were well maintained until
the last hour, when the usual realizations
caused a dropping tendency, though only
here and there was there any material
change i'll quotations.
The advices that the reported frosts had,
after all, done no damage to either corn or
late wheat gave the impulse which brought
in the orders to buy, and the advices from
the other side OF the water foreshadowed
the return of at least a portion of the gold so
lately sent there. The market was unusually
free from special features, the rise being
steady and well sustained, and the close
quiet and firm at but shade under the high
est figures. The advances of note among
the active stocks include c., c., c. & St. L.,
~; Northern Pacific, ls; Rock Island, per
cent.
Railroad bonds were again comparatively
quiet the transactions being only $l,1 G, 900,
out of which the Atchison incomes contrib
uted $235 900 and the Texas Pacific seconds
sl72 900. The market was firm all the way out,
but an inactive value shows losses from last
nights previous sales. The advances how
ever, include st. Louis and Texas firsts, to
II.
The following table shows the prices of active
stocks on 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;