Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-06
LOW-PRICED STOCKS
MADE MATERIAL GAINS IN NEW YORK
YESTERDAY.

| YESTERDAY.
The Vanderbilts Chief Among the Win.
ners-The Most Prominent Stocks II
Recent Deals Showed Up wesk-Lead
ing Features of the Day.
NEW YORK, Sept. 5-The stock market to
day showed on the whole moderate vol
ume Of business, and while displaying 6
strong tone during most Of the time failed
to score material advances in the stocks
which have of late been most prominent in
| the dealing. Other stocks, however, were
taken up by the interests identified with them
and advanced materially. In these gnins the
Vanderbilts, and. especially the low-priced
| ones, were the features. The bears at the
| outset endeavored to make more capital out
| OF the frosts reported last night, but the
temper of the room was decidedly bull
fsh still, and, aided by. liberal pur-
| chases for both foreign and domestic
account, the demonstration in the early
dealings was fruitless except in the strong
stocks Of yesterday, which were retired
| fractionally lower.
fractions better than last nights prices
while Reading was up x per cent. The mar
ket closed active and strong, with most of
the list at the highest prices of the day.
gains, but Chesapeake and Ohio is up 2as, the
first preferred 33s. the second preferred III,
Nickel Plate rose ~, the first preferred 2111,
the second preferred 2zs: New York Central
~ and Delaware and Hudson IL. Govern
ment bonds have been dull and steady. State
bonds have been dull and steady.
The Post says: The bank statement was
something of surprise, as it had been gen.
orally expected that the receipts, on account
of bond redemption and other transactions
of the Treasury, would nearly counterbal-
The loss of nearly $5,cO0,OOO in cash
was therefore disappointing. No effort
was made, however, to sell the market off as
consequence of this disappointment. 1t is
traders are more fearful of staying too long
on the short side than of committing them
selves to the rise. The publication of the
movement in the course Of which nearly all
stocks touched in the last Is minutes, the
best prices of the day.
Money on call easy, with no loans offered,
closing az per cent Primo mercantile
paper 5s4@7. Sterling exchange quiet and
steady at a 81 for go day bills and 81 SO for de-
mand.
stocks were 19z7S shares, including: Atchi-
son, $3.50; Chicago Gas, 2,4O0: Delaware,
Lackawanna and Western, S,16S; Delaware
1000: Louisville and Nashville, 1850; Missouri
Pacific, 1850; New York Central, 1850;
Northern Pacific preferred, 1888; Reading,
$500; st. Paul, 1880.
No Trouble About Money.
John NJ Oakley q Co. received the follow
ing: 1.-THE stock market to day further con-
flrmed our Judgment that the weeks reac-
tions were over. Foreign houses were hber-
al buyers, and the German element seems to
be especially impressed by the removal of
the prohibition against the Introduction of
American pork into Germany. There were
ordinary fluctuations after a strong OPEN
ing, but before the close prices were up to
the highest point. and the bull tide was
again rising.
''Mr. Jay Gould returned from his West
ern trip to-day, but did not come down to
the street. He is said to be in good health
and spirits, and it is generally believed that
his return will reinforce the bull ranks The
ratification yesterday by the Union Pacific
tending the floating debt locks as If Mr..
Gould was thoroughly satisfied in that direc-
tion.
"The bank statement to-day showed
heavy loss in cash and in surplus reserve,
but it had no unfayorable effect upon prices.
There was a largsmovement of money to
the interior this week. which counted high
in the averages. while the payments for
bonds purchased by the Governments were
not made till late in the week, and SO they
only figured moderately in the statement.
The banks are undoubtedly better off to-
night than the statement OF average. There
need be little fear that speculation will have
any trouble from the condition of the money
market There will be lar9e disbursements
by the Treasury in the next two weeks, and
before that time we will undoubtedly re-
ceive further supplies of gold from Europe.
"The season for crop scnres on corn is not
yet over, but we advise our clients to put
little faith in any stories about frost unless
there be news of very serious nature. The
best informed grain men say that all enor-
nous corn crop is almost assured. 1t will
require damage to prevent it from being al
most as phenomenal as the wheat yield.
Railroad bonds continue in good demand
with prices booming. While this lasts no
one need worry about the strong market.
We look for considerably higher prices the
coming week."
Higher Range Predicted.
Henry Clews & Co. say: "The upward
movement which started so energetically
several weeks ago continued to hold full
sway during the early part Of the present
week, the result being another sharp ad-
vance in nearly all the prominent shares;
but at this juncture the long looked-for reac-
tion made its appearance, and the most sue
cessful bull campaign seen for many q day
was brought temporarily to a halt. and the
bears for the first time in five weeks were
allowed to take an inning. When it is taken
into consideration tho enormous advance
which has taken place in such stocks as Chi
cago, Burlington and Quincy, Rock Island,
Lake Shore Missouri Pacific, Northern Pa
citic preferred, and, in fact, all the promi-
nent shares actively traded in, 1t is not sur
prising that the market should receive
setback; but on the other hand, to have
been able to stand the strain of moving in
one direction for so long a period, notwith
standing free realiZings from time to time,
clearly demonstrates the good quality OF the
market and the improved condition of
affairs brought about by the wonderful
crops with which this country has been
blessed.
Taking the situation as whole, 1t is GER
tainly favorable to an ultimately higher i
range of values; but there are several things
on the surface which may retard for the
time being any further pronounced upward
and which it will be well not to
lose sight of. Union Paciflc's affairs still
continue to be somewhat tangled; rumors of
q receiver, together with statement that
the collaterals held against an uncanceled
loan had been thrown on the market by a |
bank which became impatient at the delay |
to be looked upon again with q little suspi- !
cion both at home and abroad. Another
thing to be watched is the statements issued |
by the Bank of England as having q |
across the water. This weeks statement |
shows tnat the proportion of reserve to liza |
bility has declinS1 from 45T last week to |
1928 this week. and the decrease in the re-
serve for that period amounted to 1896, 900. |
These figures In themselves have no especial |
significance, as the reserve is still slightly |
above last year; but it should not be forgot
ten that the Old Country will soon be called |
upon to disgorge q large amount of gold |
which she SO ruthlessly took from us, and |
when that happens her reserves will natu-
rally decrease. In view or this, the Bank OF
England's governors are likely to advance
their rate of discount soon. which will
have the effect of making money |
iearer abroad, and consequently more diff
,ut for the foreigners to carry our stocks,
which at present they have good supply of.
"The factor, however, of more Importance
than any other at the present time, as it is
the one calculated to do the most mischief |
if developed, is the cold weather in the
Northwest, which seems to be moving in
several directions and which may yet do
serious injury to some portions of the corn
crop as it will be two or three weeks before
Ill corn will be out of danger from frost. As
before stated, the situation as whole has a