Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-10
NEW YORK STOCKS.
A Steady Rise in Shares and Bonds Since the
New Year Began-Reading the Only
Loser rAAtchison and Sugar
VVare CouSpicuoue

new Year began-headlng the Only
Loser -Atchison and Sugar
Were Conspicuous.
NEW YORK, Jan. 9.-The stock market to-day
was strong throughout, and the result of the
trading is decided advance in many stocks.
among which were Manhattan, Union Pacific,
Wheeling and Lake Erie, both common and
preferred, Lackawanna and Sugar Trust.
There were many favorable influences at work
to cause the improvement in prices, and chief
among these was the proceedings of the rail.
road conference now in session in this city.
Money continues to rule easier, and the supply
of stock offering is not excessive, considering
the demand.
To-day, while there was unGoubted manipu.
lstion for higher prices in some of the leading
specialties. this very fact induced considerable
covering of shorts. Some long stock was sup.
piled by insiders but it is well known that large
short lines have been coyered. which were put
out at from four to five points lower, and this
indicates that the professionals recognize the
strong foundation which the market now rests
upon.
The great feature of the market was the
manipulation OF sugar 1t was of the old.
fashioned kind and resulted in a rise of over
5per cent. the amount of business done in it
being largely increased, In the general list the
upward movements were a much smaller
scale, but were based on a much firmer founda.
tion, anu while there were periods of dullness
no serious interruption du ring the day.
The opening was strong. and during the fore
noon the heavy coverings of shorts sent prices
up rapidly, and while the movement was much
less pronounced later in the day, the strong
tone was never impaired. Atchison ruse on The
reports that Mr.. Gould had bought large
block of the stock from the Barings. In the
Wizards, which were prominent also there was
manipulation for higher figures supposed to be
by the Standard Oil interest. The Grangers
were all strong on the results of the confer
ence. but no marked gains were scored outside
of Rock Island, which has been subjected to
some severe pressure of late.
The close was strong and confident, at or
near the best figures. Reading is the only one
evening. and among the important gains are
Sugar Refneries per cent; Rock Island and
Northern Pacific, each ia; Wheeling and Lake
Erie. preferred. lE; Western Union. ST. Paul
and Colorado Coal, each N; Wabash, pre-
ferred, lH. and Missouri Pacific, New England
and Northern Pacific, preferred, each / per
cent.
Railroad bonds were more active than at any
time for long whlle-certainly since last
spring-and with transactions of S3,972 600 ma
terlal improvement was made in prices all along
the line. The only marked exception to this
rule was the Reading issues, which were sold
because of the non-payment of interest on the
incomes. There was again great activity in
spots, and Atchison incomes furnished S29S, ,OCO,
the Texas Pacific incomes $685. 600 the North
ern Pacific IS S232, 600 and the Kansas and
Texas Sl35 900 to.the grand total Kansas and
Texas seconds, 81. TO AK; Toledo, ST. Louis and
Kansas City firsts, 2. TO S71a; Louisville st
Louis and Texas tirsts. 2, TO s.
The Post says: The fact tnat the prices of
both stocks and bonds have advanced pretty
steadily ever since the beginning of the year.
Notwithstanding constant, though not very copi-
Gus, liquidation ON the part of the London
houses most Conspicuous in the recent embar-
easements, shows that there is not only plenty
of money in this country, but that confidence
is being restored. London has been n persist
ent seller of all of tho A;chison securities, but
especially of the incomes. and to some extent
also of Northern Pacific 5s, beside Louis.
vile and Nashville and some of the
other favorites of European investors.
The total sales of railroad and mis-
cellaneous bonds on The New York stock
exchange since January have heen Sl2, 500 0OO,
of which there were of Atchson incomes
lbs, ,00O: Atchison As. s33l, 600: Northern Pa
cihc 5s, 81 lOl GOO; Texas Pacific 1sts Sl2S0 600;
Texas Pacific DDS S46o, 600; total of So 155 OU0,
or 20 per cent of the whole. There is reason for
thinking that sales of the Atchison securities
were almost wholly for London account, and
were made by parties who, having carried them
through the panic because it would have been
injudicious to try to sell them then. are doing
so now when they can do it with saIery and
without depressing the prices. This Is one
cause of the continued rising of the rate of
exchange in remittances tor the securities
sold.
The following table shows the prices OF active
stocks on the New York Stock Exchange yester-
day. Corrected daily for The DISPArCH by
WHITNEY & STEPHENSON. oldest Pittsburg mem-
bers of the New York Stock Exchange, 81 Fourth
avenue.