Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-07
STOCKS ACTIVE In SPOTS.
THE MARKET WAS GENERALLY DULL
DURING THE SESSIONS.
Steady Dribbling on Account of European
Speculators-This Helped to Keep Prices
Down and Exchange Up, While 1t De-
TERED the Market

A Steady Dribbling on Account of European
speculators-This Helped to Keep Prices
Down and Exchange Up, While It De-
TERED the Market.
NEW YORK, Aug 6.-The stock market to-
day was dull and narrow but active in spots,
and while displaying firm tone throughout
the greater part of the day. was weak at
times with spells of feverishness. The
great feature of the day was the selling of
Union Pacific, large portion of which
was apparently for London account. Oper-
ators are beginning to acknowledge that
there is and has been a steady dribbling OF
stocks to this market for the account of Eu-
ropean spectators, and this has helped in
great measure to keep prices for stocks
down and the rates for. exchange up while
having a very deterrent effect upon this
market. The stories of late put in circu ula-
tion rejecting on the financial condition of
the Union Pacific Company were freely
banded about in London this morning. and
the equivalent of the last London quotation
for Union Pacific before the opening of our
market was 36E against 3sA here last even
ing.
There was a rush to sell Union Pacific at
the opening and large blocks changed hands,
the first price being 371a, from which it de-
clined to 361a, but received considerable
support around 81 for Il time. When this
was withdrawn the stock fell away to 35I.
In the meantime the rest of the market, of
which Burlington and st. Paul were the
principal part, showed strong tone and
under the influence of the buying for the
shorts and the very encouraging reports of
the weather in the corn belt, advanced frac-
tionally, Burlington rising q per cent. The
persistent selling of Union Pacific, however,
at last had its legitimate effect and the
general list yielded, wiping out the early
gains in almost every case and scoring some
small losses in a few stocks. st. Paul !: nd
Rock Island were weak by spells under
spasmodic hammering by the bears. The
Industrials were also specially weak during
the early portion of the day, though Sugar
was marked exception, but the later deal
ings developed strel", tn in them and the
losses were entirely recovered.
The pressure upon the list was entirely re-
moved in the last hour when the shorts went
in to cover with will and rumors that the
floating debt of the Union Pacific which has
troubled the bears for so long time had
been arranged for, with some others of like
nature were circulated. The upward move
ment resulting was very sharp and all the
active stocks scored material advances, not
only lifting them above opening figures but
making large gains beside. Union Pacific
nearly recovered the days loss and st. Paul,
Burlington, Rock Island and others were
specially prominent in the upward move
ment. The market finally closed active and
strong at the top figures. The final changes
show small fractional gains in stocks, but
Sugar is up 25sc and Cordage nc, while the
losses in Chicago Gas and Union Pacific were
Railroad bonds were quiet to dull in the
general list, but Atchison As were active
and contributed $l1S.0 900 to the days total of
$656,O0O. There were, however, no import
ant movements among the leading issues
and a loss of in Oregon Short Line SIS at 66
was the only material change for the day.
The list showed steady temper through
out.
Government bonds have been dull and
steady.
State bonds have been dull and firm.
The Post says: To-day's flood of sensational
rumors in connection with Union Pacific il
Illustrates the striking difference between un-
favorable incidents narrated as mere news.
and the same stories in the hands of bear
manipulators. 1t was known a month ago
that the Union Pacific Company was meet
ing with some difficulty in raising the money
for its usual outside options. Common with
a dozen other great railway corporations,
this company in making its plans for this
summers financiering found the bond mar
ket full to it. Extensions and improvements
had necessarily been in progress and had toe
be paid for OF course this meant an en-
!argement of the floating debt, precisely as
it did with st. Paul.
The time money market, for reasons ap-
parent to everybody, was troublesome to
handle. Some of the strongest borrowers
have had to content themselves recently
with shorttime loans, hand-to-mouth bust