Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-20

I'VE were somewhat bullish in our express
ION yesterday, but we think the record OF
to-day's market will justify even our most
positive statements of late. A brief analy-
sls OF 1t may be thus summed up: Quotations
from London came strong and our Market
opened exceedingly firm with q bullish feel
ing Still largely predominating, and many
stocks have to-day scored the highest prices
yet made; Lake Shore, for instance, touched
lzI1a; st.Paul, ,754; Northern Pacific preferred,
'67s, and Missouri Pacific 75A. These prices
naturally seem high when compared with
tne low figures made in the spring, but lt
Fhso thsn must be borne in mind that the prices @
Ihen touched were many of them forced pc
low HgureS which would consistently repre-
sent their intrinsic value.
=, After ll:S0 slight reaction occurred upon
1ne appearance of the bank statement,
winch showed decrease of S966000 in the
reserve, but this decrease was to be expect
eu. Ihe banks are having a gradually IN
munity, and as general business improves 1t
Is TO De expected that the demand Will IN
crease. 1t may lead to higher rates for
money, but there will be enough to go
around and we have no fears Of any serious
disturbance in the money market. The
slight concession which followed the an
nouncement or the reserve decrease was
quickly followed by sharp recovery, and
the closing prices were the highest OF the
week as well as of the current movement.
AS prices advance it may be expected that
they should occur; it will be better for the
STOCK market if we have them, but they will,
IN our judgment afford an excellent oppor-
tun1ty for still further purchases of good
stocks, as all the conditions throughout the
country point to still higher prices.
THE week terminates one of the most sue
oessful yet experienced in the present bull
campaign. Several of the foreign exchange
houses have to-day received advices that an
additional amount of gold will be forwarded
to them from Europe and we believe these
shipments must continue to be made as the
payments for our cereals will be large, to
say nothing of our stocks and bonds that
have been and are being repurchased by
foreign buyers"
Only One Cloud.
Henry C1ews & Co. furnish the following:
''The stock market shows renewed activity
and strength. The bears, however, are not
alone in the opinion that the advance in
prices during the last few weeks should
almost suffice for the time being. Among
the ranks of the bulls there are two classes
who incline to the same view; first, the con-
servatives, who think that present prices
are well up to the present intrinsic value of
stocks and doubt the expediency of forcing
up values to a point at which the investment
demand would be checked and at which
foreign holders, under the pressure of an
American drain of gold, might sell out upon
New York; and second class are those who
have unloaded large lines of "long" stock
and are actuated by the purely speculative
purpose of being able to buy in again at a
lower range of prices. The former of these
two classes is simply quiescent! the latter
have been using their influence, directly
and indirectly, to depress prices.
"For the rest the market may be said to
consist of the sanguine and demonstratiye
class of bulls, who are always optimistic,
over-estimating favorable factors and under
estimating untavorable ones, and who act
upon prospects rather than existing facts.
When there is large outside interest in the
market-which is the case at present-this
class of operators prove an important ele-
ment, for they all act in the same direction
SO long as they are able to maintain their
margins. and it is therefore difficult to
break the force of their support. At pres
ent, the forces of the market are divided
into these unqualified bulls, on the one side,
and the qualified bulls and the professional
contest under present conditions cannot be
much other than a succession of slight fuc-
tuations, with little gain for either the one
party or the other.
garded as seriously suggestive of distrust Is
the grave condition of European politics
arising from Russia's coercion of Turkey in
relation to the passage of the Dardane1les.
That may prove to be very grave question
for the great powers; but to the United
States it could only bring important advan-
tages in an increased demand for our in
vestments and, in the event of war. for our
food products. Nor is the negotiation Of
Russia's loan in Paris calculated to appre-
ciably affect American investments in
Europe, as the loan will have to be taken
almost exclusivelyby French citizens, who
hold but few of our securities"
The Final Figures.
The following table shows the prices of active
stocks in the New York stock Exchange yesterday.
& STEPHENSON, Oldest Pittsburg members of the
New York Stock Exchange, 81 Fourth avenues