Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-01
A BACK SEAT FOR BEARS.
THE STOCK MARKET AGAIN ACTIVE
AND IMPROVED.

Realizing the Advance Checks the
Bullish Feeling Somewhat-Rock Island
and Sugar Still Weak-Some Strong
Specialties-Two Factors Boom Railroad
Bonds.
NEW YORK, July 3l-The stock market TO-
oay was again moderately active, ana whiie
there was a continuance of the bear1sn
pressure upon the list together with con-
siderable liquidation of long accounts, no
material impression was made among the
leading shares outside of Rock Island, ana
IN the afternoon some of the speclaltles
developed marked strength, with the enect
OF recovering a portion of the losses OF the
last few days
By the action of the market yesterday
afternoon and this morning, many were LED
to believe that the downward movement
that is, the power of the bears to further de-
press prices-was nearly at an end, and their
resistance to the pressure this morning was
more vigorous than during the last three
days. The circulation of rumors rejecting
on the standing of some of the best houses
In the street was looked upon in some
quarters as an indication that the promul-
gators of the stories had about come to the
end of their rope, and moro disposition was
evincGd to take a chance on the other side
OF the market, which was encouraged, also,
by purchases for foreign account, estimated
ran to cover, but the larger bear interests
maintained their attitude and sold the list,
as usual concentrating their early efforts
upon Rock Island and Northern Pacific pre-
ferred, though the unusually large gain OF
the latter at the opening gave the oppor-
tunity for effective hammering in it. ROCK
Island, however, was the only stock in which
any real important decline was effected
among the leading shares.
Later in the day some of the specialties
made dips, which were generally quickly
held throughout the day. The foreign de-
mand, with the covering of the shorts,
made a decidedly strong opening, first
prices being from 4 to % per cent higher,
The demand, however, was not sufficient to
overpower at once the pressure still brought
to bear, especially upon Rock Island and
Northern Pacific preferred, and those stocks
declined materially, dragging the rest of the
list down to about the level of last evenings
figures. The downward movement was
checked before noon, and after that time de-
cided strength was shown in all parts of the
list, all the active stocks rising over per
cent, with the industrials leading, Chicago
Gas shooting up ~ per cent.
movements, and Cordage, after dropping ~,
rose per cent, other low-priced shares act
ing in the same manner. The best prices
were made at about 2 P. NJ, when realizations
on the advances made caused the list to sag
off slowly; but the usual result of check to
the selling was seen in the dullness. The
market finally closed dull, Dut STEADY TO
firm, at close to the highest figures of the
day. The final changes are quite irregular,
with majority of advances, and while most
stocks are only fractionally changed from
last evening, Colorado Coal is up 21a, Chicago
Gas 2IS, Tennessee Coal ~, c., c., z. & St L.
II, and Pacific Mail l per cent, while Sugar
declined IA and Rock Island per cent.
Railroad bonds were also more active, the
sales of all issues reached $775,0 ,00O but this in
crease in activity was all in two bonds-Ore.
gon Improvement 5s and Richmond and
West Point IS, the latter being specially
strong, while the former was equally so.
Oregon Improvement IS rose per cent, to
81. The general list followed closely the
changes i'll stocks.
The following table shows the prices of active
stocks on the New York @ stock s E1chanEe yester-
NEY & STEPHENSON. oldest Pittsburg members of
the New York Stock Exchange, 81 Fourth avenue.