Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-08
NEW YORK STOCKS.
Shares Still on the Upward Trend, but I'm
peded by Selling for Short Interest
Less Activity in Railroad
Bonds-Silyer Agitation.

NEW YORK, Jan. Tho stock market to-day
was strong throughout. with decided increase
in orders executed by commission houses
Time money loaned at per cent, and on the
whole the outlook for the continuance of the
upward movement is very favorable. The
feature of the market to-day, however, was the
change in front, apparent or real, of foreigners
and where they have been sellers of stocks
steadily for the past four or five days there was
to-day an effort to get back those stocks with
out advancing prices.
The announcement that the Louisville and
Nashville had declared a dividend, and that it
was 215 per cent in cash, had most salutary
effect upon that stock in the early trading
making 1t the feature of the dealings through
out the forenoon. There were sales of it by
German houses, however. and the traders were
bearishly inclined still, and some vigorous eff
forts were made at times TO get certain stocks
down. The bearish fraternity were also much
concerned over the possibility of meeting to-
morrow, but the general public which is now
in the market to limited extent showed no
apprehension but that everything would pro-
ceed as smoothly as may be desired.
The pressure of short stocks upon the mar
ket prevented any material advance in the gen
eral list, anG gave the market a feverish tone
which lasted throughout the entire session. A
strong undertone. however, asserted itself. and
little or no impression was made upon the list
Louisville and Nashville had squirt of activity
II, 0I-
lowed later by Pacific Mail. Sugar Refineries
also displayed marked strength. winch was
found to be due to the covering of large short
line in the stock. Jersey Central also made a
sharp upward squirt in tue later dealings but
lost a portion of the improvement in the final
transactions.
The market if anything was narrower than
that of Yesterday, the bulk of the trading being
confined moro than usually to the leading
shares The best prices were reached before
P. NJ. and while some reaction was seen from
the highest points, the close was quiet and
firm. The final changes are generally frac-
tional gains, but the early ones Of Importance
we're advances of per cent each in Louisville
Union Pacific and Wheeling and Lake Erie
preferred, while Jersey Central is up per
cent.
Railroad bonds were not quite so active as
yesterday. the sales reaching g, 1877 O0O but the
same strength was displayed, and most of the
prices, with a few losses here and there. The
active issues were again Atchlson incomes and
Northern Pacific 5s.
The Post says: Rock Island was heavily sold
short again, both yesterday and to-day, and the
outstanding short interests became so large
that before 2 O'Clock the bears became uneasy
and put it up per cent on themselves in about
an hour in their attempts To cover.
activity and the advance in stocks were
checked to a considerable extent, both yester-
day and to-day, by the revival of the talk
about silver legislation. Ii is not SO much
thai spectators believe there will actually be
any further silver legislation as they do that
the agitation of the subject will set some peo-
pie boarding gold again. and so have an effect
on the money market. At any rate. there Is
still an active bear party in the stock market
who are encouraged by 1t and make IL factor
in speculation.
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPArCH by
bers OF the New York Stock Exchange, 81 Fourth
avenue: