Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-29
SHORTS GET. SCARED
And Rush to Cover on an
Easier Tone in Ster-
ling Exchange.
BULL COAL TRADE POINTS
Responded to. by Rise in All the
Coal Roads.
BIG SELLING In N. P. PREFERRED.
Two pouses Compelled to Close Out All Of
Their Contracts.
SHARP ADVANCES IN THE INDUSTRIALS
ESPECIAL TELEGRAM TO THE DIsPArcH.l

ESPECIAL TELEGRAM TO THE DIsPATcH.l
NEW YORK, Dec. 2a-To-day's stock
market was swayed By opposing influences,
each of which had its effect upon prices
There was some improvement in the specu-
lative tone on account of the easier market
for sterling exchange, a condition that led
foreign bankers to predict with good
deal of positiveness that there
would be no shipments of gold to Europe
at the end of the week. This resulted in
the covering of good many contracts for
short accounts In fact, the evening OF the
short contracts on account of the near ap-
proach to the end OF the year was feature
of the market, and was largely respon-
sible for the Improvement In prices
Another factor consisted of encouraging
reports as to the condition of the anthra-
cite coal trade. The stocks of all the an
thracite coal carrying companies were
strong and closed at higher prices than yes
terday. Reading closed only fractionaily
higher, though it was more extensively
dealt in than any of the other stocks OF the
group to which it belongs.
The arrangement that the Reading Coal
and Iron Company has eFith tie reor-
Eanized Finance Company ofPhiladelphia,
by which the last is to transact the CONNER
cial and financial business OF the first, was
favorably construed by a portion of the
speculative community. As the Reading
Coal and Iron Company has never been an
especially prosperous concern, being aqxli-
iary and subordinate to the Reading Rall-
road Company, Ithe transfer of its nnanclal
management to a third corporation Will be
regarded with great interest. =
mn. Ioa IN
today was suggestive of liquidation and it
was common report that a brokerage house
here and another IN Philadelphia had been
compelled to close out all their contracts on
account of their faith in them.
ether features were q reactionary move
ment in Manhattan Railway, New FORK and
Northern preferred and New YORK and New
England. and sharp advances in the anUhra-
cite stocks, in the active gas stocks and IN
the induStrials.
Especial From Dow. Jones & Col
NEW YORK, Dec. 2s-To-day's market has
been irregular with fairly we'll marked
movement in three groups of stocks. Coal
ers and industriaIs both showed considera-
bic strength while the grangers were dull
and rather weak, the rest of the list moving
irregularly. Nevertheless the temper of the
market has been distinctly bullish. This is
due to a variety of causes, one of which is Of
a universal character. The fall in exchange
and the idea prevalent among bankers that
the highest rates for sterling had been seen,
thus putting further reports OF gold out OF
The question for the immediate future, was
considered by everybody factor OF the
6rst importance. This gave tone to the
market and confidence to the bulls.
The special causes affecting the coelers
were the continuance of the cold snap and
the possibility of some Encouragement of
the combine. Lackawanna's annual state
ment was expected to be extremely favora-
ble Bulls of the generally inactive coalers
spoke confidently OF establishing higher
range of price for them, $50 being freely
talked for Jersey Central
An issue of Reading thirds to the amount
of SlO,OO0,O00 is reported likely under the
terms OF the mortgage. This can be made
after the Sd of January next. Philadelphia
sold Reading, the arrangement with the
Finance Company of Pennsylvania not
being liked there, but all the stock was
readily taken for both the long and short
interest.
Sugar and Distillers were marked feature
of strength. The buying of them was by the
old pool, and bull points are given out, espe-
cially on Sugar, in which there is known to
be a considerable short interest; ll5 is pre-
dicted for the stock very soon.
The comparative weakness in the grangers
was explained by some extent by the heavy
fall in Northern Pacific 5s and preferred
stock. Until quite late in the DAY the cause
of this fall remained mystery, but just be-
fore the close it transpired that the sales re-
Gently made we're for account OF nrm IN
difficulties, who would however. probably
pull through. The fact that there was
nothing intrins1cally wrong with Northern
Pacific reassured the market and estab-
lished better tone generally, the feeling OF
the room at the close being more bullish.
The talk on New England WAS that Boston
was buying and that combination OF the
Parsons interested and the New York and
New Hampshire people, both of whom have
grievances in common, was possible ana
that Mr.. Parsons might get the necessary
grip on New England between now and
March.
The relapse in Manhattan and New York
and Northern on selling by insiders proved
the absence of anything special behind the
advance.
Money is harder in view of some shifting
of loans over January next.