Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-24
A STRONG BANK STATEMENT
Is THE LEADING ITEM OF INTEREST
ON WALL STREET.
Banks In q Better Condition Than In Any
Previous Year Except 1ss5-shares
Rather Reactionary Until the Statement

Previous Year Except 1SS5-Shares
Rather Reactionary Until the Statement
Is Published-No Marked Changes
NEW YORK, Jan. 23-The stock market to.
day presented few features of special inter.
est. The most that can be said was that in
spite of persistent attacks by the local bear.
ish element,ptices were well he'd and few
changes OF i'm tortance are seen. The most
striking development OF the day was the
contin ued heavy gains shown by the bank
statements. .000,0 600 IN cash and $11 600 600 in
deposits-and it is unquestioned that the
banks are now in stronger position than in
any of the previous years at the same season,
excepting possibly 1885.
The opening of the market was irregular
at slight changes from last nights figures,
but the bears attacked the list immediately
paying special attention to Northern Pacific
preferred, though Omaha reversed its move
ment of yesterday. On the other hand, a
few material advances were made in some OF
the specialties, Distillers' rising rapidly and
Manhattan l per cent. The pressure was
abated after the first half hour, and there
was only here and there few rallies until
the publication of the bank statement, when
covering operations assumed large proper
tions and most of the list were brought up
beyond the opening.
In this movement New England, Omaha
and the 1ndustrials were specially promi-
nent, but in railroad stocks the late dealings
showed again reactionary tendency. The
market finally closed active and firm, gen.
orally at Insignificant changes for the day.
Distillers Is up per cent, but no other
marked changes occurred.
The total sales of stocks to-day were III 900
shares, including Atchison, 4450; Chicago
Gas, 4,I5o; Delaware, Lacka wanna and West
ern, Az: Erie, 8 l2O; Louisville and Nash
Vile, $3.50; Northwestern, $3.50; Northern
Pacific preferred, 1S, $50; New England, IL, $780,
Reading. 1880: St. Paul. 400: st. Paul and
Omaha, 8, ,410; Union Pacific, 2 400.
There was absolutely no new feature in
railroad bonds. and transactions reached
but 81 600. No changes of importance took
place, the whole list being held at the same
level. Atchison incomes St. Louis. South-
western firsts and Union Pacific notes were
actlve, out Jailed to score any gains.
More War Talk.
John M. Oakley & Co. received the follow
ing from Watson & Gibson: "The market
this week has Topped about in way that
surprised the bulls part of the time and the
bears the other part. A good many timid
bulls were scared out early in the week, and
a good many bears were whipped in later.
"The Chile war scare may be worked
again, but scarcely with the same effect as
when first broached. The news TODAY was
conflicting, the Herald predicting an early
settlement, and the Su,, talking warIike.
with story that Chile had asked for the re.
call of Minister Egan. The President will
probably send n message to Congress next
si0 SOoiitiJ VI tuo SlCuaLlOn
and of the points at issue. This should be
done right away, for the public at large do
not fully understand the grounds Of our
complaint.
"The bank statement to-day shows the en-
barrassmenT of money lenders with a con-
slant accumulation of capital. Deposits now
are nearly $5OO,0 600, and the reserves were
increased nearly $s,500.000 The actual gain
in cash was over $ll 900, 900.
"The correspondence between Mr. Gould
and President Miller of the Western Traffic
Association. which showed that Mr. Gould
was satisfied to wait till the regular April
meeting Tor punishment to be meted ont to
the rate-cutting offenders, failed to bring in
buying orders, and after the publication of
the bank statement the market went off.
"The trouble with the market is not a lack
of stocks or money; it is a lack of buyers.
Though monetary and transportation condi-
tions are altogether in favor OF bulls the tenn
per of speculation at the moment fayors the
idea that the market on Monday will be
lower. On any sharp recession, however, we
advise purchase. Easy money will assert
its influence sooner or later.
eve think temporary investors could not
do better than to buy the per cent Union
Pacific collateral trust bonds at 9s. The |
per cent semi-annual interest will come off
on February l."
The Close OF Stocks
The following table shows the prices Of active |
stocks on the New York Stock Exchange yester- |
day. Corrected daily for THE DIsPATCH by |
WHITNEY & STEPHENSON, Oldest PittsDure mem |
bers of the New York Stock Exchange 81 Fourth |
avenue.