Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-10
ACTIVE AND FEVERiSH.
ONLY A FEW STRONG STOCKS IN THE
WALL STREET LIST.

Coaiers Make the Best showing-The Tables
Tnrned on New England at Last-Louis
| VILE and Nashville Leads on the Down
Grade-Bonds Better.
| NEW YORK, Jan. 9.-The stock market was
still very active to-day, but the feveriehness
| and irregularity which marked yesterdays
! dealings were also present, and undoubtedly
heavy realizations contributed 20 make a
general heavy temper. The liquidation was
| specially prominent in Louisville and Nash
| vile, Atchison and Ne~ England, while the
| strong spots in the list were confined to the
Coal shares the Jndustrials and a few of the
| low priced specialties. The market, as a
whole, was much narrower than usual OF
| late, and a few of the more prominent shares
| received the greater portion of the atten-
| ton.
The opening was strong at fractional ad-
vances over last nights figures, Missouri
Pacific showing gain of q per cent but
after further fractional gains, in which
| Chicago Gas led, there was general decline,
| took the lead in this movement, but New
| England soon Joined and the whole list
followed with the exception OF Richmond
a few OF the low-priced shares.
| A suspicion that New York and Northern
will not come in for any benefit from the
New England deal caused material reac-
tion i'll it, and it settled away from 2615 at its
best Yesterday to %. Manhattan also
showed the same influence at the close, its
final bid being 2 per cent below its last sale.
The jump in the CoaIers developed great ac-
tivity in Rea ding, but the Improvement in
price WAS of no importance. The market
finally closed active and heavy to weak at
about the lowest prices OF the day. The
only losses of note, however, were per cent
in New England and "A in Louisville and
Nashville. which rallied slightly toward the
end of the session.
The total sales of stocks to-day were 2sl-
S4 shares, including Atchison, II SS5; Chi
eago Gas. $500; Delaware: Lackaw wanna and
Western, S.l20: Erie, 1855; Louisville and
Nashville. Is. $780, Northern Pacific, preferred,
6.205; New England, 46215; Reading 4O,G2o;
S,425; Union Pacific, 5,5l7.
Railroad bonds showed little Of the reac-
tionary temper o. stocks, and while the
amount of business done was not equal to
remained unabated, and a few material
gains were seen. The only decline of note
wes per cent. in Erie funded 5s at 90. The
trading reached 1.761,0 900. out of which Read
ing firsts contributed ga 900. the seconds
1875 90, and Richmond and West Point 5s
2li,000.
Exciting Week in Stocks.
John NJ. Oakley & Co.'S Wall street corres-
pondents wired: This has been an exciting
week. The sensational rise in Chicago Gas
and New England and the sudden drop in
the former alone sufficed to lend interest to
and Nashville is bearing out all that we
have said about it, and unless the manage
ment rescind the 215 per cent semi-annual
dividend that they have just declared the
property will be deprived of cash that ought
to he kept against RAINY days.
at locks rather rash to sell short a per
cent stock at 81, with % per cent dividend
on it. and perhaps it would be best to defer
short sales, but the stock must go down.
The course OF speculation this week has left
traders little a
ago to the continued march of prices up
ward, but there is no confidence in the
general result. People generally have faith
in the outcome and shrewd observers still
believe that speculation will go beyond the
safe bounds of intrinsic values.
"The bank statement was late in coming
out It showed mp we'll There was ar in
crease or 81 ,750, ,0G0 in reserves and an actual
gain in cash of 81, SEQ 600. the deposits having
increased over Sll, COO go.
"The market closed on q free selling move
ment on orders emanating from profess
sional sources. This will dislodge lot OF
lightly held stocks, create a fresh short in
terest, and probably lead to q renewed bull
turn Ivy this time next week.
1--WE advise purchases of Western Union
and Lake Erie and Western comnon--the
one as n safe dividend payer, tho other as a
low-priced speculative stock"
Active Campaign Predicted.
Henry Clews & Co. say: 1.-THE first week OF
the new year exhibits the general activity
in the stock market that our recent weekly
advices have foreshadowed. The disburse-
ment Of over s1oo, ,o09,0 ,0oO OF January interest
and dividends is attended with an active de-
mand for bonds and for dividend-paying
stocks; and those purchases have given O
stimulus to the latent feeling in favor of
higher prices and developed an active spec
ulative movement, nnder which prices have
advanced throughout the list. The transac-
tions on the Exchange have doubled the
volume prevailing during the quiet of sew
eral proceeding weeks, and symptoms seem
to favor the preponderant opinion that a
campaign of unusual activity has set in
which is likely to be continued throughout
the year.
"Thus far the buying has come mainly
from investors and the class of large opera |
tors who are imme diately interested in rail- |
road and other corporate properties, desir-
Gus OF creating n market for disposing of q |
portion of their large holdings. The stua- |
tion includes elements calculated to stinu- |
late a future advance in stocks beyond what |
has been so far realized; but. as the present |
tone OF the market is conservatively bull |
ish rather than highly sanguine, prudent |
operators are likely to realize upon the |
profits of the late advance in the hope of |
buying back upon rea actionS: and We CON- |
mend that policy for the moment to our |
friends.