Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-24
BIG BUYING AND SELLING.
LONDON DOING THE FORMER AND
GOTHAM THE LATTER.


Rapidly-Late in tho Day tho Buying
Movement Outlook.
NEW YORK, Feb 23.-The condition Of the
foreign exchange market, and the buying Of
American stocks for foreign account were
the principal factors in the course Of prices
in the stock market to-day, and while there
was forenoon of dropping prices with some
material losses, the latter portion OF the day
saw not only the recovery of the early fig
ures, but the gain Of fractions in addition.
London was liberal buyer OF stocks during
the whole forenoon, but despite this fact
there was considerable realizing in different
portions of the list, while Chicago Gas was
under the hammer continuously. and its
drop Of ~ per cent had a material influence
upon the rest Of the list for the time being.
The bears believed that large stop orders
had been placed in the stock and went gun
ming for them with unusual success. and the
buying for foreign account was of little in
duence at the time to check the dropping
tendency impaired TO the list.
Atchison, Burlington, Reading and some
others scored losses of per cent while the
entire list lost fractional amounts. The
character OF the buying, however, attracted
attention at this time, and the pressure of
stocks for sale was sensibly relieved while
the market from this cause became dull. A
reduction in exchange rates gave promise
that the prediction of some of the most in
f1uential bankers that very little gold would
go out, which had been made public, stimu-
lated new buying, and to help along the
recovery the Coal stocks, Lackawanna in
particular, were given a sharp upward twist,
the inference shat the buying was for the
following of the new members of the direc-
tory stimulating further demand for the
stock. Jersey Central and Delaware and
Hudson followed with marked gains on a
light business, while Reading recovered all
of its early decline.
The magnitude of the takings for foreign
account then became apparent, and there
was rush to cover the shorts put out
earlier in the day, which, with the help of
the new buying on account of the improved
prices on materially higher level than that
of the noon figures. In this latter move
ment, Chicago Gas recovered about half of
its loss, but the Changers, especially st.
Paul and Atchison, were largely traded in
at advancing, prices.
The decline in Chicago Gas had no ap-
parent influence upon the other lndustrials,
for all, including Sugar and Distillers' we're
very quiet and firm, while the Oordage
stocks were specially strong, the preferred
rising 2L per cent. The market undoubt-
edly showed narrowing tendency, but the
late strength displayed was encouraging to
buyers and the commission houses which
purchased during the forenoon, became a
factor in the late advance.
The close was quiet, but firm to strong,
generally at fractional gains over first
prices and at about the highest prices of the
day. The final changes are almost all small
gains; but while Chicago Gas is down 1s6
Lackawanna rose 3. Jersey Central u, and
Union Pacific per cent.
Sterling exchange quiet, easier at 81 S613
for 60-day bills, and 81 IS for the demand. The
total sales of stocks to-day were 321,352
shares, including: Atchison, "a, 800; Chicago
Cas- 32.5c0: Delaware, Lackawanna and
Western, 2506s; Louisville and Nashville,
7,l3O: New Jersey Central, 400; Northern Pa
cific. pfd, g. 100; New England, Il, 157; Reading,
b5, 100; Richmond and West Point terminal,
1900: st. Paul. 1880; St. Paul and Omaha,
500; Union Pacific, 1855; Western Union,
7,1s0.
Railroad bonds were comparatively quiet
and remained without special feature of i'm
portance throughout the day, prices follow
ing closely the stock market, and early
losses were offset by later advances. The
trading was only 81, ,743, 600, and only Reading
thirds showed any marked activity, furnish.
ing Sl24 900 to the grand total. The final
changes are quite irregular.
The following table shows the prices of active
stocks on the New York Stock Exchange yesterday.
Corrected daily for THE DISPATCH by WHITNEY& &
STEPHENSON, oldest Pittsburg members of the
New York Stock Exchange, 81 Fourth avenue: