Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-11
Fresh From Wall street.


The Industrials were again the most &C
tive stocks in this weeks market; sugar
fuctuated considerably, and showed con-
cIusively what hold the manipulators
have on this stock; they encouraged large
short interest by selling the stock down,
and the bears had TO cover a round amount
OF stock at about three points loss.
The biggest advance was scored in DistiL
lers; the price Of product was advanced 10
cents, the orders which have been received
by the trust are immense, and the belief is
gaining ground that the tax VIII be reduced
40 cents per gallon, and people prefer to
buy now, so as to take advantage of the ad-
vance when the time comes The trust owns
branch of business, having absorbed all
competitors lately, but another company is
about starting in Sc. Louis, and this Opposi-
ton will from time to time increase: The
afford to pay a good return on a much
watered stock honest capital will be TO und
not wanting to make use OF the good oppor-
very large, and this no doubt accounts for
its violent fluctuations At these prices we
do not think whisky good stock to bull, as
it virtually discounts many good things
Lead was a little better: new companies
have also lately been coming into the field,
but the trust has made an agreement with
the outsiders not to cut prices, and for this
reason they are all happy. The trust now
controls about 81 per cent of the real out put.
The conference at Brussels has not turned
out to be success, and as we have said be.
fore the different governments accepted
this country's invitation more out of polite
ness than the hope that any agreement
would be reached. Senator Jones is ex-
pected to speak at Tuesdays meeting and
on Thursday the conference ends
AS regards the repeal of the, silver law
during the present session OF Congress the
chances are slim. Senator Hill has taken
the initiative and introduced q bill for its
repeal, but the Republicans are so averse to
doing anything during the present session,
as they argue that the responsibility of the
November election shifts everything on the
land W i'll have to call an extra session when
he takes charge of the executive on the 45h
of March.
The bears who sold stocks on the death of
Mr.. Gould have been again paying for their
experience, and in the last lew days have
covered up round amount of stock; this
is really all there is to the market, fight
between the big operators and the street,
and the outside public are not taking any
hand in it for the present Still, it is a
splendid scalping market, and quick turns
of from TO per cent can easily be made.
On the other hand, we cannot see how
lasting bull market can result, unless the
silver bill is repealed and the country put
on firm and sound basis.
No gold was exported this week, but our
friends inform US that some will 20 forward
on Tuesday. The market to-day was again
very strong. with the bears in quick retreat;
they covered about lc, shares of Atchison
and probably about 10000 shares or other
stocks around the room, Western Union
leading and Missouri Pacific sympath iZing.
Nothing official has been said to account for
the rise in Western Union, but there is no
doubt that it is q very valuable property,
and that the Vanderbilt interests and the
Geulds have been in communication looking
toward deal. TIE rise has ueen so quick
that we hardly advise a purchase at these
prices; the short interest is now pretty " ell
out of the market, and with the prospect of
at least 81 000, O09 gold gong out on Tuesday,
we think that prices will prODaDlV omen
strong on Monday, and then react.
From sproul & Co.'s market letter:
The Gould stocks, headed by Western
Union, almost monopolized attention to-
day, developing an unexpected degree of
strength which affected the entire list. The
buying IN both Manhattan and Western
Union was notably good, though reports
that the control of the latter,is to pass into
the hands of interests which may have the
entire confidence of tho street and the in
vesting public have no tangible facts to con-
firm them. 1t would indeed seem that since
Mr.. Gould's ueath there has beena an increAs-
ing disposition to trade in these properties,
which so many people have heretofore
stunned with care. Something of this kind
is certainly needed to explain the strength
of Missouri Pacific, the real condition OF
that property being as yet "a mystery.
The general market was influenced more
or less by the bullish demonstration in the
Gould gronp, though Sugar was unsteady in
spite of its activity, and Disttllers. after
opening up on covering and pool support,
downward. Cordage was strong
on the anticipated stock dividend of which
O confirmation o an almost official charac-
ter has been given.
The bank statement passed unnoticed in
spite of u loss of nearly l,000, 900 in the sur
plus. Exchange is strong and gold ship
ments may he expected on Tuesday, while
nishes opportunity for reaction next
week.