Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-21
A SHARP RECOVERY,
InduStrials and Others Re-
gain Some of the
Lost Ground
AND SCORE A FEW GAINS
On Easier Money and Exchange and
Good Foreign Buying.
READING LEADS THE RAILWAYS
And Western Union and Manhattan Are
Prominently Strong.
AND SCORE A FEW GAINS
READING LEADS THE RAILWAYS
And Western Union and Manhattan Are
Prominently Strong.
A STRONG CLOSE AT The HIGHEST

ESPECIAL TELEGRAM To THE DIsPATcH.l
NEW YORK, Dec 2O.-All of the Wall
street markets experienced to-day a re-
action from yesterdays tension. Money
and foreign exchange we've easier and stocks
were higher and in every department there
was less activity The highest rate for
money was Is per cent and the
lowest that was quoted at the close
was 4 per cent The bulk of the
business was done at less than 10 per cent
Foreign exchange was weak under pressure
tc market loaned bills until the close of
business, when q steadier tone developed.
Gold to the amount of S500,000 was
taken for export tomorrow. The en-
gagement had very little effect
upon the stock market During the
forenoon it was comparatively qniet and
q little irregular. The tone was in the
main firm, because American stocks we're
quoted higher in London and buying orders
from that center were known to be in the
market. Many of them were executed
from time to time as traders raided the list
and in this way foreign arbitrage houses
picked up about 10000 shares of various
stocks
In the afternoon the market became ag-
gressively strong, and recovered large
part of yesterday losses. Many of the
railroad shares did even more than that,
notably St. Paul, Rock Island, Missouri
Pacific and Union Pacific, yet none of
these stocks can be described as active,
which fact, in connection with the
material advances scored by them, is
strong cireumstantisl evidence that the
floating supply of railway stocks is not
large. Manhattan Railway on transactions
Of only $500 shares closed AZ per
rent higher than yesterday. Canada
Southern and Lake Shore scored
net gains that, considering the transactions
in them, were relatively as great as that in
Manhattan. The only really active railroad
stock was Reading, but it did not recover all
Union was a feature, closing lx per cent
higher, ex-dividend, on transactions of less
than $500 shares.
The heaviest trading was naturally in the
same stocks that received the most atten-
tiOn yesterday, namely, those based upon
manufacturing enterprises. The friends of
Distilling and Cattle Feeling were evil
IDENTIFY in the market with large orders Tor
that stock, and on transactions aggregating
only q little more than half of yesterdays
total 1t recovered practically all of yester-
days decline. The dissolution of the pool
in Chicago Gas appears to have resulted in
more stable market 1or the certificates.
The dealings in them were on
normal scale, and the net advance
OF l@s per cent was about the
average O. the active list. The speculation
in Sugar Refining carried the price ~ per
cent above the final figures 0f yesterday.
National Lead also participated readily in
I
The closing was strong at about the best
prices.
ESPECIAL FROM DOW, JONES 6 COL
NEW YORK, Dec. 9O.-To-day's market has
been the necessary complement of yester-
days, and under the influences of declining
money rates has been strong practically
London set the tone from the
opening and on its becoming known that
only $500 600 gold would be shipped to France
tomorrow stocks began 10 advance. In the
first halr hour 10 per cent was the ruling
rate for money and the list moved upward,
though somewhat slowly. Then money was
bid up to y per cent by certain firms who
made an attempt to depress Reading on a
of yesterdays unfavOrab BILE
Very soon, however, money rates
began to decline and the advance in the list
became more rapid.
Interest centered in Distlllers, Chicago
Gas and Sugar, and there was good buying
in all three by houses who have been out of
u market for industrials for some time
The buying OF these was prompted by the
belief thar they were low and also that there
wa> less discrimination against them in
Railroad stocks showed the strength that
was expected after the very small losses
made in yesterdays scare, and this was con-
sidered a strong bull point.
About noon it became known that sterling |
loans TO the amount of about s5OOO.OOQ had |
been made by various houses here and |
there was a sharp break in sterling eN- |
change to a 81, as compared with 81 S73< |
yesterday. This reanimated the market, |
which had been inclined TO drag a little in |
the absence of any nervous short interest, |
and for the rest OF the day there was free /
and heavy trading on the bull side.
A feature of the trading was the activity /
in railroad stocks, the gains being much /
greater on the whole than the losses OF the
previous day.
The feeling at the close in the room was
bullish on she idea that gold exports were /
over for tie time being. In high financial
circles. however. it Is felt that the present
Improvement is only temporary and that
there is danger until the Sherman law is re-
To.day's advance in the stock market was
discouraged in banking circles as
llkely TO Ieao S 10 overconndence
danger. Exchange houses say that sterling is +
strong as SHOWN by the market taking such 1
a large quantity OF bills at such slight fall.
Sales OF some of the bonds pledged to Sc
cure Union Pacific trust notes are reported,
and it is said that the entire holdings of the
trust in one of the branch lines bonds will
be closed out by deal just made.
The strength OF Sugar yesterday and to-
lav is based on the fact that the stock was
not Disseminated against to any great ex-
ent during tile scare.
1t is probable that Northern Pacific
will shortly issue S7,G0O,O0O 5 per cent
bonds on the Calumet Belt Line. the pro-
leeds to retire the Northern Pacific's floating
Reading has 100000 worth of coal on
lnnd and coal dealers notes for $1,000, 600
more.
CB1 ASSOCIATED PRESs.l
NEW YORK, Dec. 9O-There was a complete
change in the financial, as well as the specu-
atiye outlook to-day. Efforts were made
n certain quarters to prolong the stringency
II the money market, but they were futile,
because the high rates of interest induced
,ankers TO make some large sterling loans,
hele eby depressing Sterling exchange and
putting q stop to the apprehensions in re-
ard to the export movement in gold. The
,uly new engagement of gold Tor to-day
vas that of $500, 900 by August Belmont
Gail loans opened at u per cent and ad-
-anced 20 10, but soon dropped to s. At this
uucture The offerings were largely in excess
# the demand, and the Iate declined to 4