Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-05
BEARS CHANGE FRONT
On Good Reports About Railway
Earnings and the Corn Crop,
AND EVERYTHING MOVES UP
Under the Lead of New England, Reading
and the Industrials.
RAILROAD BONDS ACTIVE AND HIGHER

NEW YORK, Oct 4.-Not in months has
. the New York Stock Exchange presented
such a scene of activity and excitement as
to-day. From the very opening to the
close the dealings were animated. At times
the market was positively buoyant and the
orders executed for out-of-town account
were responsible to an unusual extent for
the strength that prevailed. There was a
sharp upward turn in prices at the opening
owing to an attempt on the part of large
bear interest to cover line of shorts in the
pranrers. The Rock Island statement for
September, which was made public to-day,
together with reports that the bulk of the
corn crop was safe beyond peradventure
from frost, induced the bears to change
front.
The buying of New York and New Eng
land was as pronounced as ever in the early
part of the day. The reports connecting
the company with the Boston and Maine
and Reading were again put afoat- They
were denied by persons in interest, but
after the close of business hours
it developed that a deal had been
consummated, at least according 10 those
having intimate relations with the Reading
and New England roads. According to these
statements, the New England has neither
been absorbed nor leased, but has made a
satisfactory traffic arrangement with the
Reading and Boston and Maine which
will inure to the benefit Of all
three companies. New England
stock advanced 215 per cent to 46s, but later
dropped to 4454 anu closed at 45L Reading
was prominent ana on enormous purchases
By Philadelphia houses supposed to have
full knowledge OF the new alliance with the
New England sold up to within fraction of
6O
Chicago Gas moved up 1sS. The local pool
appears to be marking up the price chiefly
on the strength OF the short interest created
by the renewal of litigation against the CON-
paEy. General Electric jumped from 1lSE
to l17@ on the announcement that the
United States Court of Appeals had affirmed
descent vacuum lamp bulb suit. Distilling
and Cattle Feeding and National Cordage
were also higher ON talk of enormous earn
ings and a probable increase in dividends
on the last named.
About / o'clock the list was buoyaut,
especially for Burlington and Quincy, Rock
Island, Northern Pacific preferred and
Reading. The sharp rise. however, brought
out offerings to take profits. The room was
quick to perceive this, and promptly took
measures calculated to force additional
liquidation. The decline from the highest
point OF the day was equal to 21s in Distill-
Ing in New England, lA in General Elec-
trio, 1A in Lake Shore and "a and III in the
remainder of the list. At the close the mar
ket was steadier again at recovery of e
to q.
Railroad bonds were in brisk request
throughout and prices generally were
higher. The Richmond Terminal issues
continued to advance on the improved pros
poets of the company. Northern Pacific 5s
declined to "a on the formal dissolution of
the syndicate ill the bonds
Government bonds were dull and firm.
(lipGa Of the LIST.