Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-06-01
CRIPPLED BY CROPS.
Reports of Damage In the Northwest Have
Benrish Effect Upon the Stock
Market-COntradictions Cause
Reaction-Bouds Quiet.

NEW YORK. May 31.-The stock market to-
day was weak and declining at the opening,
but afterward gathered strength and generally
closed at the highest prices of the day. The
unfavorable reports from the West in regard
to the damage to the crops was the keynote of
the market at the opening, and these influences
were supplemented by large engagements of
gold for export, beside further rumors of
cutting of rates by the Chicago, Burlington
and Northern made the general feeling one of
discouragement at the moment and prices,
especially in the Grangers, made material de-
cInes. =
Outside of those shares, however, the move
ment made no marked progress and the feeling
of depression gradually gave way as the re-
ports of the morning were coutradicted or mod
ifed. The amount of business was small, but
under the concessions in values good buying
was brought in and the decline was checked
and the market afterward gained strength as
the day wore along. The conference between
Messrs. Oakes and Adams made pronounced
bullish feeling in Northern and Union PacIfics
and in the afternoon both became extremely
active and scored advances which carried both
to the highest prices of the present movement
The dividend on Chicago Gas did not stimulate
that stock to any extent and outside of the
Grangers and Pacifcs the regular list was dull
and nninteresting.
The opening was made on very moderate
volume of business, but FIRST prices were gener-
ally from Is to Il per cent below the closing fig
ures on Wednesday, and the weak tone ex-
Be0QeQ TO almost ali PORTIONS OF the list, Will
the exception of Western Union and the Pa
cihc stocks. The decline did not go far, how
ever, and before the end of the first hour the
losses in most of the list had been recovered,
after which the market drifted into dullness
with but slight fluctuations.
Toward noon. however, the strong tone be-
came more pronounced, and Northern and
Union Pacific became the features while for
some time staRnation was the rule with the
rest of the list. Toward delivery hour. howev-
er. more animation was shown and after q
slight depressono the upward movement was
renewed with considerable force and the mar
ket closed active and strong, generally at the
best prices Of the day. In the unlisted depart
ment lead trusts were again active and decd-
edly strong. but the others made no marked
shade, to 231s. The final changes are almost in
variably in the direction of higher figures, al
though San Francisco preferred was weak and
lost 13s, but Union Pacific and Northern Pa
cific preferred each rose ia Manhattan IL and
Northern Pacific per cent.
Railroad bonds were quiet and there was
only one active issue, the Denver and Rio
Grande Western receipts furnishing $4,000
out of q total days business of Sl,3l4OO0 The
movement in the list was irregular and gener-
ally for Insignificant amounts, and the final
changes are about equally divided between
gains and losses.
The following table shows the prices Of active
stocks on the New York Stock Exchange.
Corrected daily for THE DISPATCH by Whit
ney & Stephenson, members of New York
Stock Exchange. 81 Fourth avenue:
Open High Low ing.
Ing. est est. Bids.
Am. Cotton Oh. ...... COX $50. .... 5sx