Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-18
POOR DAY FOB TRADE.
An ntensely Dull Stock Market-The Ore
gon Transcoutincntal Circular Re.
ceived With Disfnvor-Its
stock on the Decline.

NEW YORK, June 1.-The waiting attitude
of operators on both sides of the market again
resulted in making an intensely dull stock
ma rket to-day, which possessed even less
feature than that of yesterday. The little in
terest which was manifested in Sugar Refineries
yesterday seemed to have disappeared entirely.
and the trading IN that stock was the smallest
for any full day for months, while its fuctua-
tions were on an equally limited scale, The
transfer books closed to-day for the payment
of the recently declared dividend of 2% per
cent, and the Boston Stock Exchange was
closed to-day, being the anniversary of the
battle of Bunker Hill, and as there was no de.
cision on the Sugar case by the Court of Ap-
deals, there was nothing to base an opinion as
to the course of the stock in the future upon.
The only real feature in the market to-day
was the weakness in Oregon Transcontinental,
owing to the disfavor with which the circular
to stockholders has been received. The friends
of the management. however, say that the
sentiment will not be far-reaching. and as the
merits of the scheme become known the stock
will again appreciate In value. The selling to-
day also was of the same professional char
acter as usual for the past few days. and the
decline is probably the feeling of the market
by the bears. The news of the day contained
the usual installment of advices of rate-cutting
and disagreements In the West but these were
fairly offset by the reports of earnings and the
small progress made toward complete harmony
among the roads in that section of the country.
The course of the Lake Shore, which has net
with so much censure. seems TO have only
caused cessation of the late animation in the
Vanderbilt stocks, but as that is shared bv the
entire list It probably signifies nothing. There
were $50, 600 more gold tor export by the same
firm which sent the last lot but NO information
as to the character of the shipment could be
obtained, other than it goes to Germany and
the rates OF exchange on that point permit it to
be made without loss. 1t, Of course, had its
influence in aiding the declines, but the trading
was SO limited that the effect was, no one thing
counted for much The traders had the mar
ket all to themselves. The opening was lower
in sympathy with London and until the last
hour there was slow but steady yielding of
values. which, however only in Oregon Trans
continental reached anything of importance
The shorts went in to cover late in the day, the
reports of the progress in making silver bill
helping the advance, and the Trusts were
nearly 2per cent The close was dull but firm.
but still at small fractional losses for the day in
the great majority of the list The late recov-
cry brought up Oregon Transcontinental and it
final change was the gain of IN per cent in
Chicago Gas.
Railroad bonds were also slightly more
active, the total sales being 1925 900. but there
was less pronounced character to the market,
and the final changes are in but few instances
of any Importance. St. Paul Consols are off 2
per cent.
Government bonds have been dull and firm.
State bonds have been dull and steady.
The Post says: The Union Pacific report of
net earnings for the four months to April 80,
shows very clearly which are The prosperous
parts Of its system. The net earnings of the
entire S036 miles of the whole system were
So l9l 24l, against So 055 234 IN the same period
last year on 1854 miles. an increase of only
Sl36, ,0O7, or "A per cent. The cause Of this
rather poor showing was in the large decrease
of earnings of the Oregon Navigation Com
pany which didn't earn its operating expenses
for the four months by $685. $40. instead of hay
ing net earnings of S252, 427, as In the same
period of 1883, and consequently shows de-
crease of S4I9, ,247. This. of course, affected
the earnings of the Oregon Short Line, to
which the Oregon Navigation is leased. and
the Oregon Short Line net earnings for the
four months were consequently only $567, ,S5l.
against SIP S74 in the same timo last year. 1t
was only the large earnings of the Union
Pacific, Denver and Gulf which saved the re-
port of the whole Union Pacific system from
being very bad one. The Union Pacific Dem
yer and Gulf surplus earnings for the four
months were S440976, against sl66, ,S03 in the
same time last year, an increase OF l64 per cent
The total fixed charges of the Union Pacific.
Denver and Gulf for the year 1890 are about
81, $50. 900, and at the rate of surplus earnings
for the four months the company is earning at
the rate of.nearly 81, ,3SO, 900 per annum This is
remarkably good for newly opened line. and
indicates the probability that the S3i, ,l6 900 Of