Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-07
READING THE LEADER.
1t Furnishes the Pick of Business Done in
Wall Street-Chicago 20 Gas Trust
the Weakest on


the Weakest on
The List.
NEW YORK, March 8.-The stock market to.
day was little more active, but this was en-
tirely owing to the increased business in Read.
ing, and that stock again furnished about one
nall OF the entire business in listed shares. The
speculation showed no changes as far as the
general list is concerned, and dulness and
stagnation continue to be the only features
Four stocks to-day monopolized all the atten-
tlon and interest taken in the market, and with
those few
The early dealings were strengthened by the
announcements of further reduction on the
BANK of England's minimum rate of discount to
"a per cent. and the prospects for easy money
LOT some time to come were frightened. Later
IN the day, when the large offerings of bonds
were made. the bullish feeling increased. Read
ing was the great feature of the days opera
tlons, but it was evident that this stock re-
celVlng support. and there was none of the
weakness of yesterday shown in the early trad
ing. In fact, fractional improvement took
pace, and it was not until the afternoon that
great pressure was brought to bear upon the
STOCK, and decline from 37L to 3555 was
brought about,
marked strength in it, and almost all of the
loss was recovered. the stock closing unchanged
from last evenings figure. The general opin-
ION is that some one has unloaded a block of
covering of shorts done upon the decline
The weak point in the list in the forenoon
was Chicago Gas Trust. which dropped away
SHARPLY upon the receipt of the news that an
applcatlon had been made to place the proper
ty IN the hands of a receiver on the ground that
IL was an illegal corporation. The result of the
accompanying ao1 rad was drop of 215 per cent to
4Z12, aud only small portion of this was after
ward regaiEed. Louisville and Nashville was
pressed for sale, though there was no news of a
character TO ahect the price received The
sellers were principally the traders. who found
the stock unprotected for the time being and
organized raid upon it with the result of
dropping it down Il per cent after a small ad-
vance, but even this loss was neutralized by
the late advance, as in Reading
Tennessee coal moved again in its usual
erratic way, and after opening down lzSc at SEC
1t dropped to 557ac. but in the late trading re-
covered GOV, to $50, closing &c lower. Sugar was
also quite erratic. but showed marked strength
on the whole and the declaration of the divi-
dend In toe afternoon sent the stock up to g.
close to which figure it closed. The fuctua-
tlons among the rest of the list call for no COM
ment whatever, and the market closed dull and
steady to firm at insignificant changes for the
day. The advances are more numerous to-
night, but the only one of importance was
sugar lH per cent, while Chicago Gas is
Railroad bonds were more active and the
sales aggregated Sl,5lS 0G0, though the ONLY
feature of interest was the weakness in the
Heading issues, the As furnishing S479,0OO to
nant.
The Post says: Thus far the improvement in
foreign affairs has had but slight effect on the
stock market, because it has for the time being
been offset by the dubious condition of affairs
among the Granger roads, the unfavorable con-
dition of the coal trade, and the continued an
prehenslon that there would sometime be
heavy break in Reading. The situation among
the Granger roads, however, is certainly i'm
proving. as is shown by the large increase in
both the gross and net earnings of the ST. Paul,
Burlington and Northwestern last reported
and now it is reported from Chicago that
Chairman Walker has devised plan for re-
establishing the Interstate Association on A
basis that will permit the Northwestern and
Union Pacific to maintain their alliance and
yet remain in the association.
The apprehensions about any pinch in the
money market here have also been relieved
not only by the easier feeling. bot by the an.
policy of the United States Treasury
to buy bonds. Under these conditions the gen
eral market for stocks would probably have ad-
vanced yesterday but for the significant de-
cline in Reading. which made it apparent that
some large amounts of long stock were being
thrown overheard. Measured by the prices of
the securities which come ahead of It. Reading
stock has been too high for the last year and is
too high yet. The position of this stock continual
ly invites attacks of the bears, and though they
may get pinched once in a while by overselling
it, their course has been justified by the decline
of 10 points in the last year. This, in the face
OF the continued protestations of the support
ers OF the stock that it was being artificially
depressed, has helped to unsettle confidence in
other properties. and is for to-day and the time
being one of the most effective obstacles to an
Improvement in prices.
stocks on the New York Stock Excnan1e yestero
day. Corrected daily for THE DISPATCH by
W HITNEY STEPHENSON, Oldest Pittsburg mem
bers of New York Stock Exchange. 81 Fourth ave-