Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-01
JUST AS EXPECTED.
Speculation In Wall Street Ratilsd By the
HoIidays-Professiona Run the Mn.
chine-London Market Strong

-TriflnE Changes.
NEW YORK, May 3l-The stock market to-
day was quiet as was expected. The session
coming between two holidays and the attend
ance being very meager, the fluctuations, as
rule. were neither wide nor significant. The
dealings for the most part were professional,
and the final result Of the days trading Is to
leave prices within small fractions Of last
Thursdays closing figures. The London mar
ket, which is still under the influence Of the
restoration Of passenger rates in the West was
strong and even buoya Mt and the figures from
that place this morning were materially better
than since Tuesday afternoon.
The market responded with opening ad-
vances extending to T per cent. and the strong
feeling continued until further fractional adj
vances were established over the entire list and
even the trusts were for the time being unusu-
ally strong When the first demand was satls-
fed, however, the traders went in for turn on
the short side and, pretending to be over anx-
ious about the bank state ment sold stocks
freely all around the room with the result of
depressing most stocks to q shade below tho
opening prices while q few, like the trusts, were
brought down to materially lower figures. Chi
cago Gas proved most vulnerable and dropped
to-. to 4sA after selling at S Ian.. while sdga,
about per cent. In the regular
list Louisville and Nashville was pressed
for sale and fell away 1H per cent while among
LHo low prlceQ shares, LOUISVILLE, NEW
and Chicago. Laclede Gas made very heavy de-
clines for such stocks. The bank statement,
however, proved to be unusually favorable the
increase in the surplus reserve being nearly
million and half, which caused an effort in
the last few minutes of business to recoup the
early sales for the short account with the re-
suit of bringing many stocks up to and above
first prices. The close, however, was rather
heavy and comparatively quiet. The final
changes are very irregular and generally for
small fractions only; but Colorado Coal 10 up
~ and Wisconsin Central N while Chicago
Gas is down per cent
lutely without special feature beyond some
animation in Atlantic and Pacific incomes and
Laclede Gas SIS the latter being weak. The
trading reached only s7S700O. The sales of
bonds for the week aggregated N6zl, 900
Government bonds have been dull and steady.
State bonds have been entirely neglected.
The Post says: 1t was well known that the
drop of 81 in Sugar Trust on Thursday on top
of seven points decline in the two previous
days was caused by the selling of INSIDERS"
but 1t also caused some dismay among others
who had been active IN marking it up and ex-
pecJed it to go higher, and therefore had as de-
moralizing an effect on some of the most active
speculators as was caused by the unexpected
decision in Chicago against the legality Of the
Chicago Gas Trust. For whatever might have
been the expectation of lawyers. the decision
of Judge Collins was a surprise to the specu-
lators in Gas Trust. Some of the leading ope-
rators had also been expecting more import
~,
and they had consequently sold some of their
long stocks and put out lines of shorts In A Chi
son, St Paul, Union Pacific and Rock Island.
Added to these features was the disappoint-
ment in regard to the failure of he trunk lines
to make complete settlement of the
freight rates east Of Chicago and Du-
luth, and so altogether 1t was very
feverish market in which there was so many
confusing and contradictory features that
many of the usual daily spectators were do
ing almost nothing. Nevertheless, there was
general prevailing sentiment that as soon as
the disturbance caused by the decline in the
Trust stocks cleared away, the general list of
railroad stocks would advance and certainly
the conditions of railroad traffic have not been
SO favorable for four or five years as at pres
ent. To a large extent this Improvement in
railroad affairs has been reflected in the ad-
vance in prices in the last month, but the
greatest part of the improvement, viz, the set
tlement of the Western passenger rate war, and
the probable settlement of the freight rates
west of Chicago have been the developments Of
the last week, during which prices have de-
clined, and consequently LETT room for another
advance to correspond with the aspects of rail-
road business.
The following table SHOWS the prices or active
stocks on the New ork Stock Exchange yester-
day. Corrected daily for The DISPATCH by
WHITNEY & TEPHENsoN. oldest Pittsburg MEM
bers Of New York stock Exchange, 81 Fourth ave-
nue.;