Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-12

was a genuine surprise to many people who
had feared that squeeze in Reading would
have an injurious effect upon the rest OF the
list and that prices would sag upon small
business. Reading was active at the opening,
and retired a small fraction in the early deal
lngs, but this was soon recovered and cash lois
began to be bid for. though the difference be-
tween them and sales the regular way was at
no time more than H per cent. and before the
end of the first hour it had entirely disap-
peared. After that time the stock attracted no
more attention than any other, and its further
movements were confined to small fractions
only, while its price was well held. Its extreme
nuctuatiou for the day was only per cent.
In the rest of the market the grangers took
the lead, st. Paul. Rock Island and Burlington
were all conspicuous for strength and activity.
st. Paul was also helped by the rumors OF
declaration of dividend upon the preferred
stocks tomorrow, and the probability of the
resumption of dividends upon the common at
an early date,
There was heavy short selling of Union Pa
cific in the first hour in which the large traders
we're specially active, but the stock received
such good support that all pressure was re-
moved in the afternoon. and a slow recovery
took place: New England was stock which
made substantial progress. although dull
throughout the day. The Trusts were extreme
ly dull. The market closed dull but firm, gen.
orally at or near the best prices of the day. The
Important advances were Manhattan ~, Mis-
souri, Pacific and Rock Island u, and ST. Paul
III.
Railroad bonds were dull and generally
steady and on the limited business Of S155,OOO
only few changes were made.
The Post says: The Reading manipulation.
OF course, still attracted much attention,
though the excitement in it had entirely passed
away There Is some short interest still out
standing i'll it. and always will be as long as its
price is sustained by pool at so high a figure
In comparison with income bonds which pre-
cede it; but the short interest was largely
covered yesterday that there is now no induce
purpose of piDching the shorts. and as nobody
outside of the pool will buy the stock at these
prices 1t still stands as cause for some appre-
nensions to the everyday spectators, who fear
that it may drop down any day, and in so doing
influence the whole market, There was some
knowledgment that the January and February
net earnings would show large decrease owing
to the heavy SHOWS in the mountains in those
months.
The statement comes by way of Boston that
the Sugar Trust, has. in fact declared divi-
dend OF ~ per cent and is only awaiting the
permission of the court to make the official an
nouncemeut
The meeting of the st. Paul directors to take
action on the dividends will be held in Chicago.
The expectation is that they will decide to re-
sumo dividends at some rate on the common
official or even semi-ofhcial information. the
failure to declare dividend would undoubt-
edly be a considerable disappointment, not
only to the pool that have sustained the
price of the stock for the last six months, but
also to the general specializing public.
stocks on the New York Stock E1cnange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY SrEPHENsoN, oldest Plttsburg mem-
bers OF New YORK Stock Exchange. 81 Fourth ave-