Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-10

be paid or not was still the most prominent
subject Of conjecture, and while the trading
element, which was responsible Tor the great
bulk of the business to-day. was bearIsh. the
uncertainty made them careful about putting
out any further lines Of shorts, and the STOCK
was so well supported that little impression
was made upon it.
Some of the specialties made remarkable ad-
vances. Colorado Coal and Wisconsin Central
being specially conspicuous, and Tennessee
Coal, which made some Of its usual wide gyra-
tlons, left of materially higher than last even
ing. Sugar Refneries was the weak spot IN
the market. and the inquiry as to whether
there Is any bottom in the stock markets met
with no response. Outside the coal stocks
there was absolutely no life in the regular llss
except in Missouri Pacific, and for this the
bears and traders were responsible. Opening
OF the market was made at advances over last
nights closing figures ofafrom e to n per cent,
sugar being the only important stock which
showed decline.
The reaction from yesterday s depression con-
tlnued and Reading. Lackawanna and missouri
Pacific scored substantial gains before the
upward movement was checked. The bears
then went in, and as the demand Stacked away
they hammered all three of the leading stocks
down, though Lackawanna and Missouri Pacific
only dropped to below the opening prices. At
noon, however, the pressure was withdrawn,
the success of the movement not being sum-
c1ent to warrant its continuance and several OF
the specialties we're taken in hand and sharply
advanced. The movement extended gradually
to the rest of the list and everything moved up
slightly with more animation to the market.
Sugar dropped away. but had no effect upon
the stocks of the regular list, and the market
finally closed quiet but strong, generally at
fractional gains over last nights prices. These
advances ranged generally from u to e per
cent, but Consolidated Gas rose IL, Wisconsin
Central 15E, Tennessee Coal IN Colorado Coal
~ but Sugar is down 23s per cent. The new
preferred stock was traded in to-day at 2SA.
In the unlisted department there was firm
feeling. Illinois Coke rose to fraction above
Y on a fair business.
Railroad bonds were again quite active tho
total sales reaching S206Q000 of which the
Reading f1rsts contributed $266 900. There was
new favorite in the field, however. the Wiscon-
sin Central incomes, which contributed Sl32,-
U0O and became the strong feature of the day,
rising per cent to 68. The general list showed
the same firm tone on volume Of business. In
ternational frsts rose 2 to 1l2 and Norfolk and
Western and New River firsts to III.
The Post says: Much unmerited indignation
is being expressed by few prominent specu-
lators in Reading stock against President Cor
bin because he did not tell them beforehand
that the interest on the first preference incomes
would not be paid; or, as they state II, 'he told
them it would be paid" If these gentlemen
knew anything about the progress Of the earn
tngs of the Reading Railroad and Reading
Coal and Iron Company from month to month
and they have prOfeSsed to know a great deal
they must have known that the company was
not earning anything toward the interest on
the income bonds and that if any interest was
paid on them, it must be with borrowed money.
Even if the prospects of the coal trade were
good this would have been a very questionable
policy, but with the prospects of the coal
trade, it would have been a deliberate decep-
ton Of the public to help out the group of
sDeculaLors who have got loaded up with the
stock. Even yet, pressure is being brought to
bear upon the managers to pay something on
the first preference incomes, under the plea
that amounts have been expended for better
ments which would legitimately have been
available for interest on the income bonds.
The proposal made by President Corbin that
there be an official expert examination OF the
books to see If there had been any such diver
sion of funds is evidence that he does not be-
lieve that anything has been so diverted. 1t is
pretty well known that If everything in the way
OF expenditure had not been cut down to the
last cent during the first year of the reorgan-
ization, in order to make as favorable show
ing as possible, the assessment on the stock
would not have been paid and reorganization
would have been q failure. Had the coal trade
been good, this skinning of the first year would
never have shown its effects but with the two
bad years and long strike in one of them, IL is
quite reasonable that no interest should be
earned on the Incomes, and as this is only
contingent interest, anyhow, it would damage
the credit of the Reading more to pay any
now, after all that has been said, than to pass
it entirely.
The following table SHOWS Ine prices OF active
stocks on the New York Stock Excnange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY q STEPHENSON, Oldest PittsburR mem-
bers Of New YORK Stock Exchange. 81 Fourth ave-
nue.: