Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-18
MONEY MAKES BULLS.
Not Much Vim In Railroad Shares, But n
Better Tone und Some Important Ad.
vauces-sugnr md Luckawanna
ha


NEW YORK April 1.-THE stock market,
while rather dull to-day, was strong almost all
the way through, and while the movements in
most of the list were confined to insufficient
proportions, a few stocks made large advances,
and the activity in them served to make
moderate days business. Sugar Refineries was
the feature of the forenoon, and Lackawanna
of the latter portion of the day, and except in
few specialties these two stocks monopolized
the attention of the traders and showed the
only wide fluctuations.
The probability of some legislation which
will make silver of more consequence in the
world, and at the same time afford a means of
increasing the amount of available funds for
the purposes of speculation. gave the market
an impetus, and with other favorable factors
entirely overrode the effect of the rather dis
couraging items Of news from Chicago.
The announcement of the intention to at
tempt to use the steamers of the Pacific Mail
[ ompany in connection with the Northern Pa
cific, despite the relations now existing be-
tween the Pacific Mail and the Union Pacific,
and the further reduction of rates by the
Northern are regarded IS evidence that the
fight between the Rock Island, Missouri Pa
citic and the Union Pacific Is to be even more
moralizing to business in Wall street that the
bulls threaten to cut away from those stocks
altogether. This morning. however, the fur
ther reduction in the minimum rate of discount
of the Bank of England to per cent and the
prevailing low rates for money in the open
market there, created a more bullish feeling on
stocks at London and higher prices were made
for American stocks which gave this market
quite an impetus at the start.
The Recommendation of the Ways and Means
Committee on the sugar tariff made Sugar Re-
hneries the principal feature at the opening,
and the buying on the impression that the new
legislation will increase the consumption of
sugar and so give employment to the idle re-
fneries was sufficient to send the certificates up
nearly per cent during The forenoon, and
though the dealings in them afterward Stacked
off materially the price was held up to near tho
best figure.
The 6ullish feeling in the general list was
helped further by the strength in Lackawanna.
which was bought openly by its usual sup
porters, and it assumed the first position in the
market. The report that came from Philadel-
phia that the Reading had advanced coal prices
from Is to 25 cents per ton also helped the i'm
provement in Lackawanna. and also in Jersey
Central The bidding up of silver certificates
was of marked influence on the list, and while
trading and fluctuations were small the
strength was undoubted, ana the upward move
ment only ceased with the close of business.
Among the specialties which showed marked
strength Tennessee Coal. Chesapeake and Ohio,
Wheeling and Lake Erie were prominent. The
close was firm at about the best prices of the
day. Tennessee Coal is up "a, Sugar Re-
fneries 21s, Chesapeake and Ohio first pre-
ferred ~ and Rock Island per cent.
Railroad bonds were strong all the way out,
though few important advances were scored,
and the principal activity was in q few issues.
Texas Pacific contributed S266. .000 Rio Grande
Western firsts s2l2.00O and Fort Worth and
Denver trsts S533,0 900 to the grand total of
81, ,S34 000. The news from Philadelphia stimu-
lated the Reading issues. but most of the other
marked gains were in the inactive bonds. The
most important gains were in CeGar Falls
and Minneapolis frsts, to 20, and ST. Joe and
Grand Island incomes to 43.
The Post says: There was the usual quota of
discouraging reports from the West, but the
temper of speculation has become more bullish,
and reports from Chicago are received with
considerable caution. The reduction in the
Bank of England rate of discount to per cent
and the higher prices for Americans in London
helped to strengthen the market, The ad-
vance in Lackawanna was due to buying orders.
partly for the short account. and also on the
improved condition of the companys business.
The gross earnings of the ST. Paul per mile for
the week were $Sl, against s76 for the same
week in 1889 SIS in 1885 $40 40 in 1887 $50 30 In
1886 $92 In 1885 and $e4 20 In 1884.
The following table shows the prices Of active