Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-28
TIMID SPECULATORS.
The Decline Arrested by the slightest
Causes-strong Under the surface-Ac.
Iivity I'm Spots-Thrown Into n Wait.
inn nInnd hx tho kfriIrn

AnO DCShHo <arTtbteu inc SuRntf 81
Causes-stronK Under the surface-Ac.
Iivity I'm spots-Thrown Into Waltz
ing Mood by the Strike.
NEW YORK, August N.-The conservatism
OF operators in the stock market was illustrated
to-day by the cessation of the upward move
ment in process last evening and which gave
promise of reaching material proportions be-
forelong. The calling out of the men on the New
York Central by the leader of the Knights of
Labor served to again throw the market into
the waiting mood, Money is easy now and
bonds coming in in satisfactory amounts. The
temper of speculation is now so timid that any
Slight cause seems to be sufficient to arrest the
decline. The tone of the market is updoubt-
edly stronger under the surface. The market
to-day was again dull although there was some
activity in spots, but prices after the opening
losses of from "a to q. were moved
up and down within narrow limits in
everything except the hfilf dozen leading stocks
in which there still remained speculative
animation. Ofthese. Reading and Lackawanna
were conspicuous for weakness, and Union
Pacific for strength. The slackness of the coal
trade and the growing substitution of bitumi.
nous for anthracite in manufacturing business
was made the occasion for special pressure
upon those shares, and both scored material
decline Sugar was quite active, and, while
fuctuating widely, showed no marked change
from last nights figures. The operations Of
exaggerated reports of extensions in the
labor troubles and some drives were made
against the leading stocks under cover.
slighly from the first depression with the aid of
London buying. but the succeeding dullness
again invited attack and prices shaded off
slowly until well into the afternoon. when
more determined drive as made, and sugar. in
which some stop orders were uncovered, Lack
awanna, Reading. Rock Island and Atchison
suffered severely. Efforts to cover were made
in the last few minutes. but only in Reading
The market closed fairly active and firm on the
rally but generally at close to the lowest prices
The final changes many material declines and
Lackawanna is down 2 and Rock Island I%,
Burlington ". Atchlson IL, Canada Southern,
Big Four and Louisville and Nashville each
per cent, and the others fractional amounts.
able contrast to stocks in showing a firmer
tone than usual, and, while the final changes
are generally Insignificant the few important
changes show majority of advances. The
Government bonds have been dull and steady
to firm. State bonds have been dull and with
out features.
The Post says: The statement of the Reading
Railroad and the Reading Coal and Iron Com
pany for July referring to the eight months
ending July 81. is not very encouraging ex-
hibit for the holders of either Reading or the
income bonds. For the month of July the rail-
road earned a surplus of S16l, 1877 over the fixed
charges. exclusive of any interest on the in.
comes. But the Coal and Iron Company shows
deficit of Sl60S94 under its fixed charges for
July, SO that the two companies only show
surplus of s224 over fixed charges for July.
The great difference of effect upon the stock
Of railroad between earning dividend and
paying it is illustrated by the differences in
prices of Columbus, Hooking Valley and To-
ledo and Denver and Rio Grande preferred
There is good authority for the statement that
the former is earning surplus for 1890 over
ixed charges about equal to 4 per cent and the
$ll, ,696 900 of the common stock. This is likely
to be increased by the new demand which has
sprung up in the last month for bituminous
coal to supply the place of natural gas for use
In manutacturers' furnaces the price of the
latter having been largely advanced But the
Hooking Valley still sells at 20 to 3D. Denver
and Rio Grande is earning about per cent on
the $23. $50 900 of the preferred stock. Last
year 1t declared no dividends and in March OF
this year 1t sold at 26, But in February divi-
dend of ~ was paid and this month (August)
at go to 81.
The following table shows the prices OF active
stocks on the New York stock Exchange yester-
Day. Corrected daily for TEE DIsPATcH BY