Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-10
Fourth avenue. Members New York stock E1-
DOOMED BY SILVER.
buoyant Tone Impaired TO the Share
murket-Materinl Advances Scored
The National Senate Lifts
Things Out of the Rut.


NEW YORK. May 9.-The stock market was
again very active to-day, although the business
done was not 80 evenly distributed as some
time ago. but the tone of the market was buoy
ant during most of the day. and material ad-
Vances were scored all over the list. The con-
splcuously strong stocks of the day were
missouri Pacific, Wabash, Wheeling and Lake
Erie, Reading, Manhattan, Lackawanna and
the specialties. The general outlook OF the
western situation was somewhat improved,
and late in the day the report of the agreement
oI tne senate caucus upon silver bill sent sill
yer up again, and helped to impart additional
strength to the active stocks
Inc great feature was Missouri Pacific,
which rose rapidly upon the issue of the notice
that stockholders would have the privilege of
subscribing to the new collateral trust bonds.
Inc rights are believed to be worth IA, but the
it. and the other Gould stocks all fell into line,
although the utterances of Mr.. Gould upon the
western situation were not specially en-
couraging. The only weak spot in the
during the forenoon. all the loss with
something in addition, being recovered be-
fore the close. Lackawanna was one Of the
most active and strongest stocks during the
forenoon, and there were some strong bull
points upon 1t circulated but later it sank away
into comparative dullness, while its place in
the market was taken by Reading, which once
more took the lead in the market for short
time.
Richmond and West Point was another fea-
ture to-day, and it was about per cent higher,
though all of the improvement was not held.
The Gas stocks were again prominent and La
clede Gas was active, but failed to rise with the
same power that it has shown of late and ad-
vanced only fractionally. Among the inactive
stocks Mexican Central, the Omaha shares and
San Francisco preferred made sharp gains, but
the improvement reached almost everything
traded in. The market showed little hesitation,
and the opening was irregular. and was followed
by some decline in the list, with Atchison lead
ing. The buoyant tone which was so marked
during the day, soon developed. and the up
ward movement met with no setback.
The close was active and strong, generally at
best prices of the day. The most prominent
souri, Pacific 2zs, Western Union 2. Mexican
Central and Omaha ~ each, Manhattan ~,
Omaha preferred 159s, Wabash preferred 19s,
and Reading each N and the re-
mainder generally fractional amounts.
The railroad bond market was extremely
active. and while in the main strong there were
a few weak spots which showed material losses
at the end of the day. These were generally
inactive bonds. however. and the active issues
were invariably specially strong. The Texas
Pacific seconds, the ST. Louis, Arkansas and
Texas Trust receipts and the International
all made marked advances. Many active issues
scored gains, and Iron Mountain 5s, Hooking
Valley 6s, Laclede Gas 5s, Central Washington
hIsts and some others were conspicuous. The
The Post says: The advance in Missouri Pa
citic was caused by the understanding that the
company is about to issue collateral trust bonds
to take up the floating debt, etc.
Inquiry at the Missouri Pacific office proves
the report correct The Missouri Pacific will
deposit with some New York trust company
$40 250,00O of the bonds of auxiliary roads con-
structed in Missouri, Kansas and Nebraska,
and upon collateral will issue $1,000, 900 of Mis-
souri, Pacific first mortgage collateral trust
per cent 30 year bonds, which will be offered the
Missouri Pacific stockholders at 95 together
with bonus of one share of new Missouri
Pacific stock with every 81, 600 ofthe bonds;upon
the further construction or completion of these
auxiliary lines and the further deposit OF their
bonds as collateral up to the total amount of,
say. Sl2 600, the Missouri Pacific collateral
trust IS will be increased to SO 900 000 which is
the authorized limit. The purpose of the issue
of this loan is to pay the indebtedness of the
Pacific incurred in the construction
of these auxiliary lines and for additional
chased. The entire bonus of stock on sl0.O0O,-
BOO of collateral trust bonds will amount to
81, ,000,0O and there will be further issue of
81 OOO, 600 with which to purchase 81, 600 600 of
stock of the Iron Mountain road not now
owned by the Missouri Pacific. This would in
crease the Missouri Pacific stock S3,00O,O00 to
s47. .974 900.
Mr. Jay Gould in conversation to-day ex-
pressed some doubts about the speedy settle
ment of the Western rate troubles. He re-
CARDS the Union Pacific Northwestern con-
tract as the chief obstacle but also expresses
the opinion that all alliance will be maintained
and that it will be necessary to take it into &C.
count as permanent at least for a considerable
time. The solution which looks most feasible
70 him is to take all the roads west of Chicago
and some leading competitive points in Colo
RADIO, Nebraska and Kansas into an arrange
ment similar in effect to the trunk line pool by
which all roads-whlch did not get their Just
proportion Of through business should be
granted differentlal rates which upon expert
nent should be readjusted from time to time
until they did get their proper proportion of
the through business. But while expressing
these small doubtful views of the speedy settle-
nent of the troubles in regard to through
freights, Mr.. Gould said that the local business
Of all the roads and that part Of it not subject
20 competition. was so large and increasing SO
-apidly that the roads might almost throw
AWAY the through freight business for the sake
If harmony and to prevent the dsturbance of
heir business which is the best for many
7ears Though non-commirtal, Mr.. Gould's
ak makes the impression that he expects
higher prices for all.
The following table shows the prices OF active |
stocks on the New Y ork Stock Exchange yester- |
lay. Corrected daily for The DISPATCH by |
WHITNEY STEP HENSON, oldest Pittsburg men, |
,ers of New York stock Exchange, 81 Fourth ave- |
Tue!