Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-08
NO REACTION.
Railroad Shares Quiet, But the Trusts
Come to the Front-London Lower
on Silver story-Last

on a Silver Story-Last
Prices Lowest.
NEW YORK, May THE stock market was
less active to-day in the regular list but the
trusts showed increased animation. and the
total transactions in them exceeded those of
any day This week. The market was not strong
at any time of the day. but rallied promptly
from an early depression though the final
changes are generally in the direction of lower
figures. The London market was lower, an
effect Of the story cabled from this country
last evening that discussion of the silver bill
had been postponed for three weeks and the
cables this morning brought liberal compile
ment Of selling orders, though the latter are
open to suspicion of having their origin on this
side of the water.
The traders who have been looking for re-
action OF some magnitude from day to day
added their mite to the selling orders in those
of catching stop orders, many of which were
known to be in the market and the device met
with some success on some directions. The
early pressure was specially severe, as might be
expected in the London favorites and the stocks
of the warning Western roads, no one seeming
ly disposed to support the latter when attacked.
The concessions, however, amounted to frac-
tons only after the opening declines, which
went up "a per cent. The offerings were met
by a steady demand from commission houses,
which soon had the eject of rallying the gen.
eral list and Chicago Gas, Oregon Transconti-
spicuous for their resistance to pressure
brought to bear
Later in the day the market became quiet
and dull, but in the afternoon buying was re-
sumed in few stocks, which i'm parted strong
tone to the rest of the list, and Sugar in the
last hou- spurted up per cent followed by
Wheeling and Lake Erie common, which
reached the highest figures for week past
and Kansas and Texas new preferred stock and
Northern Pacific were also prominent for both
activity and strength in the afternoon. but
Union Pacific was specially weak. showing
material decline for the day, the theory being
that prominent house on the street has closed
out large line in it The last rally did not
continue until the close, however, and heavy
tone prevailed with prices only changed from
those of last evening, but lower in most all of
the active shares. Sugar Refneries, Atchison
Chicago Gas, Union Pacific and ST. Paul we're
the active stocks. Sugar shows gain of ~ per
cent, but Union Pacific is down PIC and these
are the only stocks showing any material
change for the day. The railroad bona market
was again N moderately active to-day. the trading
being 81 1872 900 with Atchison incomes, Texas
Paclnc incomes and the st. Louis, Arkansas
and Texas bonds the active features. There
was firm deal throughout the day. but in
sympathy with the share list some issues de-
veloped dropping tendency and a few losses
resulted. Among those which are highest to-
night: Burlington, Cedar Rapids and Northern
hrsts, to l02: Burlington and Northern ives.
lou; East Tennessee 5s ~ to s216; interna-
tlonal second ctfs., 2s to SIS. Government
bonds have been dull and steady. State bonds
have been neglected.
The Post says: The lower prices for stocks
in London this morning and the consequent
lower prices here, was attributed in the street |
to cables from here last night saying that the |
silver bill in Congress was killed. But tenn |
porary reaction in the stock market was due |
anyhow, and would probably have come to-day |
or tomorrow if there had been no new doubts |
about silver legislation. The rise In stocks was |
not caused by the prospects OF silver legislation
at ALL This rise is the result of series of favor
able developments and events In the last year, of
which some of the most noticeable are the ex- |
ira dividends on Lake Shore New York Gen. |
trai and Western Union; the restoration of |
per cent dividends on st. Paul preferred; the |
prospect that at the end of this year |
the Atchison would begin the pay |
ment Of interest on its income bonds, |
and finally a week ago the extra dividend on |
Pennsylvania Railroad stock. These are appa- |
rently only the first results of large increase |
of general business and of continued good rail-
road earnings in all parts of the country. The |
advance in prices caused by these circum-
stances was delayed by the stringency of the |
money markets in the first quarter of the year.
But capitalists had been steadily buying stocks
and bonds, without any reference to silver leg
isation, until in March there was smaller sup
ply OF securities afoat in the market than at
any previous time for two, years. and almost any