Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-05-23
SPECULATIVE.
The Bulls Nauseated by the Amount Of
Securities Unloaded.
Reports of Brighter Prospects for the Settle
ment Of the Rate Troubles Have
Marked Effect on Prices.
special to the Gazette.

NEW YORK, May 22.-Whenever the stock
market begins to boom, a lot of new securities
are unloaded on 1t. The powers in great rail-
road corporations seem to stand ready with
buckets full of securities, waiting for G little
encouragement to throw them. This is all very
well except when instead OF acting as fuel for
starting the flames, they smother and put out
the whole bonfire.
That was the burden Of the song of many bulls
this morning. They pointed despairingly to the
new securities which have recently been foisted
on the community by Missouri PACIFIC, Chicago,
Ious aSnG saa nPa
mond Terminal. The total par value Of these
is considerable above s10O. 600 900. These securi
trumpets and an effort is made to boom the
stocks and bonds Of the respective roads; but
persons who rush in to buy find plenty of
stock for sale at advanced figures, and some of
the less amiable ones suspect that the insiders
who have been advising them to buy are ready
and anxious to sell them. That is the way
the advancement of the st. Louis and San
Francisco purchase, declined 21L points yester-
day. Richmond Terminal on the announcement
of its new plan fell OF nearly as much, The
bulls are becoming rather sore about it and it
seems now to have come to the point where no
matter how really advantageous Az Issue of
securities may be, the stock OF the corporation
issuing them Will cecline on the announcement.
The demoralized closing of our market yester-
day was reflected in the opening prices
from London. Nearly every American security
there was lower, some of the declines being
very marked.
Our market opened weak. There was fever
ish tone to dealings Richmond Terminal was
the most prominent of railroad shares and was
very weak. The sugar trust was very active and
partially recovered from its severe fall yesterday
afternoon, The passage of the tariff bill in the
house has been mentioned as the cause of yes
terday's fall in sugar trusts: If SO. sober re-
Election suggested to the street that the bill has
hardly become a law as yet. Union Pacific was
noticeably strong in the morning. and the
seemed to have followed Union Pacifc's lead.
There was strong tone in the afternoon, which
seemed to bode well for the bulls.
From Philadelphia also came another very
interesting report which we will
give verbatim: Important facts as
to Oregon and Transcontinental
are that a dividend OF per cent. in cash will
shortly be paid on the stock. 1t can also be an
has made 81, 900, 900 from commissions of bond
transactions as a banker. This, with the per
cent. dividends the Oregon Transcontinental
dividends company has received on 60, COO shares
of Northern Pacific preferred, makes the extra
profits of last year 81 240 0OO OF this $500, 900
will be divided among the stockholders next
autumn. The reorganization of the company
will take place and new company will be
formed. -
The strength of the market in the last hour
was due to continued reports of brighter pros
among the Western roads. Since method is
now apparent by which to compel the Great
Northern to maintain rates, the chances of
settlement are vastly improved. The
Northern for without their cooperation it can
not continue its traffic between the seaboard
and the Northwest. Dispatches from Chicago
were very encouraging and the market closed
strong with the Changers, Union Pacific, NeEsA
England and Oregon and Transcontinental ins
the lead.