Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-14
UP THEY GO.
A Bulge in Railroad Shares In Spite of
Western Decentralization - Chicago
and London Lock Horns as
Buyer and seller.


NEW YORK, May 1a-The reactionary condi-
ton of the market yesterday was not duphcat-
ed to-day, but instead of the weakness there
was decided strength in all portions of the list,
and late in the day even buoyancy marked the
dealing There was no lack of the disquieting
rews from the West this morning, and while
there seemed to be disposition to regard the
whole thing as grossly exaggerated by the dis
patches, feeling Of hesitancy was shown
which did not entirely wear away until late in
the day, when the activity became equal to
anything yet seen on the present rise.
The Chicago people supported their advices
of rate-cuttiug and railroad decentralization in
general with orders to sell the granger stocks.
but London was a buyer, and commission
houses were literally supplied with orders to
buy, which made the sales fall at the very out
set and while the opening itself was very hest
tatlng and irregular prices were soon on the
upward tack and strong tone marked the
dealing from that time out
The furry in money was not repeated, though
the rates were run up to as high as per cent in
the middle Of the day. They could not be kept
there, however, and last loans were made at
per cent, with that rate offered at the close.
The most important influence in creating the
buoyant tone to the market was the persistent
bullIng of the industrial stocks, and Sugar was
bought heavily, scoring rise of over per cent
at Its best figure. MIR. Keene is believed to be
the most active manipulation of the certificates,
and while the roomtraders followed him rather
timidly, the buying was of such a pronounced
character that nothing could respect the
strength of the upward movement The only
strong feature of the forenoon was the Coal
stocks, which again made material advances,
though the two active stocks. Reading and
Lackawanna were not SO pronounced IN their
movements as the inactive ones, Jersey Gen.
trail and Delaware and Hudson. The Wander
bilts were strong, but not prominent in the
dealings and their movements were in all cases
measured by small fractions. London bought
most of its favorites; there was some selling Of
Union Pacific and the Grangers for foreign &C.
count especially in the forenoon, but this was
reversed in the afternoon. The buying became
general in the last hour, and the rush to cover
shorts sent everything on the list up rapidly
Richmond and West Point becoming one of
the most prominent strong feature of the mar
ket at the time.
The close was very active and strong at
about the best figures of the day in April cases.
A decline of per cent in Manhattan was the
only important loss, while Sugar rose AZ, Del
aware and Hudson and Tennessee Coal 2M
each: Pacific ne Mail u Kiehnond 5sS o1sa and West
Chicago Gas III, Rock Island lss Lackawanna,
Ohio and Mississippi each ~, East Tennessee
nrss preferred "a lang ana Others fractional liz
to-day, but the trading extended to 81, 945, 600,
with the Atlantic and Pacific issues, the Atchi-
son issues and the Texas as Pacific issues most
rather nesitating, and the final changes are in
bat few cases of special Importance. The losses
are rare. The Atlantic and Pacific issues we're
the strong feature, and the incomes rose 2,
to 2.
The Post says: The advance in the Coal
stock was caused by short covering and some
buying for the long account. The selling of
the Grangers was based on the reports of rate
troubles among the Western roads, but the de-
cline on the general market was merely the re-
suit of realization Of profits. The news of the
forenoon was not favorable to any advance in
prices, but the reports of rate cutting, etc.,
from the West must be received with consid-
erable allowance.
The following table shows the prices or active
stocks on the New York stock Exchange yester-
WHITNEY & STEP HENSON, oldest Pittsburg mem
bers of New Y ork Stock Exchange, 81 Fourth ave-
nue.: