Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-17
NEW YORK STOCKS.
A Decided Movement in q Few Leading
Shares Relieves the General Stagnation.
Advances From the Other Side Did
Not at All Favor the Bulls

New YORK, March l6.-The stock market
opened the new week with a semblance of act
ivity. but this soon disappeared andithe usual
stagnatIon In the general was relieved by the
decided movements in few of the leading
shares. while these were generally downward
More attention was paid to Lackawanna by
The bears. and that stock shared with Burling-
ton the leadership of the market. The bulls
had expected to hear some favorable news
from the other side, but the advances from
that quarter were of neutral character
and had no influence upon the
course of prices either way. The
support which the market had last week from
the covering of shorts seemed to be lacking
after the first hour. and while the West was
credited with having some orders in the West
ern stocks large proportion of them were
evidently selling orders. The trading. how
ever, was Still principally professional and
except in the specialties prices got but small
fractions away from the opening figures which,
however, were generally higher than Satur-
days closing. The impetus of the strength OF
Saturday was sufficient to send them up frac-
tionally, but Rome and Watertown, which had
opened up e per cent at 1872 reacted to l3O15
The traders and bears then made a sharp attack
upon the coalers, and Lackawanna in pariIc-
ular, which carried that stock down ~
while the rest of the list followed with
fractional losses, the report that Burling-
toms earnings for February would be unfavor-
able, making that stock the leader Dizziness
and stagnation took the place of the animation
displayed and not until well into the afternoon
was there any change, but toward delivery
hour new buying orders were put into the mar
ket and decided strength was shown for the re-
mainGer of the session. accompanied by con-
siderable activity under the further covering
Of the shorts. Everything reached the highest
prices of the day and many Showed material
gains at the close, which was quiet but strong
The final gains comprise Rome. Watertown
and ogdeusburg. 10 per cent; Missouri Pacific
~; Northwestern, l3s; Sugar, IL; St. Paul and
Burlington each Us, and Others fractions
Railroad bonds were more active the deal
ings reaching $685. 900. out of which Atchison
and Western firsts SIS, 600. The market was
firm to strong, and many material gains were
scored, though the general list shows only small
changes at the close Government bonds have
been dull and steady. State bonds have been
dull and steady.
The Post says: There is evidently someone
who has started on a bear campaign against
Northern Pacific, as is shown by the numerous
anonymous letters of the net earnings and
operating expenses sent to newspapers and in
dividnais in the last week or two The figures
and the argument in all these letters are the
same, viz: That the surplus Of 81 $50 543 which
was earned in the six months to december 81,
over and above the six months proportion of
fixed charges, and which amounted to AZ per
cent on the sS6sOS,S5S of the preferred
stock, "will be all wiped out by the
end of the year to June &c. 1891"
The amount required for the per cent divi-
dend on the preferred stock is 81 476 $780, so that
even If there should be a deficit of S274,lSS be.
low the fixed charges for the half year TO June
30 there would still be enough surplus to nav
the wears dividend on the preferred stock At
the end Of January, 1880, the earnings of the
Pacific showed deficit of 1921 .00U below fixed
charges up to that date, but on June 30 this
deficit had been made up, and there was a sur
plus of s367, 900 over the six months proportion
OF Il xed charges. If the same should be The ex-
perience of this year. the Northern Pacific and
WisconsiR Central might run $500 900 below the
three months proportion OF liked charges for