Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-09
NEW YORK STOCKS.
Wall Street Operators Hesitate. but Heavy
Shipments Of Gold Send Down Prices
No Marked Advance Looked tor
TIL the Shipments Cease.


NEW YORK, Mays. - The stock market
to-day was still a hesitating one, the two
| principal influences upon 1t pulling In opposite
| directions. and while there was considerable
disposition to buy stocks on the progress made
at the railroad. meeting yesterday, the con-
| tinued gold export with its conse quent hard
ening OF the money rates. encouraged short
selling, as well as reaizations. The course of
prices therefore was 1everish and unsettled
throughout the day. while in the absence of
pressure to sell there was no inclination to re-
turn to dullness.
Commission houses are yet moderate buyers
of stocks. and the bearish element seems for
the time being. at least, confined to the room,
but the continued heavy outgo of gold is begin
ming to have its effect and Is now the principal
argument against any further movement In tho
market. The favorites Of the Chicago party
still lead In both activity and strength, st
Paul and Chicago Gas being most prominent;
but but the heaviest movements to-day were in the
nois and Tennessee Coal were specially weak.
The market opened with spurt Of activity
on the selling of stocks by both London and
the traders, but there was good support &C.
corded, and the fractional losses sustained
were soon reversed, while the cessation of the
pressure to sell resulted in comparative dull
n ness S and stagpation in prices, which were held
at about the best figures until we'll into the
afternoon. Further Generalization was caused
by the announcement of the extraordinary
large shipments of gold. The selling was
HcaFy ioi uotu SuiCdRO people ana tne local
operators, and as the amount to be sent on SaIuI-
day grew prices reached still lower figures
There was no cessation of the selling. and the
losses extended to large amounts in almost all
the active stocks, those which suffered most
being Chicago and East Illinois, Missouri Paci.
fe, Lackawanna, Rock Island, Burlington and
Tennessee Coal. On the other hand, Lake
Shore. Union Pacific and the Wheeling and
Lake Erie stocks were remarkably well held,
and their losses are peasured by fractions only.
In the others, however, they were generally
large fractions. The downward movement met
with no check, and the market closed active
and weak at the lowest prices of the day.
While present prices tor stocks are generally
considered below their actual value. no marked
advance is now looked for until stop has been
put to the heavy shipments of gold. The final
changes of note include losses as follows:
Chicago and East Illinois, per cent; Tennessee
Coal. 21s; Louisville, New Albany and Chicago,
~; Sugar, ~; Missouri Pacific, N; Chicago
Gas. ROCK Island and Southern Pacific, ca CHI
lss; Burlington and New England. each lL;
Reading, III, and Union Pacific and Northern
Pacific, eacn / per cent.
The railroad bond market was affected by
the same influences which were powerful to
cause reaction in shares, and the selling ex.
tended to many of the more active issues, with
the sarIe result The business done was largely
in excess OF that of the past few days reaching
81, 1863 000 which was well and widely dstrib-
uted. The declines, however, were in general
for insignificant amounts.
The following table shows the prices of active |
stocks on the New York Stock Exchange yester. |
day.. Corrected daily for The DISPATCH by |
bers n the New York Stock Exchange. 81 Fourth |
avenue;