Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-02
NEW YORK STOCKS.
Heavy Engagements for Gold Shipments
Counteract the Strength In Shares-Mis-
souri, Pacific the Target for Bears
Industrials Prominent

COunteract the Strength III ShareS-M1s-
souri, Pacific the Target for Bears
Industrials Prominent
NEW YORK, May 1.-The stock market to-
day displayed a continuance of yesterdays
strength in the forenoon, but further heavy en-
gagements Of gold for export met the tide at its
height, and selling orders were put in the mar
ket by the bears, which checked not only the
advance in prices, but the activity IN business.
The selection of Missouri Pacific was made as
the stock to bear the brunt Of the attack. The
position of the different parties in the market
has not changed In any respect. and, although
the advocates Of higher prices acknowledge
which we have been subjected, the favorable
influences which first started the upward move
ment remain in full force yet.
The local trading element is the only mate
rial opposition to the advance, and many of
them have accepted their losses and gone over
to the other side: but there is evidently two
parties in the market. and every event is
seized upon to make an impression upon prices.
The higher rates for money are well under
stood to be only temporary, and the effect of
the usual shifting of loans incident to the first
of the month, and tomorrow is likely to see
return to the former low rates.
The Industrials were more prominent in the
market this morning. and disputed the leader.
ship of St. Paul and Rock Island, each of
which was very strong. the former being under
complete control of 4 clique, which is steadily
advancing 1t. and both were purchased largely
for Western account. In Indusrrials both
Cordage and Sugar made marked gains, but
the remainder of the market was content with
small advances The gold shipment and the
selling of Missouri Pacifcs, however, took all
the strength out of the market. and Missouri
Pacific lost 2 per cent while Cordage lost not
only its early advance, but large fraction in
addition. I'll
The high rates for money did much to pre-.
vent rally, but some appreciation did take
place late i'll the day. but II made little progress,
and the market finally closed quiet and rather
heavy at close to the lowest ngures of the day.
The late trading was marked, also, by special
weakness in the Graugers, and the net declines
in all of them were brought up to material
amounts. The changes for the day are small
in most stocks, with q majority of losses, but
while Sugar is up lH per cent, Missouri Pacific
is down IL. New England l1s, and Burlington
per cent
The bond market was quiet and sympathized
closely with the movements in shares, develop
ing considerable weakness late in the day. and
leaving most of the issues traded In lower than
last evening. The Atchison incomes and the
Reading issues Oregon Improvement 5s the
Kansas and Texas issues were prominent in the
dealings and all are lower this evening. The
sales reached 81. 1888 600. without special anima.
tinn In any issue.
The following table SHOWS tine prices OF active
stocks on the New York Stock Exchange yestere
day. Corrected daily for THE DIsrATcH by
WHITNEY STEPHENSON, oldest Pittsburg meme
bers Of the New York Stock Exchange. 81 Fourth
Cles-
open High Low lng
tnE. est est Bid.
Am. Cotton on....... 2sk 2sN % 27A