Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-03
NEW YORK STOCKS.
Pacific Mail Gets Lift Owing to the Pass
age of the Subsidy Bill-The Near
Approach of the Adjournment
IF Hoe

age of the Subsidy Bill-The Near
Approach of the Adjournment
of Congress Has an Effect
NEW YORK March I'm the stock market
to-day the passage of the postal subsidy bill
gave Pacific Mail lift and developed marked
activity in the stock for time. While there
was considerable pressure upon Burlington its
price proved stubborny firm and the loss was
comparatively light. On the street the bulls
are still making, or trying to make, capital out
of the near approach of the adjournment of
Congress. while the bears affect to make light
of the expectation that the adjournment can
have any effect upon the course of prices. The
bears point to the diminishing reserves of the
banks and claim that the March disbursements.
which are principally for pensions, will be a
long time in finding their wav to the bank, aud
predict a hardening money market at
are out of the way, the bulls, how
ever, have faith that the present sur
plus is sufficient to meet all probable demands
for the next month, while the speculation be-
ing narrow there was no likelihood of a squeeze
in money rates. especially as the large houses
are well protected by time loan. The market
opened slightly lower. and notwithstanding the
weakness i'll Burlington failed to go lower, but
toward noon developed strength with Pacific
Mail, and the whole list advanced slight frac-
tions. In the afternoon there was some
strength and activity in the new Sugar stock,
and it scored a rise of nearly per cent, which
was well held throughout the day. The high
prices to which Pacific Mail was pushed how
ever, induced realizing on the advance, and this
encouraged more vigorous efforts on the part
of the bears, who attacked Louisville and
Nashville with some success and the improve
ment in Pacific Mail was completely wiped out
before the close of the market. This carried
the general list down, and everything which
had been firm to strong within narrow limits in
the forenoon was carried down below the
opening prices. The stocks outside of
the leaders, however, failed to make any
marked movement, though there was cnnsld-
cradle pressure brought upon ST. Paul and the
other grangerS. Burlington continued active,
but did not yield much in the afternoon. The
market finally closed quiet and heavy after
slight rally from the lowest figure. The final
changes show majority of losses, and Burling-
ton and Louisville are each down ~ per cent,
but Sugar Is up I1s and Pacific Mali per cent
Railroad bonds did not share in the activity
OF stocks the total transactions being only
SIo2O00. The Atchlson incomes were the feat
ures of the dealings. The bonds mentioned
were weak, but The other changes were lnsig-
nifcant, the general list presenting steady
tone throughout the entire day. Government
bonds have been dull and steady.
The Post says: Early prices from London be-
fore our opening were lower than our closing,
owing to mUre activity in the money market
there. The prospect continues good for the
February earnings of the Granger roads,
Louisville and Nashville was down Ia this
afternoon, owing 10 rumors of difficulty IN ne
gotiating its verified per cent bonds of which
1000 COZ has been advertised for month or SO.
The fact is that it is very difficult 10 negotiate
4per cent railroads now, because there are SO
many good bonds outstanding tina, pay more.
The following table SHOWS prices OF active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DIsPA1CH by
WHITNEY STEPHENSON. oldest Pittsburg menu
bers of the New York Stock Exchange, 81 Fourth |
avenue;