Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-16
NEW YORK STOCKS.
General Course of Prices Downward Con
sequent Upon Further Heavy Gold
Shipments-Shorts Have Cow
cred Largely Recently,

NEW YORK, May 15.-The stock market con-
tinued to decrease its volume of business to-
day, while the trading exhibited a narrow
| ing of the speculation, the general list being
comparatively neglected, and all the inter
est and three-fourths of the business were
confined to seven stocks-St. Paul, Lacka-
wanna, Union Pacific, Louisville and Nash
Vile, Atchison, Burlington and Quincy and
| Sugar. The general course of prices was
downward, the combined result of further
heavy taking of gold for shipment and Lon
don selling, induced by the higher
rates for money at that center and
the disquieting financial complica-
tions at Lisbon and the Argentine
The bullish feeling is held in check by these
continues of the most flattering character,
the foreign situation dominates the market
at present. That holders are not scared by
the foreign complications, however, receives
daily demonstrations, and the drain of gold
with its threat of creating scarcity of funds
here is not allowed to bring the larger hold
ings upon the market There was, however,
considerable selling to realize profits on the
rise of yesterday by the trading element, and
indications, among which the limited de-
mand for stocks in the loan crowd is not the
least, show that the shorts have covered
largely in the last few days.
The selling for the foreigners and the
traders made the opening of the market
fractionally lower this morning, but cover
ing was resumed and material rally fol-
lowed, in which, however, only the coal
stocks and the industrials were prominent,
the meeting of the agents being the moving
cause in the strength displayed by the
former. The gains in these shares reached
over / per cent, but the genesal list barely
recovered the opening and early lesses The
gold shipments then met the rising market
and the fear that the largo shipments of
nearly $S,00OO00 would mako a loss in the
surplus reserves of the banks tomorrow of
about 100000 but as the receipts of cur
rency from the interior have been quite
heavy, it is likely that the loss in the reserve
will not be as great as estimated.
The tendency Of prices, however, con-
tinued downward throughout the remainder
of the day, with a slight rally only in the
last hour. The advances in all the strong
stocks of the forenoon were neutIalized ex-
cept in Delaware and Hudson, which is the
only stock to show any material improve
ment for the day. The losses reached 1A
per cent but in most stocks were confined
to fractions. The late rally was induced by
covering, but the close was heavy at close to
the lowest prices, The final changes are in
most of the active stocks large fractional
losses, while Louisville is down IA and St.
Paul, Wheeling and Lake Erie preferred and
wabash preferred each ! per cent, while
Delaware and Hudson is up 1per cent. There
was the usual Insignificant trading in rail-
road bonds, but the temper of the market
the fluctuations being on the same limited
scale as the business, which amounted to
only 1851, 900. The dealings developed abso-
lutely no feature of interest. Government
bonds have been dull and steady State
bonds have been dull and steady.
The following table shows the prices of active
Corrected daily for THE DISPATCH by WHTNEY'&
STEPHENSON, Oldest Pittsburg members of the New
!c-s Stock Exchange 81 Fourth avenue; 81