Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-03
A LIVELY SATURDAY,
But TWO STOCKS MoNOPoLIZE MOST
OF THE BUSINESS
Reading and New England the Two Big
Features-Persistent Bear Raids, but
Only Lackawanna Stays Down-some
Noted FIuctuations-Bouds Dull

Noted F1uctuations-Bonds Dull
New YORK, April 2-The stock market was
| unusually active to-day for a Saturday, but
nearly one-half the business done was in
| Reading, and if the trading in New England
| be also subtracted from the total there re-
| mains but the usual quiet business in the
rest of the list. Liquidation was in order
this morning, and this gave encouragement
to the bears to sell the active stocks yigor-
ously in order to uncover possible stop
orders on the decline. This was, in some
measure, successful, and the losses estab-
lished in the leading shares extended to
about per cent before any material reac-
tion was seen, and that occurred just before
the close.
The opening of the market was made gen.
erallv at small fractional losses from last
nights prices: but New YORK Central was off
] per cent, and the pressure to sell became
Immediately so heavy that extreme activity
marked the dealings, while prices all along
the line sold away rapidly. Reading and New
England, however were still the leading
weak points, well as the lea ding active
stocks. Sugar was the only one sho wing
any comparison to them in either respect
but the whole list shared in the downward
movement though,as usual, the fluctuations
in most of the list were confined to frac-
tionai amounts.
Louisville and Nashville was also con-
spicuous for its stubborn strength on a light
business, and after a slight loss reacted and
closed higher Reading, after opening un-
changed at 541S. retired to 5S5s, but in the
late rally, which was stimulated by the ia
yorable nature of the bank statement it re.
covered all OF its early loss and finally closed
only small fra ction lower. The other Coal
stocks followed their leader closely; but
Lacilawanna was an exception, and failing
, to rally with the Others, it scored the only
material loss for the day. New England
fuctuated in the same way and over about
the same range, dropping from 4215 to 40%
closing at AZ. The whole list, with the
single exception noted. responded to the late
rally and the final changes are generally in
significant declines, with a few small ad-
vances, while Lackawanna is down " per
cent. The close was 1airly active and firm
at the rally.
shares: including Atchison, 955s; Chicago
Gas. 2.9H0; Delaware, Lackawanna and West
ern. $40: Delaware and Hudson, 2ss5; Erie,
$3.50: Lake Shore, e.5oo; Louisville and Nash
vile. 2,430: New Jersey Central 2O1O: North
ern Pacific preferred $500: New England.
q, $50; ending. l97, ,s40 Richmond and est
Point, 2377; st. Paul, 67S5; Union Pacific.
2,4G0.
Railroad bonds were in no way as ami
mated or as interesting as stocks, and while
$50 .030 changed hands. there was no special
fluctuations of moment. A firm temper
marked the dealings, but no final change of
note occurred.
Figures of No Influence
John NJ. Oakley & Co. received the follow
fng by special wire from Watson & Gibson:
"The market was particularly heavy during
the first hour and a half, and until 1I:S0 there
was not a rally of Il per cent that was sus-
tanned. The pressure seemed to be heaviest
against Reading, New England, Lake Shore.
Union Pacific, Sugar, Atchison and Erie and |
ST. Paul. Traders sold as freely al the lowest
prices as they did when per cent higher in |
some stocks ut the beginning of the present |
bull campaign. New England broke from |
~ to 407s on the rumor that Mr.. Parsons
had resigned from the Presidency of COM
pany. This report, like many of its prede- |
cessors, was on investigation found to be |
absolutely without foundation. |
"Readings drop to 535x was attributed to al. |
legged Information that the Reading bill |
would positively be vetoed. The operations |
in Reading shares were conducted on a |
grand scale. The days business in the Sc |
curities was fully 25 per cent of the total ag-
gregation. Reading rallied quickly toward |
the close, that is TO say, 1t recovered about |
q per cent. The buying was suggestive in
asmuch as many who sold it above the CO.'S |
took back their stock on to-day's decline
Lake Shore WAS heavy. In view of the fact,
however, that to-day it showed an extreme |
cent it is fair to assume that these inside
parties who marketed some of their hold
lngs from l35 to 1871, saw an excellent op-
to recover their stock at hand
some profit.
Figures fail to have any influence on the
prices of stocks. trustworthy report made
up from the actual earnings OF tile SG raul |
up to date, and estimating the returns for
the next three months, shows that after
payment of dividends of per cent on the
preferred, all fixed charges and rentals, !
there will be considerably over 81 per cent
On the common stock. The Atchison state
ment for February made surprisingly
good showing, yet Atchison went down, and
the stock sold at 35 although eight months
ago 1t was A., and the net returns Tor the
,ompany's fiscal year to that date were
81, Csc, 600 less than they are for the CORE
spending period this year. The steamers
that sailed hence for Europe this morning
took out the $500 600 gold.
THE bank statement was much better
than had been predicted. and the bank re-
serves are now sic, 900. 900 above the Is per