Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-22
THE sun SHINES AGAIN.
ITS WESTERN RAYS REVIyES PRICES
OF RAILROAD SHARES.
Tho Gains Only Fractional-The Better
Feeling Comes Too Late to Save Rcck
Is'and-Plenty OF Both Buying AMI
SeIlinr-Bonds Active.

Tho Gains Only Fractional-The Better
Feeling Comes Too Late to Save Rcck
Island-Plenty OF Both Buying AMI
Se1linG-Bonds Active.
NEW YORK. May 2L-The stock market to-
the transactions were, as usual, mostly pro-
fessional there was better feeling in the
room, and prices, after some wild f1uctua-
tions, ended generally fractions higher than
last evening. The change in temper was,
undoubtedly, due primarily to the fact that
the short interest was getting altogether too
unwieldy, and it was discovered early this
morning that the sun actually did shine in
portions of the Western territory. which has
been visited by excessive rainfall during the
last week. The cry went up that some-
thing would be saved from the wreck,
and buying became the fashion rs selling has
been for the few days past: and while there
was no lack of selling, especially in the early
dealings the preponderance of buyers final
ly carried the day, and the first drive marked
the limit of the decline for the timo being.
The buying did not begin early enough to
save Rock Island from material decline,
its loss on the drive being "a per cent, but
other stocks, such as Union Pacific, Missouri
Pacific and READING, with few of tie in
active shares, like Hooking Valley and
Omaha preferred, suffered severely at the
time The downward movement, which had
everyappearance of being brought about to
buy stocks upon, suddenly ceased and the
recovery began and ceased only with the
close of business. The close was active and
firm to strong ut or near the highest prices.
The dealings Tor the two hours session
reached IS ',s4 listed and O,15l unlisted.
The total sales OF stocks to-day were l9s 465
shares including: Atcbison, 1850; Chicago
Gas 5675: Erie, IL, $50; Louisville and Nash
vile, 400: Manhattan. 4,l75; Missouri Pa
chic, $40: Northern Pacific preferred, s. SI6l;
Reading, $1,000; St. Paul, 22,7S5: Union Pa
Railroad bonds were also active, but dis
played still an irregular ts,mpsr though hs the
dealings reached S93s 900.
a Lively Saturday.
John NJ. Oakley & Co. received the follow
ing from Watson & Gibson: "It was the
most active market that Wall street has
seen for Saturday in many a long day.
Dealings were we'll distributed, and under
cover of powerful bear fusilading in special
directions the shorts took back some thou
sands of shares OF active issues that they put
out on the announcement of the passing of
the Northern Pacific dividend. Chicago,
Burlington and Quincy, Rock Island. st.
Paul, Missouri Pacific and Reading were sold
in wholesale lots at the opening Of tho mar
ket, and these offerings completely over
whelmed the small array of bulls that hoped
that the higher quotations from London
would ut least cause a temporary stampede
among the bears.
calculations proved faulty, however,and
for an hour or more the markets tendency
was downward, and at one time it looked as
if prices generally would Iall with dull,
sickening thud. Observant brokers noticed
that London was a big buyer of stocks on
the downward grade. The solution of these
purchases may be found in the fact that the
new lortnighty settlements begin Monday
and there is an excessive short interest
abroad in some American stocks. and IL is
not beyond the. realms of probability that
England will turn up as buyer If 1or no
other reason than to cover outstanding con-
tracts.
"The bank statement was fully as favora-
BILE as was expected. There WAS an actual
increase in money of $4,700,G0. This was
caused by the increase OF reserves of S37S3,
$50 and an increase of deposits of s3, 759 900.
The decrease in loans showed that some
liquidation had taken place for long ac-
counts, but the falling off of but 81, 1871 900 in
the loan item was proof conclusive that
such liquidation was not Of large proper
tiunS.
"The market Is still trading one and will,
In our judgment be unsettled for soma few