Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-22
TRUSTS ARE ACTIVE
And Some of Them Strong
Despite All the Talk
Against Them.
SUGAR LEADSIN FIRMNESS
And Chicago Gas and Distilling Show
the Most Weakness.
READING, ST. PAUL AND MOP
The Only Rails in Which the Dealings
Exceeded 10000 Shares
CANADA SOUTHERN ALONE WITH A GAIN
CANADA SOUTHERN ALONE WITH A GAN


NEW YORK, Dec. H.-Having enjoyed 6
natural reaction from the convulsion Of
Monday the stock market, SIS was to be ex.
pecteS, has become quiet and fallen into the
hands of professional traders The fact is
generally recognized that the financial
situation has not changed radically
or permanently. Sterling exchange was
easier yesterday because q market was
being sought for the last of about g., 900, 600
of loan bills, which bankers were in
duced to part with by the high
rates for money To-day foreign ex-
change was stronger and higher be-
cause an easier money market re-
moved the incentive to draw bills except to
supply the demand from actual remitters
In spite of all that has been said against
the industrials and similar stocks, the bulk
OF trading on the Stock Exchange was in
that group, with the greatest activity in
Disabling, American Sugar Refining and
Chicago Gas. The last named was the only
one that closed materially lower than yes
terday, possibly because of sdvices from
Chicago that some of the local politicians
seemed to be preparing to strike the COM
many again. Sugar Refining was in the main
firm and held its own, closing at the same
price that it did yesterday. DistiIling and
Cattle Feeding fluctuated within compare
lively narrow limits and closed at g net de-
cline Of q per cent. The circulation OF re-
ports that opposition distilleries
will soon be established and
that an increase in the tax, If voted
by Congress, may also apply to spirits in
bond, is a somewhat absurd suggestion since
retroactive legislation is unconstitutional,
would seem TO indicate that tho short inter-
esl in the stock has not yet been entirely
Reading, St. Paul and Missouri Pacific
were the only railroad stocks in which the
dealings exceeded 10000 shares. The specu-
lation in Reading is influenced largely by
conjecture as to what the company will do
relative to the payment of interest
on its preference bonds. The course
Enough the '0Ee net eaTniags as neT renortsd a
for the first IL months of the fiscal year
ending November 80 are nearly 81, soc, 900
larger than those OF the previous year, the
street is skeptical of the ability of the COM
pany to pay full interest in cash on all three
classes Of its bonds. The only noteworthy
net fluctuations in the railway list were
decline in Missouri Pacific and an advance
in Canada Southern.
II is understood that when the directors
OF the various Vanderbilt corporations meet
tomorrow to declare dividends, the show
ing submitted by the Canada Southern Com
pany will be such as to warrant an increase
in the amount distributed among its share
will be made in the dividends paid by the
other corporations.
The closing was heavy, with the average
of nnaI prices fully = per cent below that OF
yesterday.
ESPECIAL FROM DOW. JONES & COL
NEW YORK, Dec. 2L-The market to-day
vas quite normal with the result that dull
ness was the chief feature. 1t was felt after
yesterdays close that the natural rally had
about run its course and that failing new de-
velopments there were no very decided
openings for speculation either way. An
attempt was made at the opening, prompted
by higher prices from London for the third
day in succession, to carry yesterdays rally
still further. This was most noticeable in
tile industrials, of which Sugar was about
the strongest at an advance of about a
point on the buying of 5000 shares by a
house identified with tie property. Rail-
roads. however, responded very feebly.
After the first hour it was seen that ster-
ling exchange was stronger and that yester-
DAYS loan bills had been all absorbed. The |
firms who had reduced rates yesterday |
laisef them to-day. and this, coupled with |
authoritative statements as to the views of |
high banking authorities that the situation |
was in no way permanently improved and |
that there was danger as long as the |
Sherman act exists, caused the market to |
sag and from noon to the close there was a |
steady dwindling of values with only a very /
mOcerate rally in the last hour.
Reading quite feature of activity
with small fluctuations. 1t is thought that /
there is a bitter contest between the bulls
and the bears in the stock, the advantage
resting at present on the side of the bears
The latter say the company is short of funds
and Is borrowing much as justified by
prudence. The bulls say that the short in
teresJ is large and that the long interest is
powerful enough to squeeze it, They claim
that the first and second incomes
viii get cash and the third bonds
for their dividends. Both sides are
very confident, the bears especially
30, claiming that when holes are made in |
the stock they stay there; that the Pennsvl-
venia Railroad people are working hard to
secure the pooling amendment to the inter
state commerce act and say that it would
be worth S2,OOO0 0OOa year to the Pennsyi-
vania.
The Boston. people say New England acts
as il there was large short interest and |
talk of corner as possibility.
New York banks have not received rnuch |
currency from the interior this week
Sterling closes very firm at a cent rise on
yesterday.
The temper OF the room generally is in
clined 10 be bearish.
GBY ASSOCIATED PREss.J
New York, Dec. 2L-Tne stock market |
nken as q whole Was in q mora sattlad |