Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-31
rsPEcIAL FRoM row, JoNEs & 90. !

NEW YORK, Dec 31.-TRere was strong
bullist feeling before the opening this morn
ing and momentary advance wac made,
hut the shipment OF $780, 600 golu by Kuhn,
Loeb s Co. gave everyone's nerves severe
shock, especially as shortly afterward it
WAS found tnat the recent weakness in ster-
ling had disappeared, some people going so
faras to saw that it was an artificial weak
ness, the supply OF bills being very poor.
The check to the market was quite
lasting in certain stocks, especially so
in the coalers, and even when it
was known that the shipment was made on
au old order and could not be made at ex-
isung rates for sterling the market as
whole did not show much rallying power.
TIE advance in money TO 10 per cent in the
taernOOn served to remind people that
here was still danger in the situation, al
though 1t was known that the high rate was
due to the shifting OF loans over the first OF
the year. Speculation in the active list
under the influence of these two factors be-
came contracted and traders were inclined
Co adopt a cautious policy.
The sharp advance in Manhattan. and
Sugar in the last hour rather tended to
reviN a bullish sentiment, but at the close
tine temper of the room was considerably
less connCent than yesterday, and the sill
yer situation was more generally canvassed
than OF late.
Apart from the gold shipments and the
continued firmness OF sterling the news was
generally favorable. Radical railroad leg
islation, however, against the Western roads
hesitation in the granger stocks.
Lehigh Valleys October statement means
a surplus ior the year OF 5000 600, nalI of
which goes to Reading. Reading will
probably dispose some collateral trust bonds
early in the year, and the rumors that an
issue OF third incomes is pending are re-
pcated-
The Northern Pacific Investigation Com
mitJee say they have discovered nothing in
the company's affairs to Justify prevailing
Rpprehenlons. They Will issue a report
arIF.1z~ ny-r la Inn, ,ln.a,. "a
kaid, Will result in enormous profits to
Northern Pacific.
Union Pacific has now SIG, ,OlO. 600 guarantee
trust notes outstanding.
The Rapid Transit Commission met this
afternoon ana received q full committee
from Manhattan. Pierpont Morgan an
nounced tnat Manhattan would act on anv
suggestions the commission Nigh make for
improving the service. Tt was understood
after the adjournment OF the commission
tAas the underground plan had been given
up and that the commission would consider
oJber plans.
SJerliug dull but firm. The non-arrival OF
the UmoEia with large quantity of cou-.
lous is one reason for the dullness in the
The most striking incident of the dey was
an announcement from 'Mr. s. V. White
that he has paid the last of his outstanding
obligations with interest TO date. Mr. White
failed little over year ago as "A result of
an effort to corner corn, although 1t has
been supposed that aitbfulness on the
with the result. His liabilities exceeded
sl0C0OOO, but such was the confidence IN MIR
Nh1te that every creditor released him on a
verbal statement that he would pay as soon
as he could To-day his announcement
shows that he has cleared on the stock mar
ket about ST ,OOO,00 in IL months, chiefly in
Western Union, Cordage, sugar and Man.
haitian. Few men have ever received greater
proofs of confidence and few men have bet
ter justified the confidence reposed in them.
rBY ASSOCIATED PREss.l
NEW YORK, Dec SO.-At the opening of
business Manhattan and Lackawanra ad-
vanced pa TO l52 and 1861, respectively.
lille the general list improved to the ex-
cent Of l<6l per cent. The upward move
ment received a temporary check when IL
became known that $500 600 gold mad been
engaged for shipment to Europe by the
steamship La Normandie tomorrow. this
having served as an excuse for an advance
for the rate for call loans from to 10 per
cent. Manhattan gave way 81, and Lacka-
wanna % per cent, but the general list WAS
not materially affected, as it soon trans
pired that the gold shipment was made on a
special order and that the banks and trust
were willing Lenders of money.
the rate Tor which declined to 365 per cent
Tae extreme decline outside o. the stocks
named was l1s per cent in Reading which
sold down to 81.
The subsistence of the fears about serious
furry in money over the annual settle
Iuents was reelected III the decidedly strong '
il not buoyant speculation near the close
WAS the special card, and sold
uD from l4S5< to 1531lGll5l14, leading banking
houses baYllg been the principal bnyers on,
the knowiedge that the failure of the under |
gruund rapid transit scheme will enable |
the hackers of the Manhattan elevated to |
secure the facilities for the extension of /
s1eAr system which they have been seeking |