Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-23
Especial FROM DOW, JONES & co. j


NEW YORK, Dec 22.-While the market to-
Say was very dull it developed a some
what feverish appearance. Fluctuations,
although within moderate limits, were
rapid. London sales were somewhat
disappointing to the market, the con-
hdence abroad which had been so
marked during the last three days having
disappeared. There was liquidation in tie
industrials, especially Chicago Gas, but
speculative interest centered in Reading,
where the selling was heavy and general.
Philadelphia houses took most Of the stock.
The shorts attacked the grangers and Ach-
isOns, where London sales had made weak
spots, and were aided by reports of prob
able gold shipments on Tuesday.
A little before noon the Vanderbilt divi-
dends were declared, the same rate as last
year affecting the various stocks somewhat
adversely, as extra dividends had been
looked for in at least one instance. This
caused the list to drag until in the early
diate action on the part of the Treasury was
likely in the matter of selling bonds. 1t was
also said that the New York banks had ex-
pressed themselves as ready to take. il
necessary, SlOO. .O0l O0e and pay gold for them.
About the same time statements were made
by Philadelphia houses that the interest
would be forthcoming on all the Reading in
comes on February next. 1t was claimed
that the company had spent this year out of
net earnings fully 81 0G0 600, no obligations
of any kind being issued TO represent this
rum, and that the benefit of this large in
vestment y i'll be felt next wear in decreased
cost OF operation. This caused q smart rally
In Reading incomes, which inspiriteQ the
whole list to moderate extent The posi-
zion in Reading common was stubbornly
contested the advantage resting finally
with the bulls
The feeling in the room at the close was
somewhat more bullish. Careful inquiries
after hours, however elected explicit de-
mails OF the story that the Secretary of the
Treasury was considering an immediate is
Eue OF bonds. Treasury officials here deny
all knowledge OF such issue, and sly there is
no necessity for it, In the highest banking
circles nothing is known of the offer said TO
have been made by the New York banks. 1t
WAS further said that the acceptance of such
ofIer would not be productive OF the desired
results.
There is renewed anxiety among foreign
houses with regard to the situation in view
OF possible gold exports on Tuesday.
Sterling exchange closes higher tonight
than when the last shipments we're made.
rBY ASSOCIATED PREss.j
NEW YORK, Dec 29.-Although at intervals
speculation was weak, no declines of i'm
portance were recorded outside of American
Sugar, Canada southern, Reading, Distilling
and Cattle Feeding and Chicago Gas, which
yielded rs to 25s per cent. Chicago Gas led
the downward movement, the special weak
ness in the stock being due to the fact that
the holdings OF the old pool which were re-
Gently distributed have not yet found a rest
ing place. Reading was depressed by the
reports that the company would be forced
to raise money on bonds or on the coal
above ground TO meet the interest on the
preference income bonds. Burlington ana
0aincv declined l and the other leading
sTares x to p per cent.
The renewe ed strength OF sterling exchange
led to talk o; gold exports, and some of the
traders were frightened into selling. Prices
moved up and down frequently within a
narrow range until late in the afternoon,
when brisk demand set in for both the
long and short account. The result was a
recovery all around Reading was especially
active, large amounts being taken from 5lZ
up to 523S. American Sugar Missouri Pa
citic, Rock Island and DistiIling and Cattle
Feeding improved per cent or moro. The
DuEing or the last named was stimulated Dy
statements made by James Il. keene, in
which he stated that he had made thor
Uugh investigation of the property: that the
company at no time had earned less than 6
per cent dividends and was now earning at
The rate OF about Is per cent ON its STOCK
Mr.. heene backed up his views in regard to
the property by offering ~ per cent for the
quarterly dividends on any part of the
sapital stock for two years to come.
The street was flooded with rumors about
4 probab BILE issue of bonds by the general |
Government FOR the purpose of strengthen |
ing its gold reserve. These rumOrs lack con-
firmation, but they nevertheless had q GER
tain effect on speculation in the afternoon |
trading.
Among the specialties Manhattan was
Ttrong and gained ] ner cent. Tennessee |
Coal and Iron fell of a and subsequently |
recovered on reports OF Forthcoming deyei. |
TO the property. Ohio Southern jumped |
, 70 So The market closed firmer in tone
Railway bonds were firm but less active |
Government bonds closed as follows: