Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-13
THE GOULD SHARES
Open Strong and Higher but
Subsequently React
a Little.
INDUSTRIALSVERY STRONG
Distilling and Cattle Feeding and
National Lead Gaining Most.
GOLD SHIPMENTS EXAGGERATED.
Changers Depressed on Less Favorable Re-
ports About the Corn Crop.
INDUSTRIALSVERY STRONG
GOLD SHIPMENTS EXAGGERATED.
THE CLOSING RATHER IRREGULAR

ESPECIAL TELEGRAM TO THE DISPATCH.l
New YORK, Dec. 12.-To-day's stock
market afforded fresh illustration of the
emancipation of the industrial stocks from
the regular railroad shares, and despite a
variety of conflicting reports and influences
in which gold exports figured pre-eminently,
the industrial growth exhibited relatively
superior strength to the railroad stocks. In
the early transactions Manhattan and West
ern Union started in with continuation of
the decided strength which had character
lied those stocks to the close of business on
Saturday.
The first named opened 215 points above
SATURDAYS final sale, the extreme high
point of 14O being soon reached. AT this
price some realizing was discernible aud
the stock reacted to 13S, recovering eventu-
ally to and closing at 139. Western Union
was more irregular than for some time past.
The stock opened nearly point above Sat-
uriav's final figure at 971E, gained an addi-
tional point and later reacted to 965s, leav-
ing off without net change, after record
ing the largest business transacted in
any of the listed stocks outside
of Distilling and Cattle Feeding. The stock
last mentioned led the entire market in
point OF activity and extent of gain. Re-
ports attended the rise OF 24 per cent re-
corded in it to the effect that the manage
ment contemplates a further advance of
cents per gallon in the price of its product
the third within less than Il week-and con-
fidence that the stock, at W Wednesdays meet
ing of the directors, would be placed upon
regular per cent basis was expressed.
About the end of the hrsthour the specu-
lation was chilled by successive reports, aft
erward proved to be exaggerated, of engage
ment of gold for shipment aggregating S2-
ms, 600. Shortly before the close of business
it was stated that only SI,75O, COO had been
taken. The street had expected that 81, O00,-
900 would be taken on Saturday last.
The conspicuously weak stock was North
ern Pacific preferred, which fell an extreme
16s per cent to 4S5S, recovering a small frac-
tiOn subsequently. A number OF stocks
were affected by special considerations
The management of the National CordRge
Company announced that the authority of
the stockholders had been given to the pro-
posed increase of SIC, ,OOO,0 600 in the common
stock, bringing the total issue of that class
TO S2O,0OOO0O.
The grangers were depressed IN con-
nection with the less favorable Government
report on the condition of the Iowa corn
crop.
Aside from Distilling and Cattle Feeding,
the strong features of the industrials we're
the National Lead stocks, which spurted up
sharply toward the close, and Chicago Gas.
The closing was irregular.
lsfEClAL FhOh DO", JONkS q wi
NEW YORK, Dec. 12-Operators are puz-
zled tonight over the fac+ that the market,
instead of consolidating, completely split
asunder. There have been three features
ofimportance-industri have been buoy
ant, advancing from / to ~ points: the
Gould stocks opened up and then sagged
and rallied, hut with net losses for Western
Union and Missouri Pacific for the day: the
active list generally has been heavy with
weakness in Reading and Northern Pac1hc
r-a1cn 1NNl-
as if the movement in Western Union had
stopped for the moment, bnt Manhattan
seems still in demand, while Missouri Pacific
has fallen on realizing.
The rise in Distillers has been on talk of
an increased dividend, another rise in the
price of spirits and an increase of IS cents
in the tax on whisky. Lead and linseed oil
have had two points rise on reported steps
toward consolidation and speculative buy
inc.
The inspiration for selling has been found
in gold exports, amounting to s., ,250,O00 for
tomorrow and a probability OF $1,000 600
more on Wednesday. The gold goes to Aus
tTia.
sales of Reading have been caused by ad-
verse rumors ns to the income interest and
the talk at the Reform Club dinner of free
coal The small corn crop in Iowa has set
its dividend and the interest. The Boston
interest is out of Atchison and the stock
says on the absence of inside buying.
Some of the foreign houses talk of q new
selling movement from the other side.
IBY ASSOCIATED PREss.I
NEW YORK, Dec, 12.-After the events of
last week, the speculative interest naturally
rentered in the Gould stocks, which scor ed a
further sharp advance on large and ami
mated dealings. Western Union rose l5S to
BS15 Manhattan 8, to l40, and Missouri Pa
cihc ~ to 591z. The further improve,
ment in the two first named was due to a
reiteration of the reports current on
Saturday that the Vanderbilt Nor
gan interests were buying and would before
long have larger representation in both
boards of directors. The industrials were
also conspicuous in the upward movement.
Before II O'Clock a reaction set in, owing TO
the announcement that s., $50. 900 gold had
been engaged for shipment by the steam
ship TTave tomorrow. Manhattan and
Western Union each declined about per
cent, Missouri Pacific and Northern Pacific
preferred l5s, and the remainder of the list
y to 1H.
Railway bonds were strong. The total
sales were 81 100000
Government bonds were f1rmer. Close of
the list:
Z. :. IS reg.........1l3 Mutual Union 6s.....111h