Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-15
A BEARISH FEELING
Among the Rank and File on
the Prospects of Heavy
Specie Payments.
STERLING RATES HIGHER.
Whisky, Lead, Atchison and Reading
the Main Weak Spots
NUMBER OF STRONG FEATURES,
Including Some of the Trusts, specialtieS
and Railroad Shares
LONDON A BUYER OF UNION PACIFIC
A NUMBER OF STRONG FEATURES,
Including Some of the Trusts, specialties
and Railroad Shares
LONDON A BUYER OF UNION PACIFIC

ESPECIAL TELEGRAM TO THE DIsPATcH.1
NEW YORK, Dec 14-The course of
prices on the stock exchange to-day ran
contrary to the general expectation of the
street. The sentiment of the rank and file
of the speculative community is bearish
because of the prospect of heavy shipments
OF specie early next week, for it
is almost certain that the Ger
man steamer sailing next Tuesday
will take out g, 2,OOO,0 600 or S3,0O0,0OO of
gold. A further advance in the rates of
sterling to-day suggested the possibility of
shipments to London on Saturday, but in
spite of these circumstances the market as
a whole was strong and the volume of bust
ness fairly large and we'll distributed.
OF the stocks that can be described as
active, only three or four closed lower than
yesterday and the losses they sustained were
unimportant. They were Distilling and
Cattle Feeding, National Lead, Reading
and Atchison. The street is, in the main,
still operating in the first named on the
theory that the increase in the dividend
upon it has been discounted The circula-
tion of official statements to the stockholders,
formally announcing the recent purchases
of outside plants by the Distilling Company
and the reasons for acqui iring them, caused
q temporary Improvement in the price OF
the stock. Advices from the West OF fur
ther advance in the price of its product
reached the street TOO late to affect the
market. National Lead was unfavorably af-
fected by reports that the absorption by
that company OF the National Lin
seed Oil Company can be effect
ed only by the issue OF several
Reading reflected doubts as to the ability of
the company to pay full interest upon all its
preference bonds in cash, though the earn
ings as reported for the II months of the
been earned. Atchison continues to lack
support and is. therefore, largely at the
mercy OF the bears.
Ene strong features of the market were
Union Pacific. Rock Island Sugar Refining,
Missouri Pacific and among the industrials
and less active railway shares National
Starch, National Linseed Oil, United States
Rubber, General Electric, Nickel Plate.
Shore and Canada Southern. The buying
OF the Nickel Plate stocks was by broker
age firms who are generally credited with
netting for those who are identified with the
management of the property. The advances
in these stocks extended to So per cent.
London was conspicuous buyer of Union
Pacific, thus lending color to current reports
that foreign holders of the stock intend to
make determined effort to control the
management of the company.
OF news affecting values there was very
little OF any important character. The clos
ing was irregular, but in the main steady.
ESPECIAL FROM DOW. JONES COL
NEW YORK, Dec. IA-The market to-day
took On a somewhat more satisfactory ap-
pearance on the whole, and it was con-
sidered q good point that stocks were fairly
active with moderate net changes. Never
theless, both bulls and bears were dis
,lor
ment. The bull points were found in an
advance in Nickel Plate stocks on expecta-
tion that full interest woulQ be paid on the
first preferred and possibly some on the
second, and in an all round advance of l
1er cent in the Vanderbilts. There was
strong buying in the latter, generally at
tribuled to the approach of the dividend
declarations although it was generally
understood that nothing extra would be
paid DeyOnd the usual rates. The advance
was considered by the room as evidence of
solidity in the position of the market gener-
ally.
The strength of Union Pacific, accom-
panied by renewed reports as to control by
Nlr. Bois SevUin. and by moderate buying
orders from London, was also u feature that
operated avorably on the sentiment OF the
room. as also as q strong tone in Rock Is
land on bullish talk by those close to the
officers OF the road.
The friends of Sugar were more active
than OF late and Mr.. White was 4 buyer.
ports of gold to London and weakness i'll
Reading. The former arose from the fact
that sterling exchange has reached point
above which gold could be exported to Lon
don at profit, and it was understood that
the shipments on saturday were very likely
unless bills can be obtained.
The weakness in Reading was due to an
announcement that the directors would
take no action in regard to the income bond
division in the absence OF Mr.. Mcleod and
pending certain negotiations which lie is
conducting. The bulls claim that the mar
ket III Reading and Reading bonds is being
hammered for the accumulation of more
stock and bonds.
The net result OF the days trading leaves
the sentiment of the room still on the bull
side and it is agreed that the Industrial
stocks are becoming more stable, and the
fluctuations are smaller and the trade more
active. The chances of the pooling amend
mcnt to the irtST-State commerce act are
reckoned good and some of the buying of
the prangers has been induced by the prob
ability of its success.
Hall a million gold was ordered at the
sub-treasury alter hours, presumably for
export