Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-10-18
A DAY OF DEPRESSION.
The Stock Market Opened Heavy and Fe-
verish and Afterward Became Posi-.
lively Weak-A Fierce Attack


NEW YORK, October 1.-THE stock market
to-day was heavy and feverish in the forenoon,
but became positively weak later in the dav,
and material declines were scored all over the
list Several banks were known to have called
in loans at 6 per cent and put the money out at
higher rate, which. with the vulnerability of
the money market to manipulation, developed
great indisposition to buy anything this
morning, and, although liquidation was small,
the bears were encouraged and became very
aggressive, the local contingent and the Chi
cago people being conspicuous in helping
prices to lower level.
ST. Paul and he other Grang ers were given
special attention in early portion of the day,
the earnings for st. Paul for the last year being
known to be unusually large and a decrease Of
liberal proportions was expected. The stock
yielded fractionally and when the actual de-
crease was found to be only 81, 200 the pressure.
was changed to the other stocks of that gro up
Burlington and Quincy was the next object
and it yielded more readily than st. Paul, drop
ping about per cent, followed by Rock Island
and Northwestern, all of which reached lower
figures than they have seen for some time.
The Northern Pacific meeting showed that
the opponents of the Willard scheme were
routed and vigorous attack was made upon
the preferred shares of that company under
the impression that the defeated party in the
stock would endeavor to dispose of their hold.
ings and an effort was made to give the selling
that complexion. The offerings were very
heavy and decline from 75ss to 7lT was the
result.
The decline in Northern Pacific preferred
dragged down Oregon Transcontinental and
the movement afterward spread to the stocks
of the general list and Lackawanna, Man
haitian, Union Pacific. Chesapeake and Ohio
and other speciaities became prominent in the
downward movement. The talk of making
Tampa, Fla, a port from which large export
business was to be done as the terminus of the
Richmond and West Point system and others
made that stock unusually active and strong at
the outset, but it soon Quieted down, though
sank into oblivion before noon, though the
early rise was lost toward the close. The
Trusts were quiet and ruled strong almost all
day long, though their fluctuations were small
and their final changes insignificant
The pressure was continued until the last
at or near lowest prices for most of the stocks
of the regular list. The entire active list is
materially lower this evening, and Northern
Pacific preferred and Manhattan lost per cent
each, Oregon Transcontinental 1E, Rock Island
and Chesapeake and Ohio second preferred ~
each, Burlington and Quincy and Lackawanna
l% each st. Paul IL, Northwestern " Union
Pacific IA Lake Erie and Western preferred
per cent and others generally fractional
amounts
Railroad bonds were still less active than
yesterday, the sales of all issues aggregating
only $3.50, ,000 while the movements of anything
were of less Importance.
The following table SHOWS the prices OF active
stocks on the New York Stock Excnange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY y STEPHENSON, Oldest PittsbufF mems