Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-09-28
STOCKS In A WHIRL.
Higher Prices In London and Increases
Earnings Combine to Make Things
Liyely-Ugly Rumors Cause Un-
easiness-More Losses


easiness-aore Losses
Than Gains.
NEW YORK, September 27.-The stock mar
ket was more active to-day. and displayed more
character than it has for months. and the deal
ings were attended by much excitement. The
final result of the days operations, however, so
far as the regular list is concerned, was gener-
ally only fractions. The feeling this morning
was very hopeful. not to say confident, and
higher prices in London with good buying from
that center, with the continued favorable re-
turns of earnings, were influential in establish
ing higher range of values at tha opening.
The market displayed decided broadening
tendency, the number of stocks traded in
during the first hours business being larger
than at any time this year, while the volume OF
business was on corresponding scale.
Inc local bull leaders were more active, and
the increase in the number of orders executed
Boston in regard to the Presidency of Missouri
Paclnc made that stock the leader in the early
trading. and it was soon followed by Lacka-
wanna, Cleveland, Columbus. Cincinnati and
81. Louis and Some others, while Manhattan
continued its upward march on rumors of set
tlement of the claims of property owners
against the company Pullman also displayed
unusual strength on light dealings, and later
Michigan Central Joined the procession. Sugar
Trusts were still weak and made decline in
the forenoon, which extended to about per
cent, but 1t seemed to have little or no effect
upon the regular list, as no reason could be as
signed for the drop, and the rest of the market
was effectually divorced from its movements.
After IL O'Clock, however. there were ugly
rumors set afloat in regard to Atchison and it
was stated that the financial plan for the reha-
blltatlon of the company would prove failure
and necessitate receiversh1p. default on
the October interest was also promised, while
the reorganization scheme was 10 include $40
assessment. There was flood of the stock for
sale, and break was started which only
ceased when the stock had declined something
over per cent. Denials of the stories circulated
were made, but they seemed to help the stock
but little, and when the selling movement had
exhausted itself the rally was feeble and could
not hold Sugar Trusts. which had given signs
OF inside support, went down again, and its ex-
treme loss was 81 per cent.
These movements created great uneasiness in
the room, and the pressure to sell extended to
all portions of the list, and before delivery hour
all the advances of the forenoon were wiped
out, and in most cases fractional losses in addI-
ton were sustained. All the notable strong
stocks of the forenoon, such as Jersey Central,
Manhattan, Missouri Pacific, Lackawanna and
Delaware and Hudson dropped rapidly, while
the others kept pace, and in every case the
opening figures were passed on the downward
movement. The selling craze came to a halt
toward delivery hour, and reaction began
which made some progress Notwithstanding
the fact that money on call was bid up to 10 per
cent. The activity disappeared from the mar
ket, however, and the movements became
limited to small fractions generally, though in
the case of Manitoba most pronounced strength
was developed and it rose ~ per cent.
Manhattan, Jersey Central and Delaware and
Hudson rallied sharply and Sugar rose from
875s to go and Atchlson from 343z to SO. The
Improvement In most of the list was slight,
however, and the tone of the market at the
close was unsettled and rather heavy. The
final changes are quiet irregular, while de-
cllneS are rather the more numerous, but gen.
orally are confined to small fractions. Sugar is
down 64, Cotton Oil and Short Line per cent
each. and AtchiSOn per cent The imDOrtant
advances include Manitoba and Manhattan,
each 8 per cent, and Jersey Central and Lake
Erie and Western preferred. each per cent.
Railroad bonds responded to the improved
feeling with more activity and more decidedly
strong tone, though the decline in the after
noon was also felt and the final result of the
trading is to leave most of the active bonds but
slightly changed n
The following table SHOWS the prices OF active
stocks on the New York Stock Exchange yester-
day Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON. oldest Pittsburg MEM
bers of New York Stock Exchange, 81 Fourth ave-