Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-10-31
CONTRADICTORY STORIES
Circulated, in Wall Street Elevate and Then
Depress Railroad shares-The
Bears Make the Most of

NEW YORK, October 30-The stock market
was again irregular, feverish and unsettled TO-
day, and as usual of late all the interest in the
dealings was concentrated IN two or three
stocks, while the remainder were dull and
traded in within the narrowest limits. There
was no news of a character to affect values, but
rumors were plentiful, and the market got its
stimulus in the forenoon from story that the
Union Pacific had purchased a controlling in
terest in the Chicago and Alton, which would
be taken into the new alliance. and SO removed
from the way as disturber of the prevailing
harmony This story, with the aid of some
London buying of Union Pacific and few other
favorites sent Union Pacific up over per cent,
and it crossed 6S for the first time in many
months.
The general list felt the influence, and, except
for Cotton Oil and the coal stocks, everything
made a material improvement. Later. how
ever. this story was denied from Chicago, and
thereafter contradictory kilograms were re-
ceived throughout the day, which checked the
advancing tendency. The bears then returned
to the attack with vigor, and, aided by the ad-
vance in money to 10 per cent they brought
wiped out about all of the forenoon's improve
ment in the general list. St. Paul and Burling-
ton both reported very dattering earnings, but
this seemed to have little effect upon them or
their kindred shares. The one really strong
spot in the market was Sugar Refneries which
almost steadily appreciated when tine regular
list was weak and finally scored q handsome
advance, closing at its best figure. The Van
derbilts were strong ana Lake Shore crossed
l07, but as q rule the market was quiet and
featureless within the narrowest limits. The
opening was strong at advances which extend
ed to "a per cent, and. led by Union Pacific and
Sugar. the list rose from u to 1N per cent fur
ther during the first hours. Cotton was weak,
and was soon Joined by the coalers, which had
the effect of creating partial reaction in the
rest of the list, which, however, was recovered
before noon. A general reaction followed and
prices moved up and down within narrow lim-
its for the rest of the afternoon but in the last
hour Sugar developed the most pronounced
strength which helped the regular list up
trifie, and the market finally closed quiet and
firm, generally at a shade better than last
nights prices. Sugar scored an advance of 33s
per cent, but the only other material change
was decline of per cent in Jersey Central.
The sales of railroad bonds were 81, 80 900 to-
day, and though the Fit. Worth and Denver
firsts, the San Antonio and A pass 6s of 1886
and the Kansas and Texas 7s were most active,
their transactions were not specially large.
The market was generally steady, and the final
changes show few important fluctuations.
The Posts financial article says: All the
forenoon the market was agitated with re.
peated assertions and denials BY telegraph from
Chicago of the alleged purchase Of the control
of the Chicago and. Alton by somebody for the
purpose Of bringing it into harmonious opera