Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-23
BEARS AND TRADERS
Do Nearly All the Business in Railway
Shares-Trusts Prove to be Good
Stayers - Rock Island and
AIchiaon Combine.

AtCuI1On OomOtues
NEW YORK, November 22-There was re-
newed interest in the Trusts to-day, and the
stock market was less active for the regular
list, but the unlisted department showed
marked increase in the amount of business
done. The temper of the speculation was al
ternately weak and strong within narrow
limits, the general drift of prices being down.
ward during the forenoon and upward for the
remainder of the day. There was great dis
inclination to trade and the active work in the
market was done almost entirely by the bears
and traders. The news of the day was unim-
portant, except for the announcement of some
arrangement between the Rock Island and the
Atchlson, supposed to be similar to that be-
tween the Northwestern and the Union Pacific.
though the exact nature of the deal is still .
matter of speculation.
The bears made considerable effort to get the
prices of the COalers, the Trusts and the South
ern stocks down; the only weak spot uncovered
was Wheeling and Lake Erie, which dropped
over per cent on selling orders said to be for
Boston account and induced by a rumor of a
further issue of preferred stock. The manipu-
lation Of the Trusts was not confined to one
side but efforts we're made to lift as well as to
depress them, and the bears gave it up toward
the close, when marked upward movement
took place in all of them. Lead was sold on re-
ports that the Trust would also be converted
into corporation with a reduced capital. The
alliance between Rock Island and Atchison did
not seem to have much effect upon Rock Island
after the opening, but Atchison was strong,
, especially in the afternoon, and scored mate
rial advance on a moderate volume of business.
The deal also had rather depressing influence
upon Union Pacific but that stock huctuated
within narrow limits and its final change is in
significant, Denver, Texas and Fr Worth pur-
suing the same course.
The Chicago people were buyers OF the North
ern Pacific, Oregon Transcontinental and Wis
consin Central, and squirt of activity and
strength in these properties turned the tide of
prices at the beginning of the afternoon. There
was drop OF per cent in New England also,
but this was afterward recovered. Rock Island
and Atchison were the only stocks showing any
material change at the opening thisemorning,
both being up large fractions, though Wheel
ing and Lake Erie preferred was down over
per cent The weakness in the latter and Den
ver Texas and Fort Worth and Lead Trust was
the feature of the forenoOn's trading, but
everything strengthened in the afternoon, and
the market closed on squirt Of strength with
most of the list, but slightly changed, and the
gains and losses about evenly distributed.
Wheeling and Lake Erie preferred was the
only important decline. losing ~ per cent,
while Cotton Oil is up 1Ss Sugar 1ss, and Chi
Railroad bonds were quiet, and the sales of
well distributed The market was stronger
than 1t has been for some time however. and
many bonds show improvement tonight. Lake
Erie and Western lists, rose TO l13 Shenan-
doah Valley lists, receipts, 81 to 104, and
Atlantic and Pacific incomes to 15Z.
The Posts financial article says: In the
AFTERNOON the report that some kind OF an
alliance had been made between the Rock
Island and the Atchison was confirmed, but it
was generally conceded that in view of the fact
that the Atchison has line of its own from
AtchisOn to Chicago, and which is parallel
company with the Rock Island line from
Chicago to Leavenworth, it could not be any
such compact as was made between the Union
Pacific and the Northwestern, and in all
probability amounts only to giving the Rock
Island the privilege of running through trains
from Chicago to the Pacific coast Neverthe-
less it is another instance of the leading idea Of
the present time which is to unity the manage
nent of the railroads without consolidating
the corporations or the property.
The following table shows prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY STEPHENSON, Oldest Pittsburg mem
bers of New Y ork Stock Exchange, 81 Fourth ave-
nue.: