Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-19
EVERYTHING LOWER.
Wall Street Depressed by the Gravity of the
Situation Abroad and Stories of
Rate Cutting ut the West
Il.
Bonds Stronger,


NEW YORK, March lS.-The stock market
to-day, after a strong opening, was weak and
active throughout the session, and, under the
lead of the Grangers, everything is materially
lower than on Saturday. The market turned
to-day on the gravity of the situation abroad
and the further trouble over rates in the West
and although there was confident feeling at
the opening the selling soon began, and the de-
clines which were then inaugurated ceased
only with the close of business. The early
rumors from Paris and London stated that the
Societe des Metax had stopped payment, that
the Comptoire d d'Escompte had been placed in
the hands of a receiver. and that copper had
had a marked fall since Saturday. These
stories met with feeble denial, but were SUBJ
stantially corroborated before the decline had
made much headway, and while it was later
stated that the Comptoire d'Escompte was
meeting all Its obligations the feeling was very
Stories of cutting of rates by the Rock Island
were the principal elements Of discord in the
dipatches from the West, but this was supple
mented by free selling of all the Western
stocks. especially by Chicago, and an operator
from that center was openly giving out selling
orders The railroad earnings for the second
week in March reported show gains with but
one exception, but the good news of whatever
sort had no effect whatever in the discouraged
state of mind prevalent in the room. The
Grangers were the chief feature: Only St:
the losses among the others ranged from 2to
per cent, with Atchison, Burlington and Rock
Island most prominent. Missouri Pacific be-
came the leader of the downward movement in
the afternoon, however. and had soon caught
up with the Others New England and Pacific
Mail were the only stocks outside the West
erners which showed any special weakness, but
the decline reached all portions Of the list and
no strength developed anywhere in the list.
The speoialties and low-priced shares we're
comparatively quiet; quiet although Big -Four, Chi Oh:
opening was made at advances extending to "a
per cent, but the Grangers felt the pressure i'm
mediately and Rock Island was the first to
give way, followed before noon by Burlington
and Quincy and Texas Pacific. There were
few slight rallies in the forenoon, but they were
of short duration and amounted to nothing.
Missouri Pacific became the leader after II
o'clock, but Atchison followed and on a very
large business the losses in those stocks be-
came unusually prominent. There was another
halt toward delivery hour, but in the last hour
the decline was resumed with all its force and
the market closed active and very weak at the
lowest prices of the day. Everything on the
list is lower, but the most important losses
were: Atchison, 81; Missouri Pacific, 35s; Bur-
lington and Quincy. 3ss; Rock Island. 25s;
Northwestern, 154; New England, 1%; Texas
Pacific and Pacific Mail, II each, and Short
Line and Chicago Gas per cent. with others
fractional amounts.
Railroad bonds were somewhat more active,
and showed more feature than usual last week,
and while the market was heavy 1t showed no
marked movements like those in shares. The
sales were only 81, ,432, 600. but to that amount
Texas Pacific seconds contributed Sl69. 900, the
firsts $l06, 600, and the Denver and Rio Grande
Western assented bonds Sl05, 900 Almost every
thing is lower but there was some irregularity
and a few marked advances were recorded The
declines include Texas Pacific frsts 2, atS6 and
South Carolina firsts 2, at 9S The important
advances were Denver and Rio Grande 5s /,
to 50; Louisville and Nashville trust 6s l. to
Il21&; Chattanooga firsts N to 1873; Duluth and
Manitoba frsts IL, to l08; Western Pacific Is
21<. to l15 and others smaller amounts.
The following table SHOWS the prices OF active
stocks on the New York Stock Exchange.
Corrected daily for THE DISPATCH by Whit
ney & stephenson, members Of New York
Stock Exchange, 81 Fourth avenue:
Open High Low ing
ing. est est Bids.