Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-03
A REACTION
In the General Stock Lisf, Which Chips on
Some Of the Late Gains-The Trusts
Still Active, but Railroads
ko

Still Active, but Railroads
Coming TO the Front.
NEW YORK, July 2-The day in the stock
market was one of reaction, which lasted
throughout the entire time, and the result of
the days trading is to leave everything traded
in, with but few exceptions, materially lower
than last evening. The trusts were still active,
but railroad stocks once more came to the
front, and the proportions between the sales of
the listed stocks were restored to the normal.
Atchison was the great weight upon the mar
ket, and TO the rumors and stories of trouble in
the finances Of that company was due, more
than anything else, the weakness displayed In
all portions of the list to-day. 1t is true that
all the July obligations of the company have
been met, but the story from Philadelphia that
the remaining s. 900 of its second mortgage
notes had been issued set going all the stories
OF the financial embarrassment of the om-
pany with the old talk of a receiver, ana
although the story Of the notes was denied
from Boston it did not stop the decline in the
stock nor remove the impression that the COM
pany had been compelled to borrow money to
meet its pressing needs.
The result was break Of nearly per cent.
refusal Of the Burlington and Northern to
withdraw the low commodity tariff and other
expected complications In the West which set
on foot selling movement in the Grangers,
and ST. Paul, Burlington and Rock Island fol-
lowed with material declines Missouri Pacific
was sold In sympathy with Atch1son, and New
England not meeting with its recent good sup
port was included in the hasty realizations. The
Goals were more quiet than any Of the other
large groups of stocks, but Lackawanna showed
considerable weakness, and especially In the
afternoon. The trusts were active, though
only in National Lead was the recent large
volume of business in those shares approx
mated, and the realizations on the recent 8 per
cent rise in sugar caused a sharp break of per
cent in the stock in the first few minutes, which
was to alarge extent the result of the uncover
ing of stop orders.
This was followed by partial recovery, but
the stock continued weak, and toward the close
the weak tone spread to the others, and both
Lead and d stillers broke materially. There
was throughout a marked indisposition to en-
bark in any new ventures over the holiday, and
the room being bearish, advantage was taken
of the selling Atchison and the realizatiors in
the trusts to hammer the entire list. The mar
ket, which had ruled dull except for the lead
ing stocks became quite active in the last hour,
and the close was weak at the lowest prices of
the day Almost the entire active list is material
fly lower tonight, and Atchison shows a loss of
80; Missouri Pacific 2; New England, 216;
Burlington. lss; St. Paul and Rock Island, each
IA and Dela~ are. i per cent. -
Railroad bonds felt the influence of the
weakness In SOCKS to-day Although there was
somewhat more business than usual of late IL
was regular quotations, and the general tone
of the market was heavy throughout the day.
The number Of issues traded In was also much