Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-03-10
SENSATIONAL RUMORS
OF Panic in Paris Demoralize the Stock
Market - The Entire Active List
Lower-some Marked Advances

in Railroad Bonds.
NEW YORK, March 9.-The stock market
was more active to-day than during the same
hours on any previous day this year, and was
decidedly weak in all its departments, the re-
suit of the trading being material losses in quo
tations all over the list. There was timid
feeling at the opening this morning, and the
selling by Chicago and the local operators was
very marked, prices on the first sales being
from "a to u per cent lower than last evenings
quotations all around, while Omaha common
was exceptional with a drop of II per cent.
There was evidently no effort to support prices
and the decline was rapid when the news of
panic in Paris came in to help prices down and
the selling became more general throughout.
The Coalers, Grangers and Union Pacific were
especially active and felt the full force Of the
pressure, and among the specialties Tennessee
Coal received most attention and lost large
proportion of its late gains.
The traders put out great many stocks, en-
couraged by the bad advices from the other
side, but at the low figures good buying came
in, and by II o'clock the decline had met with
check and the market for the time being be-
came comparatively dull. while slight improve
ment was shown in quotations. The Oregon
stocks were conspicuously weak in the first
drive, and Short Line dropped nearly two
points, while the others were held up better.
Toward noon the bank statement was issued
and showed loss Of over $4,000 900 in the sur
plus reserve and rumor that 1900 00U had
been shipped West brought on a renewal of the
selling movement and prices again rapidly
dropped, reaching still lower figures than had
been seen during the first hour. The rumors also
stated that large amount of gold had been
taken for shipment to Europe, but inquiry de-
veloped the fact that none had been SO taken
but there was an unusually heavy inquiry for
cable transfers, presumably to aid the cor
respondents on the other side in trouble. No
Improvement was seen in the list, and the
market. finally closed active and weak at the
lowest prices of the day. The entire active
list is lower. Louisville and Nashville lost III
Union Pacific, 1ss; st. Paul, Reading and
Oregon Navigation, u each; Cleveland, Colum-
bus, Cincinnati and indianapolis, Colorado
Coal, Lackawanna, Manhattan and Tennessee
Coal. each per cent, and the others fractional
amounts.
Railroad bonds failed to respond to the ac-
tivity and weakness existing in shares and
were dull, the sales of all issues aggregating
only S640, ,000 and while weak tone prevailed
for some time, prices were well held through
out and some marked advances were estab-
llshed in a few issues. No special feature
marked the trading. Among those which
are higher this evening. Long Island firsts rose
2% to 1221z. Mexican National frsts lost ~
at 100. The sales of bonds for the week were
So, ,275O0O, against IS. 4s4 900 for last week.
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: