Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-07-12
A BAD BREAK.
The Lead Trust Gives Way and Gives Stocks
a slisht Shock-A Good Rally Mt the
Close-Rumors Of n Gigantic
Raflroad e. n m h ina

Railroad Combine.
NEW DIRK, July 1.-THE stock market was
quiet to-day, but decidedly strong almost
throughout, and except the bad break in the
Lead Trust there was no setback of Importance;
everything traded in closing materially higher
than last evening. The London prices this
morning were again materially higher than our
figures Of last evening. and the advices from
that center led to the impression that there was
some news afoat in London Of a favorable ma
ture in regard to the pending railroad nego-
tiations. There was some buying for foreign
account and other outside interests were pur-
chasers during the day, Chicago being espe-
cially conspicuous.
There were rumors again Of a gigantic rail.
road trust to be formed in the West and it took
a somewhat more plausible form than the
previous stories in that connection, and before
the opening of the market induced q more bull
ish feeling than had obtained yesterday, which
resulted in decidedly strong opening with an
active business. The opening gains extended
ing further gains of from T to n per cent were
scored in the general list while Sugar Trust
and the Chesapeake and Ohio stocks moved up
over i per cent each. AT the high figures there
was a disposition manifested among the smaller
traders to take profits, and as the demand fell
away prices receded, but afterward moved up
again.
Toward noon the market received a shaking
up from the sudden activity and rapid decline
in National Lead Trust which responded to
the stories of further capitalization of the
trust, and it fell away over per cent while the
stock changed hands in large blocks The ru-
mors were promptly ycontradicted however and
the slump was soon over, the stock ralying over
per cent. In the meantime the advices from
the West and the meeting of the trunk officials
were such as to again stimulate the bullish
feeling, and on the rebound the stocks of the
regular list were carried up to the highest
point of the day. The news that something was
really being done to bring the Burlington and
n orthern to terms was most powerful in bring
ing about this result
There were the usual realizations in the last
hour, and the market sagged away slightly from
the best prices, but there was DO weakness any
where in the list. and the close, while quiet to
dull, was still firm to strong at but a shade un-
der the highest figures of the day. As was to
be expected. the Changers were the leaders in
the last rise, but were Joined by Lake Shore.
Everything on the active list Is higher and
Chesapeake and Ohio first preferred rose az
Lake Shore and ST. Paul IL each. Burlington
and Union Pacific Il each, New England and
st. Paul preferred N each, Northwestern.
Canada Southern, Missouri Pacific Northern
Pacific preferred and Southern Pacific per
cent each, and others fractional amounts Ma
tional bead is down ~. but it is the only de-
cline.
Railroad bonds were more widely traded in.
and the aggregate dealings were materially
larger than usual of late.
The following table shows the prices of active
stocks on the New York Stock Exchange
Corrected daily for THE DISPATCH BY Whit
ney d Stephenson. members Of New York
Stock Exchange, 81 Fourth avenue: