Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-30
HIT HARD.
Big Fires and Renewal Of the Money Scare
Knock the Life Out of Railroad
Shares-ChIcagO Gas

Shares-ChIcagO Gas
Pounded.
NEW YORK, November 2o.-The stock mar
ket was active and weak to-day in all its de-
partments and material losses from Wednes-
days figures resulted, though the afternoon
saw somewhat better condition OF analrs
than the early portion Of the day. The ful
enects Of the Lynn fire and the sensation IN
Ch1cago Gas Trust were not fully over ana
the market was subjected this morning to the
influence of another disastrous IRE in Boston,
and every one came down with the expectation
OF seeing materially lower figures. in which no
one was disappointed. As was natural there
was considerable pressure to sell from tmio
holders of stocks, but the majority OF the sell
ing was evidently for the short account Inc
Dears expected that the heavy losses BY the IN
surance companies would compel the selling
OF numerous securities, especially those IN
which Boston is most interested and the result
was seen in the special pressure put upon sucn
stocks as Atchison, New England Burlington,
Union Pacific, Denver, Texas and Ft Worth
and some of the specialties but the impression
made especially in the first few was insign1n-
cant
The chief interest was still in Chicago Gas.
and that stock furnished large proportion OF
the declines up to noon. Chicago houses were
again liberal sellers Of the stock, and although
rumors Of inside buying were circulated. the
stock yielded almost as easily as on
importance except after the first drop
in the forenoon. The influence Of this
weakness was felt seriously by Consolidated
Gas, whose position is almost identical with
that of Chicago Gas, and on light dealings that
STOCK ran OF nearly per cent. The bears re-
newed the attack upon Missouri Pacific. and
forced it on more than the average of the regu-
lar list in which stop orders played very i'm
portant part. Sugar sold on with the others,
Dut the other trusts were comparatively well
held. After the first decline Of the forenoon
railylng tendency appeared and word was re-
celVed from Boston that the estimates OF the
damage were not only largely exaggerated but
that most of the risks were placed with foreign
corporations and some covering resulting the
bears were driven to other expedients to keep
the advantage they then held.
The money scare was revived and was aided
by the near approach of the first of the month
with It's disbursements, and by the fact that the
Day was Friday when there is usually scarcity
OF money to loan because of the rule making all
loans run until Monday. The rumor Of the
withdrawal of the public deposits from the
national banks was again made to do duty In
this connection, and money which had ruled
easy on call at about the legal rate all the fore
noon was bid up to ID per cert before the close,
precipitating another selling movement among
the weaker holders and causing the loss OF all
the improvement from the lowest prices which
mad come after the reaction OF the pressure OF
the forenoon. Chicago Gas dropped still
further and many of the stocks in the regular
list reached lower figures than they had seen in
the morning. Tennessee Coal and San Fran
cisco preferred, however, which had each
broken over per cent held steady and the
former even made some improvement Many
of the specialties were hard hit, however, and
Denver, Texas and Ft. Worth, Milwaukee,
Lake Shore and Western, Cleveland, Colum-
ous, Cincinnati and st. Louis and wisconsin
Central declined materially Western Union
also yielded rapidly in the last hour, being
found particularly vulnerable.
The market finally closed with q moderate
volume of business and weak at about the low
est prices of the day. The list OF declines is q
long one, not one of the active list showing an
advance. Chicago Gas lost u, San Francisco
preferred ~ Sugar ~. Tennessee Coal 2L
Wisconsin Central, Western Union and Onta-
rio and Western Il each, Consolidated Gas
and Transcontnental IL each, Rock Island,
Lackawanna, Missouri Pacific, New England
and Northern Pacific preferred lk EACH St.
Louis, Denver, Texas and Ft. Worth and Union
Pacific IL EACH Burlington IL and Wheeling
and Lake Erie preferred L
Railroad bonds were quiet and without much
feature, though the majority of the important
changes this evening are declines, which, how
ever, are confined almost exclusively to the in
active issues The strong feature was the Kan
sas and Texas issues, though their advances
were moderate. The business done aggregated
81, AS. .000 of which the Kansas and Texas IS
furnished $4,000 Shenandoah Valley lists
receipts rose to 107, and the DDS receipts 2 to
a. Chicago and MiIwaukee lists lost at l22X.
and Hooking Valley 6s to 70.
The foIlowlnR table SHOWS the prices or active
stocks on the New York Stock Excnange yester-
day. Corrected daily for THE DISPATCH By
bers Of New YORK Stock Exchange. ~ Fourth ave-
nue.: