Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-22
HEAVY DRIVES
At Railroad Shares Slaughter Values
COalers and Edison Electric the Only
Strong Fentures-The Bank


Statement Bearish.s
NEW YORK, February 2L-The stock market
was more active to-day than for weeks past,
and the increase of business was made at the
expense of values, more of the active stocks
showing material losses as the result OF the
days trading than on any day since the present
decline began. Several heavy drives were
made against the list, and every one had the
effect of bringing down quotations. The feeling
at the opening this morning was more hopeful,
but bears soon got to work and one after
another the leading shares was attacked, all
including more or less readily. The principal
dependence of the bears was upon the bank
statement. The early attacks were made with
this influence as the prime moving cause, and
although after the issue of the statement there
was a halt in the drop for some time. the pres
sure was soon resumed and still lower ngureS
were reach in the afternoon.
New England, Burlington and Quincy and
the Trusts came in for the bulk of the pressure
to-day, but in Rock Island there was every evil
dence of liberal coverings of shorts under cover
of the weakness in the general list. The stock
was less active than usual of late, but its huc-
tuations were on much smaller scale and its
price was stubbornly maintained throughout
the day. The strong features of the market
were the Coal stocks, which were held frm on
comparatively small transactions, though they
yiedly slightly to the last drive in the last hour.
list in the early portion Of the day. but met
with the most pronounced support toward the
close, as did also New England, and the stocks
closed close upto their opening figures. Ten.
nessee Coal after rally from its depression of
yesterday made drop of Sper cent, carrying
the preferred stock with it this time, but as
usual portion of the loss was recovered later
in the day.
Jersey Central and the new speciality Edison
General Electric, were strong spots in market
and both stand apart from the rest of the list
in showing advances this evening. The final
rally in the last hour did not last the day out,
and the market closed fairly active and weak
at or near the lowest prices of the day. With
exceptions noted the entire active list is lower
Tennessee Coal is down 8 per cent, the pre-
ferred 8, Burlington and Sugar each ~, North
western Ia. Colorado Coal IL, and New En-
gland and Lake Erie and Western preferred
each l. Edison Electric rose 81 and Jersey
Central ~
Notwithstanding the activity and weakness
in the share list, railroad bonds showed no evil
dence of the excitement having reached them,
and the usual amount of business was trans
acted in that class of securities. The tone of
the dealings also continued without material
change most Of the list being steady, but few
marked changes being recorded either way.
The dealings in fact failed to develop any fea-
ture of note, and sales reached ,OT400 Among
the few marked changes Chicago, st. Louis and
Pittsburg firsts rose 23s to 10395; Manitoba as
declined ITO 100 and ST. Louis and Terre Haute
dividends, 2 to 55.
Nashville is doubtless due to the selling by
holders who subscribed for 0,000 of new
stock to be taken at S5. On January 20 the
stock sold at 9l14, and with this difference of
81 points there was some inducement to SUBJ
scribe for the new stock ana sell short against
its expected receipts, which has doubtless been
done to large extent. To-day was the first
time this year that Louisville has touched the
price at which the additional stock was to be
taken.
The buying up of Reading has enabled the
parties who control the floating stock to main
tain the price at about 40, though it has failed
to advance the price of the third preference in
comes which still sell at 40.
There can scarcely be said to be any dull
party in the every day market for stocks. The
investors who have bought stocks are not ac-
tive operators. The bear party, which has it's
headquarters in Chicago, are active. and are
making the prices of stocks from day to day.
They have already Oversold several of the
stocks they have been manipulating especially
Rock Island, and as they can't remain short of
stocks forever, they will eventually advance
prices on themselves and then put them higher
than they we're before they sold them short.
The following table shows the prices OF active
stocks on the New York Stock Excnange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY q STEP HENSON, oldest Pittsburg MEM
bers of New YORK Stock Exchange, 81 Fourth ave-
nue.: