Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-21
A BEAR ATTACK.
Continued HnmmerinR of Railroad Shares
Rock Island VictIm-Tennessee
Coal Makes u Sensational
Drop Trusts Less
Prominent.

Drop Trusts Less
Prominent.
NEW YORK, February 20.-There were no
new developments in the Western rate war to-
day, and while the hammering by the bears
went on as usual, it was confined to a few
stocks only, and had comparatively little effect.
The Bank of England at last reduced its rate
of discount from to per cent but as this
action has been so long expected it failed to
stimulate speculation either In London or here.
1t did, however, give a rather better tone to
the market in the early trading, but the i'm
petus was insufficient to stem the force of the
bear attack, which was commenced soon after
the opening of business.
Rock Island, as usual bore the brunt Of the
the pressure, but there was evidently consider
| able covering of shorts upon the decline, and
the influence Of the movement in Rock Island
was decidedly less than it has been for the past
few days. The drive at Rock Island was over
| by noon, after which time that stock became
quiet, with the remainder of the list and fluctu-
| ations within narrow limits like the others. For
time the pressure was directed against Louis
vile and Nashville, and while that stock
yielded it was fractional break only and was
soon given up.
tention, and Tennessee Coal again made one of
| its sensational drops, declining from TSL to 20
| on small business. Stop orders were the
principal cause Of its bad break. and afterward
I
still materially lower this evening. Colorado
| Coal fell away In sympathy with Tennessee,
and recovered but slightly. Cleveland, Colum-
| bus, Cincinnati and st. Louis was also attacked
and declined fractionally. Missouri Pacific
was strong in the face Of the weakness of the
general market, but Western Union was heavy.
Burlington was let alone to-day and was quiet
| and steady throughout.
The Trusts were less prominent and failed to
make any movement of Importance. The mar
ket relieved from pressure in the afternoon
slowly crept up on light business, and finally
| closed dull and hrm at but slight changes
for the day in most of the list Tennessee Coal
lost 81 and Colorado Coal l% but there were
| many fractional advances at the close.
Railroad bonds we're again duh and without
| feature of importance, the final changes show
| ing few which call for mention. The sales of
| all issues reached $685. 900, but there was no
animation anywhere in the list.
The Post says: There is still great deal OF
speculation as to whether the persistent attacks
| upon Rock Island conceal any other object than
| the mere raiding Of prices in a general bear
campaign, OF whether they may not be con-
nected with some purpose Of keeping up the
rates, or to reduce the other granger roads,
| the Burlington and Quincy and the Burlington
| and Northern, into some agreement to main.
tain rates. 1t is quite certain that some large
amounts of long stock have come upon the
market since the dividends were reduced to
! per cent quarterly, as was paid on February
| l. 1t is also not improbable that some of those
on the inside can see that unless there is some
thing stronger to take the place of the inter-
| State Association which is now no longer a
| controlling power. rates will be SO reduced by
| excessive competition west of Chicago next
summer that the Rock Island, with no such
| alliance as the Northwestern and Union Pacific,
woulu be at great disadvantage and not able
to earn its dividends.
There has undoubtedly been an increase of
| interest In the current year to March 81. 1890
but how much is not known to anybody but
the managers. If 1t should be as much as it
was in either Of the two preceding years it will
| be seen that it would require an increase of
| about 0O,00O in the surplus earnings over
| those of the year to March 81, 1882 to be equal
to 4 per cent on the stock. 1t is probable that
there will be such an increase for the current
| year, and that the Rock Island will earn its
per cent in the year to March 81, 1890 But it is
pretty certain that 1t could not do as well after.
ward when freIghts become scarce.
The following table shows the prices or active
stocks on the New York Stock EIcRange yester-
day. Corrected daily for THE DIsPATCH by
WHITNEY STEP HENSON, oldest Pittsburg mem
bers Of New YORK Stock Exchange. 81 Fourth ave-
nue.: