Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-12
STOCKS SWAMPED.
Western Railroad Troubles and Especially
Cut in Rates n Heavy Blow to
ValneS-Nearly Everything
Gloaaa I,0vvar.

Closes Lower
NEW YORK, February 1.-THE stock market
to-day owing to the lack Of local sensations Of
any sort was dull and declines were general,
though in few cases there were material ad-
vances made. This state of affairs continued
until near the end of the afternoon when word
came from Chicago that the Presidents had
adjourned after placing the notices of the
Northwestern and the Union Pacific on file.
The committee for the formulation of plan
by which those roads would be kept in the asso-
citation made no report, and on the streets this
was variously interpreted. Later however, the
report that the freight agents had resolved to
make reduction Of 30 per cent In all rates be
tween the Missouri river and Chicago caused
heavy selling movement which changed the
character of the market completely, and dull
activity and decided weakness all over
the room. A false report Of the seri-
Gus illness of Mr.. ]. Pierrepont Morgan
also gave some impetus to the decline. The
opinion that the roads proposed to force
speedy settlement OF the cut question gained
many believers.
The bears were heavy sellers on the break,
and little long stock came out except in the
stocks Of the roads Immediately affected by the
cut. Some OF the specialties, however, made
marked declines In the morning the announce
ment that Manhattan Elevated intended to pay
Its next quarterly dividend in cash. instead Of
in scrip, was somewhat OF a surprise to the
street, it being the first cash payment for
year.
The opening of the market was dull and nrm,
and some new buying put prices fractionally
higher in the first hour. with Sugar leading the
upward movement, which extended to about
per cent. Dizziness and stagnation was the
only feature In the general list after that
though some weakness in Wisconsin Central
brought that stock down materially. Toward
2 P. N. the Chicago dispatches began show
effects, and activity and weakness became uni
Versal. Prices moved off very rapidly, and the
close was active and weak at the lowest prices
reached. The final changes arc almost all in
the direction of lower figures.
Railroad bonds were q little more animated,
but the character of the dealings underwent no
change, and the market showed rather heavy
tone with only slight fluctuations. The sales Of
all issues were 81 500 000 out of which the Read
ing thirds contributed $l28,000. The important
final changes were very few, but among those
seconds lost 2 Minneapolis and st. Louis
Southwestern Is 2, Reading convertbles ~
at Az, Toledo, st. Louis and Kansas City
firsIs at SS, and Wisconsin Central incomes2H
at 62sS.
The Post says: Notwithstanding the unprom-
Using aspects of the situation at the West Just
at present, the Granger stocks were the strong
est group on the list this forenoon, and North
western, st. Paul, Rock Island, Union Pacific
and Atchlson were all "A to q higher at one
time or another in the forenoon than they
closed yesterday, and none of them were at
anytime before II o'clock lower than last night.
A report came from Chicago that all roads in
the Northwestern Freight Association had
agreed 70 reduce rates DetWeen Cnlcago ana
Missouri river points about 30 per cent. The
probable purpose of this is to prevent the diver.
sion of freights between Minneapolis and the
Atlantic seaboard to the Zoo" route, and to
the new Green Bay and Manitowoc route of the
Lackawanna.
But whatever the purpose it gave to the
stock market setback, and before 2A5 about
every stock was to q lower than at IL
o'clock. Reading dropped " to 40H before
2:30 The Reading third preference income
bonds sold at Al and 4Osz There are 81, ,662 S62 of
these bonds, which, according to the terms Of
the plan Of reorganization adopted, were to be
exchanged for an equal amount of the old con-
vertible per cent bonds, and are convertible
into the common stock of the company. These
bonds sold to-day at Az. The market closed
active and weak for all stocks.
The following table shows the prices OF active
stocks on the New York Stock E1cnange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY STEPHENSON, oldest Pittsburg MEM
bers Of New YORK Stock Exchange. 81 Fourth ave-
nue.: