Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-15
NEW YORK STOCKS.
Shares Again Dull-Weakness of Lacka-
wanna in Forenoon and Heavy Sell
ing of Unioia Pacific in the
AftarnOOT the Feafures


Afternoon the Features.
NEW YORK, November 1.-THE stock mar.
ket to-day was much less active than for week
past, the general list being comparatively dull.
with small fluctuations and practically devoid
of feature. There was. however, no lack of
animation in a half dozen or more of the lead
ing stocks, and their fluctuations were as large
as usual, the prevailing tendency being down.
ward.
The cause for tho renewal of the uneasiness
in the market was to be found this morning in
the dispatches from abroad, which reflected
less confident tone than for the past two days,
and indicated that the squeeze for money on
the other side was by no means over. Here the
money telegraphel from San Francisco yester-
day and to-day, aggregating $l.500.OOO gave a
much easier tong to the money market, and
while funds on Call we're run up to II per cent
at one tinie loans were made as low as 4. and
the final one at D.
The domestic news was rather of an encour-
aging character. but the movements in the
market were again principally downward, owing
to the operations of the bears who took advan-
tage of the cessation in the disposition to buy
for rise which has been So pronounced for the
past day or two. There was, however, buying
of an excellent character, and the general list
showed its effects.
London prices were generally lower than ours
of last evening, and with the news from the
other side, encouraged demonstration against
few stocks at the opening which were very
irregular with marked losses in a few stocks,
among which Louisville and Nashville, with
loss of per cent; Union Pacific, with IL, and
Atchison and Cleveland, Cincinnati Chicago
and st. Louis, with q each, were most con-
spicuouS
Western Union and North Ameican were
the only really strong stocks on the list, the
former opening with gain of II per cent and
the latter rising in the early trading from 1l15
to IA A severe drive was made against Pachc
Mail with the first sales and it was depressed
3H per cent, the decline being accompanied by
certain vague rumors, but about which nothing
of a definite character was developed. The
stock later seemed to give good support and
made substantial rally.
The great feature of the forenoon's tran
sactions, however, was the weakness in Lacka-
wanna, for which there was no explanation,
and the general opinion was that its friends,
who have been standing under it for so long.
had quietly let it off with the remainder Of the
list Its decline was almost continuous, and in
the afternoon it touched 1914 from which it
recovered only e per cent. against 1861 last
evening.
North American for the first time IN many
days ceased TO be the most prominent stock on
the list. and for some time it was compare
lively neglected, while the transactions In Ii
during the day reached very ordinary figure.
The early advance wasn't held and il slowly
drifted back to the neighborhood Of II. There
were no new developments in regard to either
of the men prominent in its affairs
The feature of the later dealings was the
heavy selling of Northern Pacific preferred,
which ITOm QeCllneu TO OI, ana, ike LACK
awanna, rallied only small fraction The
general impression was that most of the selling
came from parties who held it as collateral for
loans, and who bought it in at the Exchange.
The bears, however. were very active in the
stock, and its transactions ran up to the largest
figure yet. There was a good buying order in
the common, which kept it steady throughout
the day.
Sugar refneries again bobbed up in the after
noon with sharp drop, and the leading
Grangers were weak, with Louisville and
Nashville, of which there was considerable
sold for foreign account. The market con-
tinued TO sell down slowly and steadily, and
finally closed active aud weak at or near the
lowest prices of the day. The final changes are
all in the direction of lower figures, even the
strong stocks Of the forenoon failing to hold
any of their Improvement. and Lackawanna Is
down lss: Louisville and Nashville. ~; Union
Pacific, ~; Sugar, 2ss; Northern Pacific pre-
terred, 26; Jersey Central and Canada South
! ern, each. ~; Atchison, ~; st. Paul, 1ss;
Wheeling and Lake Erie preferred, "; Bur
lington and Quincy. ~. and New England,
Rock Island and Chicago Gas, each, per cent.
There was much large dealings in the specula-
tive bonds to-day, and for thar reason the total
sales of all issues were run up to " $50 900. OF
that amount were 500 Pacific Is. which dis
played a much frmer tone than for the past
few days, and, although they failed to advance
any, furnished s5Z. .000 Reading frsts, Sl92 900;
Kansas and Texas firsts sl66000; Texas and
Pacific seconds Sl63, 900; Reading a, sl1a000,
and Rock Island 90, sl4&oQo The pressure upon