Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-15
NEW YORK STOCKS.
General Losses All Along the Line in the
Stock Market, Including Lackawanna
and Other Strong Securities


Stock Market, Including Lackawanna
and Other Strong Securities
Bonds Decline Also.
NEW YORK, October A.-Advices from Lon
don this morning were most depressing. The
scarcity of money attributed to the precau-
tionary action of the Imperial Bank of Ger
many, created fear that the minimum rate of
discount would be raised and the carrying OF
stocks rendered more expensive III the near
future. The political complications between
England and Portugal also had their influence
in creating an uneasy feeling there. and the
early prices from London showed material de-
clines from last nights figures.
Upon the opening of our market there was
found to be heavy pressure to sell on the part
of the foreigners, which was Immediately
added by further short sales for the account Of
the local bear contingents. Private cables re-
ported that there was heavy pressure from that
side, which showed that the pressure there was
not entirely upon sales because of the inf1u-
ences mentioned. The market here was more
active than usual of late but the increased
trading was entirely IN the stocks which are
favorites in London halfdozen stocks furn-
ishing one-half the sales of all the listed.
The opening prices were all lower, but special
losses was shown in Louisville and Nashville,
Northern Pacific preferred, st. Paul, Atchison,
Reading and Union Pacific. The first named
stock stood the brunt of the pressure from the
other side. and the sales in IL are reckoned at
about 150 900 shares while the total amount
sold for foreign account is variously placed at
from rs, 600 to 40, 600 shares Louisville was be-
lieved to have received some support on q scale
down from the insiders, but the bulk of the
purchases in that and other stock was evidently
from the bears who were covering shorts on the
drop The decline was very sharp in the early
trading. and while there was rallying in the
forenoon it was feeble and soon came
to an end. The afternoon drive
was extended to greater number
of Stocks than during the forenoon,
and prices melted away rapidly under the
pressure without support of any kind. The
extreme losses mounted up to over per cent
in Louisville and Nashville, while many other
stocks lost from l to per cent. Sugar Re-
fineries, which had been the strong point in
the market during the forenoon, fell back
again and finally scored fractional loss,
although at one time it was 2 per cent better
than last evening. Lackawanna was let on
with the rest of the list and its final loss is
one OF the most important Of the day. The
movements in the general lists wero in
all cases small and important and no feature of
interest was shown anywhere outside of the
few stocks which were subjected to the severe
pressure to SELL The prices remained at abont
the lowest after an attack until another drive
sent them down even farther, and the last
prices are in almost all casses about the lowest,
the close being weak on quiet business. The
final losses of note are Louisville and Nashville,
3%; Northern Pacific preferred, 25S; Lacka-
wanna. ~; St. Paul, 2; Burlington and Rock