Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-04
NEW YORK STOCKS.
Forces of Depression Turned ON
Coal-Industrials Quiet-A Read

Changers Apparently the Weak Element
Forces of Depression Turned ON
Coal-IndustrinlsQ Quiet-A Read.
ing Story on the Street.
NEW YORK October a-The stock market
dullness in the general list, but comparative
activity in spots. which were the special object
of bear attacks, and, while material declines
were forced in those few stocks. comparative
frmness ruled where quotations were wont to
take care of themselves. The interest excited
by the decreased earnings of the Grangers for
the month of August seems to have entirely
subsded, and it is believed that the short in
terest which expected to cover in the publica-
rion OF the news. has liquidated with the us ual
consequence of dullness and comparative stag
nation,
The forces of depression were turned to-day
upon the coal stocks and in defiance of the i'm
proved condition of the coal roads and the
Drlgnter prospects for the coming winter
severe drives were made. with Reading the
principal target and in that stock marked de-
cline was brought about. The other stocks
which suffered were st. Paul and Union
Pacitc. while Lackawanna, Delaware & Hud-
son and Jersey Central were comparatively
well held. The news of the day was not speci-
ally Important but special reduction in rates
In the West was Cancelled, and Southwestern
stocks, while quite weak, were not prominent
tne prospects Of cotton seed oil being little
brighter, there was disposition to buy it, but
the movements in none of the trusts were
worthy of mention. The drop in Reading was
made remarkable by the offerings of seller, so
options at per cent below the market when it
showed disposition to rally, but when all
these offerings were quickly taken they were
quickly Withdrawn. North American became
the feature in the last hour, but Northern
Pacific preferred Union Pacific. Atchison and
New England were also conspicuous in the
late declines and there is little doubt that some
long stock was forced out by the raid.
the story on the board which received most
attention was that the pool in Reading has
been unloading, and the story was used for all
1t is worth to frighten out holders, not only in
that stock but in all the active specialties. The
market, while displaying tendency to rally in
the late rally, was met with more vigor and the
close was fairly active and weak at the lowest
prices of the day. The whole list is lower to-
night, and Reading is off 2as; North American,
lH; New England and Union Pacific. each N;
st. Paul and Big -Four, each l3s; Missouri Pa
cifc, Burlington, and Wheeling and Lake Erie,
each "; Northern Pacific preferred and At
Gibson, each 1per cent, and others fractional
amounts.
Railroad bonds were dull, the total transac-
tions reaching only S764 000, and while the mar
ket was held fairly we'll in the forenoon, weak
ness appeared later in the day and most final
changes are in the direction of lower prices
with few marked losses. The Texas Pacific
issues and the Atchison issues were the only
ones attracting any special aIlenIlOn ana Jney
were comparatively dull. and losing ground
toward the close. Government bonds have been
dull and steady. State bonds have been en-
tirey neglected.
The Post says: The Granger stocks are ap-
parently the weak element in the stock mar
ket, and the continual hammering and short
selling of these, based upon the presumption
Of the shortage of the crops west of the
Missouri, undoubtedly helps to depress all
other railroad securities, and as long as the
market continues demoralized with the con-
tinual raiding of the bears investors hold off.
1t is true that some Of the Granger's stocks
are still comparatively high. considering their
dividends and prospects, Rock Island paying
4 per cent and selling at 80; st. Paul paying
nothing and selling at IS are certainly much
higher than Western Union at SO, or c. C. q. &
st. l.. at IS, or Richmond Terminal preferred
at 76 But Burlington, though the chief point
of bear attacks, is not SO high at 95 either of
the above.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY STEPHENSON, oldest Pittsburg mem
bers of New York Stock Exchange, 81 Fourth
avenue;