Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-10
NEW YORK STOCKS.
An Irregular and Feverish Market---Bear
Tactics Indicate Heavy Overselling---
Puzzled in Wall Street---Ef-
Of

Puzzled in Wall Street---Ef-
fects of Runors.
NEW YORK, October 9.-The stock market
to-day was still more active than on any day
this week, and was irregular and feverish from
opening to close with the result of leaving the
list irregularly changed, the gains and losses
being very evenly balanced with few important
changes either way. The tactics of the bears
to-day as well as yesterday indicate, if any,
thing, that the market is more heavily oversold
than at any time within the past year. Rumors
of bear origin were afloat yesterday affecting
the standing of well-known houses, and these
were supported by predictions of impending
panic. The action of to-day if it indicates
ANYTHING shows that the bears are nearly. if
not quite, to the end of their rope, and. while
further declines were forced in many stocks
any cessation of the pressure was sure to result
in a rally which was invariably accomplished
on smaller dealings than sufficed to create the
decline.
The street generally was puzzled over the ir-
regular action of the market, but the strength
shown by Western Union and Missouri Pacific
especially the former, under the fierce attacks
made upon them was interpreted as indicating
that Mr. Gould and his friends have been buy
ers. There was certainly more support given
certain stocks than at any time since the pres
of the rallies indicated that extra efforts were
made to cover. The opening of the market was
irregular but generally lower, and with the aid
of better feeling considerable strength was
developed in the early trading, which resulted
in the scoring of advances in many stocks of
from "a to E per cent Then unfavorable
rumors were circulated, accompanied by
another flood of short sales. SO that by noon
all the Improvement was wiped out.
Later the selling became more concentrated,
and certain stocks were paid special attention
TO with the result that before 2 P. M, declines
had been established in these shares extending
fba,n
were Jersey Central, Illinois Central Chicago
Gas, Burlington, Lackawanna, New England
and Reading: Many of the traders, however,
for the past few days have been working for a
rally, but heretofore with but little effect, but
after this raid the support to several stocks be-.
came more. apparent. and the advocates of a
higher range of values took fresh courage and
final effort in the last hour gave better results
than for many weeks. Not only were the
losses in the specially weak stocks regained in
most cases, but actual gains over the opening
figures were established in many Others
The movement was still feverish, but the
close OF The market was made with the up
ward movement in full swing and on an active I
business, which heretofore has been the ac-
compartment of the declines only. The final
changes are about equally divided between
gains and losses, but the only ones of any I'M
portance are losses of 1H in New England and
per cent in Wheeling and Lake Erie pre-
ferred.
Railroad bonds were again active. but unlike
the share list. After downward movement of
considerable dimensions in the early trading,
there was no rally to speak of. The sales of all
issues reached 81, 1856 900, out of which the
Atchlson incomes contributed S230,000 The
Reading issues were conspicuous for weakness.
and the Texas Pacifics were likewise prominent
for animation. The final changes were almost
all in the direction of lower figures, and some
of the more important losses we're the follow
ing: Burlington. Cedar Rapids and Northern
frsts, ~ at "a; Hooking Valley 5s. at 80;
Iowa Central firsts, 2I at $50; Northern
Pacific IS 211s at S51s; Richmond and Danville
IS, ~ at S715; Reading firsts. 81 at 8211. and
the seconds, 3 at AZ. GovernmenJ bonds have
been dull and heavy. State bonds have been
entirely neglected.
The Post says: There 10 not and has not been
any reason for the great decline of the last
month. except that number of spectators In
this market, who loaded up with stocks last
spring IN expectation of q great rise as the
result Of the silver imitation and the pension
and other disbursements OF the Treasury, have
been disappointed and sold out. The stock