Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-26
NEW YORK STOCKS.
Changers Fight Union Pacific, Depressing
Stock Lower Than for Several Years
Favorable Bank Statement Causes
a RaIlY-SuRar Secondary.

NEW YORK, October 25.-The stock market
to-day was a continuation of the depression of
the past two days, but Sugar Retineries took a
secondary position in the market, although it
led in the amount of business done. The bear
attack to-day was directed principally against
Union Pacific upon the strength of the first
report of a disagreement between that road
and the Granger roads with which it connects
and the pressure to sell the stock was so heavy
that its price was forced off to the lowest figure
known for it in years. On the theory that any
dissension in the West must result in damage
to all the roads in that section, the Granger
stocks were sold with great freedom, espec-
tally st. Paul, which was second in the extent
of the decline.
The trading, especially in the latter portion
of the last hour was enornhous, but the cover
ing of the short contracts yesterday and to-day
IN the leading stocks forced a material recovery
from the lowest prices. which were from to
AZ per cent lower than last nights prices. The
opening of the market under considerable
pressure was weak at declines from last nights
exceptional losses of 4 in Cleveland, Chicago,
Cincinnati and st. Louis and u in sugar.
The temper OF the room was bearish. how
ever, on account of the disposition of the
arbitrage dealers to cell the London favorites,
and the general expectation of an unfavorable
bank statement. The last named. however,
was genuine surprise, in that it showed q
small increase in the surplus reserve, instead
of the material loss expected. and contributed
not a little to the final rally. The bears got
Immediately to work in the Western stocks
and shortly after IL o'clock Union Pacific was
down to 451a and st. Paul to 5615, both being
lower than tor years. The covering then began
and the trading assumed very large proportions
while the recovery in everything traded in was
sharp. most stocks regaining nearly all the
early loss. Chicago Gas, Rock Island, Atchi-
Do
ferred and Louisville and Nashville were all
prominent for their wide fluctuations, but only
the first named showed any material loss for
the day. Sugar Refineries was active and while
it was forced off to 65 against 671a last evening
it met with good support and closed with q net
loss of only 70 per cent.
The final dealings showed considerable
strength all through the list, and the close was
list is all lower, but the Losses except in Union
Pacific, which is 25s lower, and ST. Paul II and
Chicago Gas l1s are for fractional amounts
only. Silver certificates were again extremely
weak and retired to l03. but recovered with
stocks to lO4 at the close, which, however, is a
loss of IA.
Railroad bonds failed to show any of the
activity of the weakness of stocks, and the
usual slight changes with a steady tone
marked the moderate business done. The
sales reached 1856, 900, but there was no feat
ure, and while Northwestern debentures rose
~ to ll018, and Morris and Essex consols 2 to
140 Pensacola and Atlantic lists lost at 103.
Government bonds have been dull and steady
to firm. State bonds have been neglected.
The exports of specie from the pUrt of New
York during the week amounted to S409S9, of
which S35 78g was IN gold and So 200 silver. The
imports of specie during the week amounted
to $412 252 of which 81 425 was in gold and s4O9-
727 silver.
The Post says: The story of the bad condi-
dition OF the Union Pacific road appears 10 be
only part of the fight between the Union Pa
cifc and Northwestern on the one side, and
Rock Island, st. Paul and Burlington on the
other, the latter three being displeased by the
Union Pacific's demand for larger percentage
in the division of rates on through business
The following table shows tine prices OF active |
stocks on the New York Stock Exchange yester-
lay. Corrected daily for THE DISPATCH by |
W WHITNEY & STEPHENSON. oldest Pittsburg mem |
Ders Of New York stock Exchange, 81 Fourth |
lYenue: