Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-27
NEW YORK STOCKS.
Changers Fight Union Pacific, Depressing
Stock Lower Than for Several Years
Favorable Bank Statement Causes
RoIIv-SuOar Sec0pdory


Favorable Bank Statement Causes
Rally-Sugar Secondary.
NEW YORK. October 25-The stock market
to-day was a continuation of the depression of
the past two days, but Sugar Retneries 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 ext ent
of the decline
The trading especially in the latter portion
OF the last hour, was enormous, 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 fIOm to
AZ per cent lower than last nights prices The
opening of the market under considerable
pressure was weak at declines from last nights
figures of from Is to u per cent generally. with
exceptional losses OF "a in Cleveland, Chicago,
Cincinnati and st. Louis and " in sugar.
The temper OF the room was bearish. how
ever, on account of the disposition of the
arbitrage dealers to sell the London favorites.
and the general expectation OF an unfavorable
bank statement. The last named, however,
was genuine surprise. in that it showed a
small increase in the surplus reserve, instead
of the ma terial loss expected. and contributed
not 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 45n and 81. Paul to 5612, both being
lower than Tor years. The covering theE 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-
son, North American, Northern Pacific pre-
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 agains. 81 last evening,
it met with good support and closed with net
loss of only u per cent.
The final dealings showed considerable
strength all through the list, and the close was
active and strong at the improvement. The
listis all lower, but the losses, except in Union
Pacific, which is 25s lower. and ST. Paul N and
Chicago Gas l1s, are for fractional amounts
only. Silver certificates were again extremely
weak and retired to l0S but recovered with
stocks to 104 at the close, which, however, is a
loss of IL.
The following table shows the prices OF active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISI ATCH by
WHITNEY Il STEPHENSON, oldest Pittsburg mem
bers Of New York stock Exchange 81 Fourth
avenue: