Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-12
PRICES FORCED OFF.
The Eject is Through the List-Money
Rates Take IN Upward Run-The Van.
derbilts Make Some Recovery.


NEW YORK, August u.-After the great ad-
vantages given the bears by the New York
Central strike, the wiping out of the bank re-
serves, and the unusually severe drop in the
condition of all cereal crops in the past month,
as indicated by the Government crop report,
they were inclined to push their movement for
lower prices to-day, and although there was un-
doubtedly considerable support given certain
stocks, and the covering of shorts by the local
operators was of no mean proportions, prices
were forced of from Il to ~ per cent through
the list.
To this end there was again considerable
manipulation of the money market, ,and although
the reserves are again down to very low fg-
ure, in view of the present small pro-
portions. of the stock speculation, there
could be no legitimate demand which
would run rates up to the height attained to-
day.
The vigorous efforts of the officials of the
New York Central to get things going again,
and the success which attended their struggles,
had the effect of pushing the Vanderbilt stocks
from their prominent position as leaders of the
downward movement which they occupied on
Saturday, and more attention was given to the
Grangers, while certain weak spots among the
specialties were not forgotten. Stocks re-
newed at high rates. however, and the demand
the loan crowd showed that the market,
taking into consideration the supply, was some
what oversold, and after sufficient testing the
pressure was again withdrawn, and duliness
and stagnation marked the late dealings al
| though, owing to the apathy of the bull lead
| ers and the hesitation among would-be invest.
| ors caused by the condition of the financial
situation and the uncertainties still hanging
over the railroad situation. there was no effort
| made to bring about rally.
The early London figures were materially
lower than ours of Saturday and the pressure
was renewed here so that the opening was gen.
enally at small fractions below the final figures
| of Saturday, while Lake Shore was down per
| cent and Cleveland, Cincinnati, Chicago and
| st. Louis and Rock Island q each. Outside of
| the specialties there was no further immediate
| material decline, and on an unusually large
business the decline was soon checked and
| rally inaugurated, in which the early losses
| were generally recovered. The recent unfavor-
| able comments upon the coal trade, however,
| made Reading still a fair mark for the bears,
and 1t failed to recover with the rest of the list.
| The Grangers also displayed considerable weak
ness in the face Of the general improvement at
the rme. After the early liquidation was COM
pleted, however, money began to stitfen rapid
| ly, and toward the close reached 25 per cent on
| call, with little offering, The close was at ~
| bid, without offers. Under the circumstances,
| the recovery could not be held and prices again
shaded of, and the close Of the market was
heavy to weak while quiet. The afternoons de-
cline was marked by no wide movements out
| side of Sugar Redneries but even the last named
| failed to make its usual sharp fluctuations.
| The list is almost invariably lower this even
| ing and St. Paul Is off 1as Lackawanna per
cent, Union Pacific ", Reading z Delaware
| and Hudson 81 Cleveland, Cincinnati, Chicago
and ST. Louis ". and Wheeling and Lake Erie