Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-12
NEW YORK STOCKS.
Activity In the Strcet-sOme Material Losses
Suffered-Sudden Advancement In
the Money Rate-Bond Hold
Han 1inQ Rac

ers Hanging Back.
NEW YORK, September 1.-THE stock mar
ket to-day was unusually active, but the in.
creased business was obtained at the expense
of values in all portions of the list, and the ma
terial losses were suffered in all the active
shares. There was to-day an undoubted full
liquidation of small marginal accounts, for
which the only inducement was the scarcity of
high rates exacted for money, and the shifting
of loans occasioned by the calling in of money
loaned at lower rates brought considerable
long stock on the market. At the same time
the bears were again very prominent in getting
prices down and made special point of the
poor showing of the Government crop report
and the granger stocks suffered to q marked
extent but not more than other stocks which
are not to be affected to such an extent by the
scarcity of corn and wheat to haul.
The money market was undoubtedly a great
disappointment to the smaller bulls at least
and the rate on call having gotten up to II per
cent per diem and interest, Notwithstanding the
efforts of the Treasury Department for lis re.
lief the liquidation became general The pre-
sentatlon of bonds at the sub-Treasury for pre-
payment of interest was very large, the interest
being paid upon s25, 100000 registered bonds,
while s32, 900 was paid on coupons and s24l, ,0O0
~ percents were redeemed. This late in the
day again restored something like confidence,
the proportions Of the previous decline. The
early London quotations were all lower, and
our market responded with declines of from "A
to % per cent at the opening
After IL O'Clock special attention was given
Chicago Gas and Sugar Refineries, and each of
them was quickly let off per cent on extreme
ly large transactions. The recent supposed ar
rangement between the city authorities and the
company was denied, and the opposition which
would furnish gas at Soc per LOCO feet are said
to be ready for business At the same time the
manipulation of both these properties was most
apparent but the rapid declines had their
effect upon the rest Of the market, and every
thing fell away rapidly, reaching the lowest
points toward p. N. The extreme activity
then died away. and prices recovered slowly.
The leaders rose about IL per cent while the
improvement in the others was confined to
fractional amounts only. North American was
one Of the features, and. with the other two
stocks mentioned, was ratified of at 8 per cent,
rallying only a fraction. The declines, how
ever, extended right through the list, the bears
being most impartial in their favors The
market finally closed quiet and fairly steady,
but at only slight improvement over the lowest
prices of the day. The most pronounced losses
were as follows:
Sugar refineries. 81: Chicago Gas. ~; North
American, 256; New England, 2; Silver certi-
icates. ~; Big Four, Northern Pacific, pre-
ferred and Pacific Mail, 15s each; ST. Paul, N;
Louisville and Nashville, Lake Shore and Lead
Trust each III. and Missouri Pacific and Canada
Southern each per cent.
Railroad bonds were rather weak. The deal
feature of interest Among the most i'm
portant changes, Chesapeake and Ohio, Rich
mond and Allegheny frsts lost Eat &c. Kentucky
Central As, at 81; Mobile and Ohio As, N;
Ontario and Western, "; Western Pacific 6s,
at Ill; Texas Pacific IDS, l at 3S16; Reading As,
! at 50; Mutual Union 6s, at l04; Tennessee
Coal, Birmingham division 6s. st sS1k and