Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-19
RAIDING THE STOCKS.
George Gould on a Vigorous Cam
paign Against Pacific Mail.
BETTER FEELING IN WALL STREET.
Two Failures, One for Million, Have No
Effect on the Market.
BANKS COME TO THE RESCUE

ESPECIAL TELEGRAM TO THE pIsPArcH.i
NEW YORK, November 1S.-The day in
Wall street was comparatively encouraging.
Two failures were announced at the Stock
Exchange, one of which had been half ex-
pected for week or ten days, and the other
of an individual broker. whose business and
operations have been modest for
some time. Neither affected the
market The trading in stocks
as not as extensive as on Monday, nor were
prices as we'll maintained. A number of
stocks broke badly uuder what appeared to
be urgent sales in some cases. while In others
vigorous raiding did the work.
Among those stocks was New Jersey Cen
tral, which sold at go and closed 81 per
cent lower than on Monday, at S412. Jay
Gould's Missouri Pacific, which he has
been predicting would cross the Rock Island
this year in the market, dropped
to 5S34 and closed 2H per cent lower thar
the previous day at 59H. Rock Island,
however, lost only one point by the days
operations. Pacific Mail, against which it
is currently reported that ex-President
George J. Gould is running campaign,
directed against the people who obtained
control of the company Last spring, was
raided down to 2Sk and closed 315 points
lower than on Monday at 80. On
light transactions, Union Pacific closed
23S per cent lower than on Monday. An
otner movent which attracted much atten-
ton, and which will interest every one, was
drop of nearly three points in silver bull
ion certificates to 9713, the lowest price sill
yer has sold at since the new silver law was
enacted.
A CHANGE IN FEELING.
The feeling of the street was not as easy as
it was Monday. There was quite as large
number of actual buyers on hand, but their
operations are not large enough to check the
declining tendency of the market, and there
is little disposition on the part OF the brokers
to permit trading on margin.
One of the failures was that of q. w.
Gallandee & Co., note brokers. The firm
has made an assignment to c. Elliot Minor.
The assignee states that the liabilities OF the
firm amount to about 81, 900. 900. The fail
ure is due to the action of several banks in
loans to the firm.
BANKS TO THE RESCUE.
The banks made a little progress to-day
toward relieving the situation, but how
much it is impossible to state, as the Clear
Ing House authorities, in Difference to the
wishes of its members, and also to eDcour-
age the taking out of loan certificates,
has decided not to give further
particulars of the issue of those
certificates. 1t is understood, however, that
about S., ,000, 900 of certificates were issued
to-day and that nearly all of them were
taken by the stronger banks. 1t IS asserted
that a number of the banks have decided to
take them out at the instance OF customers
vino may require and are entitled to greater
accommodations than the banks can supply
from their cash on hand.
There are plenty of business men, whose
judgment is generally conceded to be good,
who contend that the banks would have
disposed OF the fears of certain OF their num-
ber and the pride of others in the matter of
taking out certificates, if the Clearing
House Association had decided en- Monday
morning to issue a round amount of certif-
Gates, of which each bank should take its
share.