Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-03
AGGRESSIVE BEARS.
Aided by Tight Money, They Manage to
Keep Wall Street In a Feverish Con.
ditiou-Maferiai Losses in
MANY of the Sfocks

dition-Maf eriai Losses in
Many of the Stocks.
NEW YORK, June 2.-The stock market to-
day, when left to itself, was quiet with steady
to firm tone, but the bears were again very ag-
gressive, and aided by the temporary scarcity
of money incident to the first of the month
and the transfer Of large sums of money
through certai n large financial operations they
were enabled after the first hour of business
to keep the market in a feverish and weak
state, and bring about material losses in many
stocks. The Trusts were responsible for most
of the feeling of insecurity among holders of
railroad stocks, and Chicago Gas led off with .
drop of 81 per cent. from So to Az on the news
that receiver would be appointed to-day. A
rally of about per cent followed the an
nouncement OF the appointment, the appolntee
being regarded as favorable to the Trust
The early London figures were lower than
our closing of Saturday. but private cables re-
ported that the London market had been
rugged from this side. and the succeeding pur.
chases for foreign account with the strength
developed In the early dealings gave color to
the assertion. The pressure upon the trusts
was instituted before the expiration of the first
half hour. however and sugar was sold down
on the rumor that the Court of Appeals would
soon hand down an adverse decision, and al
though there was and could be no verification
OF the story the trust declined almost steadily
during the day.
In the regular list the bears paid particular
L
Union Pacific, the declines in the two former
leading to the impression that the Gould party
were not favorable TO restoration of rates,
though this was in all probability the impress
sion designed. The rates for money ran IN to
Il per cent at the close, and the steady harden
ing prevented any rally toward the end of the
session. At that time there were many rumors
of reduction in rates by the Lake Shore and
other roads started, and Cleveland, Cincinnati
Chicago and st. Louis declined sharply though
under severe pressure. and Louisville, New AL
2rnar ant ire
last recorded sale.
Among other specialties to show marked
weak, ess were Colorado Coal, Wheeling and
Lake Erie preferred and Lackawanna.. Rich
mund and West Point sold ex-rights to-day,
but as the rights were valued at only one-fourth
OF per cent that fact did not make much diff
terence in its price, but the stock was weak all |
the way out as was also Lackawanna. The |
bears again succeeded in uncovering numer- |
Gus stop orders, and material declines were |
thus brought about in many stocks.
The close was active and weak at about the |
lowest prices of the day, although except in |
the stocks mentioned the movements were in |
significant and the business dull. Almost the |
entire list is lower. Sugar is off ~, Lacka- |
wanna lA Chicago Gas 1A Missouri Pacific |
~, Richmond and West Point ~ Union Pa
CHIC and Wheeling and Lake Erie, preferred, |
III, and Colorado Coal ~.
Railroad bonds were quiet all the way out,
and while not sympathizing with stocks in the |
whatever, and the final changes are in almost
all cases tor insignificant fractions only. Issues
were only 81, l79, 900. out of which New York |
Central firsts registered furnished 100000 and |
Texas Pacific frsts Sl55090. The only impor-
tant change In price was an advance of per |
cent in Kansas and Texas general certificates
to IS.
Government bonds have been duh and |
steady
State bonds have been entirely neglected.
The Post says: Aside from the repofts in re-
gard to Chicago Gas. there was no news of any |
kind, either IN connection with railroad affairs
or the general financial prospect, to cause the
decline In prices Of stocks to-day. On the con-
trary, the money market 10 becoming easier, %