Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-07
NEW YORK STOCKS.
Prices Yield to the Pressure Money
Market Becomes a Prominent Feat
ure Again in Wall Street
Snpar RefnerieS StrOnU
Sugar Refineries Strong.

Sugar Refneries Strong.
NEW YORK, November 6.-The stock market
has passed through another day of severe
pressure to sell, and prices yielded even more
easily than yesterday, the final losses being
more important and numerous. There was a
liquidation Of long accounts in all the leading
stocks, especially the Grangers and Union
Pacific, while London sold its favorites
especially ST. Paul, Louisville and Nashville
and Union Pacific. Investors have also parted
with their holdings in Illinois Central.
The money market has again become a prom
lnent factor in the situation in Wall street and
the bulls feel that it is useless to attempt any
upward movement until the money market be.
comes more settled. There was evidently con-
siderable manipulation of the money rate to-
day, and as long as the bank reserves continue
at the present low price there will be continued
manipulation of the market for funds. The
London figures were all low again this morn
ing and the foreigners were free sellers in the
early trading to-day, and the fact that London
had changed position so quickly upon the mar
ket was one of the most influential factors in
inducing liquidation of small long accounts
There was a marked absence OF support in any
portion of the list and the opinion is that this is
done to buy cheap stocks. and taking advantage
OF the situation the bears have begun another
aggressive campaign. There were attempts at
covering by the shorts from time to time to
make sure of the profits accrued on the decline
of the past two days but these operations were
small and caused only slight interruptions to
the steady downward movement, and the mar
ket remained weak right up to the closing
transactions.
The news of the early morning was thought
to foreshadow more unpleasantness among the
Granger roads, and the market was opened off
from Il to "a per cent, with the whole market
declining from the first sales, though the
Grangers. as was natural, took the lead in the
downward movement, followed by Union Pa
cihc, New England and others. The one bright
spot IN the market was Sugar Refineries which
showed exceptional strength throughout the
day, and it is intimated that strong parties
have been buying heavily for the past few days,
and Will show up with majority of the certif-
Gates. 1t moved up from S. to 5S1I, and only
Joined with the general list toward delivery
is left with material advance at the close.
Chicago Gas and Lackawanna were afterward
conspicuous for weakness st different times,
and ROCK Island was subjected to another
severe drive, bringing it down some per cent,
from whlcn point it afterward rallied slightly.
The whole list, however, felt the pres
sure and the decline was practically unchecked
throughout the day, and the close was active
and weak at or about the lowest prices of the
New I ork Central, were:still very weak, and
all reached still lower prices, the only other
stocks showing any resistance whatever being
Reading. Southern Pacific and Wheeling and
Lake Erie preferred. The final losses include
St. Paul. 21s; Burlington, 80: Rock Island
70; Union Pacific, 2; Atchison, Jersey Central
and z. c. c. st. L., ~ each; Chicago Gas
IA; northwestern. IA; Missouri Pacific, lss
Lake Shore. ~; Lead Trust, N and Richmond