Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-05
MORE MANIPULATIONS.
THE STOCK MARKET OPENS WEAK
AND THEN FLUCTUATES.

Professionals Manage to Control the Many
Movements-A Scheme Which Failed to
Operate Exactly as 1t Was Desired by
the Operators.
NEW YORK. Aug. 4.-The stock market
opened weak this morning. but stiffened up
later, prices being well held throughout the
day, with small and irregular fluctuations
in all but few stocks which were subject to
more than the usual manipulation. The
market has sunk into a purely professional
state and the lower opening was due to a
piece of manipulation which, however
failed of its ultimate object. Last evening
there was considerable buying, which ad-
vanced prices at the close. This stock was
sold in London before the opening here with
the express design of lowering quotations
there and making weak opening here. The
design was so far successful, but long stock
failed to come out at the concessions made,
even when still lower prices were estab-
lished by further raiding.
Union Pacific, Louisville and Nashville
and Northern Pacific preferred yielded cas-
lily, especially the first named, but this
weakness was fairly offset by the stubborn
firmness in burlington, ST. Paul and Atchi-
son and the decided strength in New Eng
land, even though the last was in all proba-
bility due to manipulation also. The opera
tions mentioned gave the room a-bearish
temper and free selling of the weak stocks
was made to appear Tor London account,
favorable nature of the general situation is
now receiving more attention, and long
stocks having gone into stronger hands of
late do not come out with any freedom
under the attacks of the bearish element.
Material losses were sustained in Union Pa
cific, Louisville, Rock Island Sugar and
Northern Pacific preferred, but the conces-
sions in the remainder of the list were con-
fined to small fractions as rule. AS usual
of late these stock, with the addition of
New England, monopolized the business of
the day, transactions in the others being
without significance in any way.
The opening decline was followed by mod
crate reaction, but the bears made all the cap
ital possible out of the failure of Backer and
Pacific, among which those chat the June
statement would be poor one and that
there was difficulty in handling the floating
debt, though neither could be verified in any
Louisville was sold apparently for account,
and with Rock Island, Northern Pacific pre-
ferred, Sugar and St. Paul, scored material
losses before the close of business. The gen.
pathy with traders. No change in the tenn
per OF the speculation occurred, and the
close was quiet but heavy to weak after a
slight reaction in the last hour. The final
changes, with the exception of New England
and one or. two specialties show marked
losses, and Union Pacific declined 23s, Sugar
34, Louisville and Nashville, Missouri Pa
clfic and Northern Pacific preferred each
IA, st. Paul ! per cent, the rest of the list
losing generally large fractions.
Railroad bonds were still, and while show
ing no change of note, reversed the course
of the stock market in the early trading,
most issues traded in advancing slightly.
Later however, the steady pressure upon
the share list had its effect and bonds
yielded. slowly as they had risen during the
forenoon The final changes are insignifi-
can't in all the active bonds. The transac-
tions foot up S59s ,OO) '
Government bonds have been dull and
steady.
State bonds have been entirely neglected.
may be fairly characterized as market
seeking to touch bottom. In other words,
the range Of prjaes Is already so low, in