Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-28
CHICAGO GAS RAIDED.
THE ATTACK HAS A DEPRESSING Eff
Feet ON THE MARKET.

Field, Lindley & Co.'S Failure Has but
Little Effect, as That Firm Was Short
Stocks Shares Still Inherently
Strong-Dis.ilIers' Booming.
NEW YORK, Nov. 27.-The estock market was
| rather more animated than was generally
expected today coming between whole
| and half holiday, and while the general
tendency of prices was down and it took
considerable pressure by the professional
element in the absence of any buying of
note to accomplish the insignificant de-
clines made, the old trick Of circulating
false rumors was employed to some effect.
The opening was firm, with considerable
buying of the few leading stocks for both
London and the West but the bears soon at
tackled Chicago Gas and sold it down per
cent, with the repetition of the old rumors
of a successful competition with it in Chi
cago. and also by stories of the new suits to
be brought against the company in the
courts. Whenever this pressure WIS re-
lieved for an instant, however, the inherent
strength of the stock became apparent i'm
mediately, and some sharp rallies were ef
fected at times, though the final result Of
the days business was q mate rial loss.
There were rumors afloat, also, Of some
large house in trouble, and these gave con-
siderable weight to the selling, but as soon
as it became known that the firm was Field,
LindIey & Co. it was discovered that they
short or stocks and the market became
stronger Immediately.
In the forenoon there was some impress
sion made upon New York Central, which,
after selling up to lis, retired to 1l31s, but
finally closed only small fraction lower
than on Wednesday. The rest of the list
generally yielded fractionally to the pres
sure. but New England was marked ex-
ception. Its strength was as mysterious as
all the moves made in that stock, but, joined
by Distilers', it helped materially to rally
the list in the afternoon. few of the more
stubborn stocks regained all the forenoon's
loss.
Outside of the usual list there was no feat
ure to the trading, and toward the close
the attack was resumed by the bears with
the purpose of affecting the London market
raid was slight, and the market closed
within small fra ctions of last nights figures,
though it was dull and heavy at the time,
The net loss in Chicago Gas reached IL per
cent, but Distillers' on the other hand, rose
2 per cent, and New England per cent
Railroad bonds displayed no settled tenn
per, but were in the main steady to firm, and
the results of the days operations are inSig-
nificant as rule. Commission houses, how
ever, continue to report q steady growth Of
the buying of investments bonds, especially
of the better sort. The Reading issues were
subjected to some pressure, and $l2O,OC0 of
the first incomes changed hands without
depressing the price more than small
fraction. The only other active issue was
the Union Pacific, Denver and Gulf firsts, of
which $4,000 were sold, depressing the
price from Is to 49, the transaction being one
of the complications arising out of the fail
ure Of Field, Lindley & Co. No other change
of note was seen, and while there was a
widely distributed business the total sales
of the day reached only 81 ,379 OOO The high
drloS onota tiOnS