Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-27
NEW YORK STOCKS.
Raid Upon the Gould and Coal Stocks
Brings Them Down a Peg-The Rest
of the List Helps Them just

Little Bit.
New YORK. Jan. 26.-The stock market to
day. considering the utter collapse of the tele
| graphic system of the country, was quite active
| but the opportunity to break the market was
too good to be wasted by the advocates of lower
| figures, and a series of raids upon the Gould
| stocks an0 the coal stocks brought the prices
| of all of them down materially, though there
| was some company for them among the rest of
the list. Stop orders were uncovered in some
of the stocks and considerable long stock was
sold.
The first break was in Missouri Pacific, but it
was sold down bv two of the leading room
traders Union Pacific followed with a break
of 46 per cent. and all the leading Western
stocks sympathized to limited extent. Later
in the day Jersey Central had severe drop on
light transactions falling away from 1l154 to
l0o, against ll3H at the last previous sale last
week. Lackawanna and Reading Joined in the
downward movement though the last named
was Kept rather quiet The professional ele-
ment was everywhere conspicunus in helping
the market down, but long stock came out on
the break. In the last hour Manhattan joined
the weak stocks. falling 8 per cent but with
the rest OF list made material recovery in
the late dealings when there was something
of rush to cover short stocks put earlier in the
day at higher prices. Chicago Gas was a strong
spot in the market to-day, and although it fuc-
tuated within comparatively narrow limits, and
its final gain was an Insignificant fraction. its
late weakness made it conspicuous to-day.
There was a specially heavy covering in Lacka.
wanna. Union Pacific and Jersey Central IN the
last few minutes trading, and the market
closed firm at something better than the lowest
prices. The final changes are almost all losse :,
and Jersey Central is down 81, Manhattan ~,
! Union Pacific lss, Pacific Mail IL. Lackawanna
| l%, Reading ", Cleveland, Columbus, Cincin-
matt and st. Louis II and Wheeling and Lake
Fri o each ~.
Railroad bonds were dull and although dis
playing Steadiness in the general list, were
weak in spots, anL in the final changes of i'm
portance there are many declines. The trading
was accompanied by no feature whatever, and
the days business reached only S903, ,000 Inter.
national seconds certificates lost 3 at 70; Mime
apolis and st. Louis frsts, 2 at 103, and Iowa
| Is, ~ at 92
The Post says: No reasons can be assigned for
the lack of speculative feeling except the gen.
eral ones, first, that the situation i'll Congress
| leaves the public mind in doubt as to whether
| unwise legislation is not going to make some
| serious disturbances in finances; SECONDLY that
| the new Western traffic association had not
made the impression of being a success; vet
| thirdly. that the earnings of the Western and
| Southwestern roads for November made an un.
favorable impression (ihough it must be re-
membered that the panicky condition of
| finances in November diminished all trafic)
and, fourthly that the losses of last year have
| crippled good many spectators who would
| otherwise be active in the market.
Tne following table shows the prices OF active
| day. Corrected daily for THE DIsPATCH by
| WHITNEY STEPHENSON. oldest Pittsburg mem-
| bers of the New York Stock Exchange, 81 Fourth
| avenue: