Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-03
THE REACTION COMES.
STOCKS ARE WEAK FOR THE FIRST
TIME SINCE THE RISE.

Large Realizations Bear Down Prices a
Is Not Bad sigma Partial Recovery
Near the Close.
NEW YORK, September 3.-For the first
time since the late rise began the market
was really weak to-day, and the reaction
which we have heard so much about but
which heretofore failed to appearSn con-
siderable progress. There was undoubtedly
liquidation of. long accounts of some magni-
tude, while the efforts of the bears were di-
rected against few of the leading shares
for speculative effect upon the list in gen
eral. The market was, there fore, owing to
the checking of the buying less active, and
the business done was less evenly dis
tributed than usual of late, half dozen of
the more prominent stocks monopolizing O
large proportion OF the total sales.
The rates for money have hardened ma
terially during the last week. but they are
not yet at a point where they should have
any material effect upon the buying Of
stocks, and no apprehension in any quarter
is felt on that head. The higher rates ex-
acted are the legitimate effect of a larger
stock speculation, and result even more
from the desire of lenders to take all posi-
BILE advantage of the boom while it lasts
than from any appreciable scarcity of funds.
The banks still have large surplus and the
fQCeS ure n1gDer mere Cnan IN LOuuOu,W
should have the effect of drawing gold from
that center in the near future II unchecked
by any artificial means.
Tho interest to-day conferred again around
Union Pacific, and while there were the
usual number OF new rumors in regard to
the, company, good and bad, the stock be-
came tbe particular mark for the bears, and
at its lowest point it showed a loss of nearly
per cent, II ost of which was brought
about by hammering pure and simple. The
transactions in the general list were CON-
paratively small, and the Grangers Union
Pacific, Louisville and Nashville and G., Co..
C. and 81. L. monopolized by far the greater
portion of the dealings, as well as the i'm
portant fluctuations.
The opening was strong and confident, but
the demand was not SO heavy as during the
last two days, and traders and bears soon
got to work with some chance of success,
and aided by some realizing hammered
Union Pacific down materially in the first
few minutes trading The rest of the active
stocks were treated the same way, although
the declines were smaller. The pressure,
however, was maintained until near the
close, showing several feeble rallies but
only in special stocks like Sugar were the
recoveries of particular moment. Atchison
was the leader in activity, but Union Pacific
in weakness
While material losses were shown at one
time in the Changers, they recovered most
of their losses in the late trading, when the
covering of shorts by the profession caused
a rally which reached some Importance
among the weak stocks of the forenoon.
The close was active and firm on the rally,
but prices we're left generally small fructjons
lower than last evening, and Union racing
is down rs per cent and Colorado Coal and
Northwestern per cent.
Railroad bonds were affected by the pres
sure upon the share list, and prices were
heavy to weak in the forenoon, recovering
somewhat later in the day. The trading
reached g, 463.000. The final changes are
;tcnrr,ily insignificant, hut many of the