Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-28
LOWEST FOR THE WEEK.
THE STOCK MARKET SEEMS TO BE ON
A STEADY DOWN GRADE.
The Changes Each Day Slight, but Aggre-
gate Materially During Seven Days-In-
dustrials the Weakest Point, Especially
Cordace, sugar and GasNBonds Heayv

dustrials the Weakest Point, Especially
Cordage, sugar and Gas-Bonds Heavy.
NEW YORK, June 27-The stock market
to-day was quiet, but remained weak, many
stocks closing materially lower than last
evening, while the entire list. is now materf-
ally lower than a week ago. There was
nothing in the news of the day to encourage
either new buying or the covering of shorts,
and while there was no particular pressure
to sell long stocks the bears were again
active and aggressive, and by vigorous
drives at certain spec1alties, gave the entire
market q weak tone and broke some shares
very badly.
The Industrials were again the most yalu-
able point in the market, and more stop
orders were uncovered in cordage, which
was evidently left without any support
whatever and dropped from 96 to S9%.
Sugar followed, but met with some support
and rallied slightly, and Chicago Gas which
was inclined to show some strength in the
early trading, gave way toward the close
Several other weak spots were uncovered in
the general list, however. and Northern
Pacific preferred, st. Paul, Louisville, Pacific
Mail and some others scored material losses
for the day on comparatively small trans
actions.
some anxiety, and was late in publication
but while it showed a heavy increase in de-
poSitS and loans, the exports of gold more
than wiped out the increase in reserve, and
this was interpreted as point in their favor
by the bears, and the selling for the short
accounts was resumed with vigor in the last
few minutes of business, bringing down
many stocks which had remained compare
lively firm up to that time. Among these
the Wheeling and Lake Erie, c., c., C. & St.
L. and Northern Pacific preferred were
especially prominent.
p The market finally closed fairly active and
weak at the lowest prices for the day and
week. The final changes are all declines,
and while the great majority are tor frac-
fa Il
Northern Pacific preferred. ~; Tennessee
Coal and Chicago Gas, each l5ss; ST. Paul and
Pacific Mail, each N; Wheeling and Lake
Erie preferred; ~, and Louisville and Nash
vile, per cent.
Railroad bonds were quiet but followed
the share list closely in temper and re-
prevented any material change in the active
bonds. but Baltimore and Ohio SIS of 1885 lost
ut l02. The trading reached $685., ,OOG.
More Active but Weak.
John NJ. Oakley & Co. received the follow
ing over their private wire: "The market
for the last two days has been more active
than for some time past, but at the expense
of values 1t opened this morning at about
last nights closing prices, followed immedi-
ateIy by break of per cent in Louisville
and st. Paul. Cordage opened at 95 and
broke quickly to 81. There has undoubtedly
been liquidation going on this week in such
stocks as Richmond and Terminal and North
comparatively steady, and while we believe
they will ultimately sell at considerably |
higher prices, we think in the immediate /
future they will have to sell lower.
"The books of the Louisville and Nash |
vile Railroad closed june %. On Monday,
july 8, the stockholders of record will meet |
approve OF the purchase by said company of |
the purchase of the Kentucky Central Rail |
way, and to ratify and approve of the taking |
by the said company OF its proportionate
k<~f1 TN irnr sa1
the Nashville, Chattanooga and st. Louis |
and to consider and vote upon q |
to increase the capital stock OF |
the Louisville and Nashville road from SlS,-
D0O 600 to a sum not to exceed $50 900 0OO in
order to provide funds for the above-men-
toned purposes, and for such purposes us
may be approved, and for the transaction of
such other business as may be brought be-
tore said meeting
"There are rumors current that the selling
Of Richmond Terminal was for the account
Of Victor Newcomb, and it undoubtedly
reached Il number of stop orders, causing
sharp break in the stock.
"Thc general market is full of stop orders,
md any further pressure of long stock will |
cause quite q sharp decline.
"The exchange market remains very
strong, and there are rumors that an addi-
;iona1 $5, 200 600 gold will be shipped next
week to the Bank OF France, who In order to
ret it have agreed to return it without
premium in the fall.
1--WE expect to see the Changers lower the
lrst of the week"
Waiting for Good Things.
Henry CLOVIS & Co. furnish the following
n regard to stocks and gold exports: wall
treet Is still In an expectant mood, but the
.ood things hoped for fail to put in an up
There Is little the matter with
he condition; the main trouble appears to
e in the lack of buyers; and why they are
Iot forthcoming is not altogether On agree
BILE question for contemplation. 1t is ordf-
ri ta lan fnr prp MT W. hiruu |
n all sides are conceded to be cheap and
ct nobody wants them, the trouble
) to be attributed to the buyers.
md In this case 1t Is not at all un-