Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-31
SPECULATION FAGS OUT.
YESTERDAY AN OFF DAY WITH WALL
STREET OPERATORS.
Weakness in All Parts OF the List Still Led
by Distillers'-Atchison, Omaha and

| Weakness in All Parts Of the List Still Led
| by Distillers'-Atchison, Omaha and
Cotton Oil Each Heavy Losers-RaiIroad
Bonds Still Active.
NEW YORK, Jan. 3O-The stock market to-
day was nothing but the fag end of the
| weeks speculation, and considerable weak.
ness was seen in all portions of the list.
There was no apparent support to stocks,
even those which are known to be under
the care of ciiques, and q marked dear;h of
commission house buying encouraged the
bears to again attack the most vulnerable
points, which was also aided by liberal sell
ing for foreign account. The stocks which
have an international market, however were
not the largest sufferers. but those which
have made the most pronounced gains of
late.
The banner weak stock still continues to
be Distillers', and to-day many stop orders
in it were uncovered, with the effect of
dropping the stock in the early dealings 21%
per cent The bears sold the GranGers freely.
but only Omaha showed any material I'M.
preston, and the selling OF Atchison, which
was specially marked, sufficed only to de-
press the stock a fraction and largely in
crease the amount of business done in 1T.
The same may be said of Louisville, which
was the next most prominent mark Tor bear
drives.
Consolidated Gas made another sharp up-
ward squirt, the action of the directors in
cent and making it payable quarterly in
stead of semi-annually, furnishing the NOV.
ing power. The stock opened up | per cent
at l05 and rose to 1ll54, closing at 1ll11 gain
Distillers- rallied handsomely in the late
dealings, but closed with a material loss
The bank statement, with its further large
gain in cash and deposits, seemed to have no
effect whatever, but covering opera tions
caused slight rally in the final trading
which closed the market firm al shade
L.
of importance were Distillers',, X; Atcbison.
~; Omaha, and Cotton OIL per cent each.
railroad bonds were active and firm, as
usual of late, but the final changes were in
all cases insignificant, and while the Union
Pacific notes furnished S150,000 out of the
total of S, $3.50, 900. they failed TO move more
changes were all on bonds untraded in for
weeks. The market closed active and firm.
The Railway Situation.
John NJ. Oakley 6 Co. received the follow
ing: "The railways for several years have
been unable to negotiate new bonds. and
consequently their enormous expenditures
for equipment and new construction have
been carried in the form of floating debt.
They are now disposed to take advantage of
the low rate of money and increasing will
ingness of investors to buy bonds, and in
consequence to fund their floating debts and
prove to additional capital for equipment or
construction. Business has been lean for
several years and there has been no special
requirement. Tor new rolling stock. and the
roads have felt too poor to anticipate future
needs.
"The heavy traffic of the Western and
trunk lines has found them inadqua tely sup
Piled with cars and engines, and it is nat
ural that they should now seek to make
good their deficiencies while they can sell
bonds and secure money. 1t is also proba-
BILE that many companies will be inclined to
extend their lines into certain directions
where they can increase business either by !,
its creation, or by capturing business of
some other line. a..t 500
"Just here Is one Of the unfortunate feat