Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-26
SHARES UNDER THE HAMMER.
ONLY A FEW OF THE LEADING STOCKS
LOSE MATERIALLY.

The Free Coinage Backset Secures q GOOD
Opening-More Runors of the Resigna'
ton of Chairman O:cott, of the Rich
mond and West Point.
| NEW YORK, March 25.-The stock market
| today was under the hammer during mos
| OF the time, and material losses were sus
tanned in many of the leading stocks though
| the firm undertone of the speculation pre-.
| cluded the selling of much long stock The
| Coalers and Grangers were well supported
| and in some cases. as in New England and
Union Pacific, positive strength was seen,
| though no material advance could be made
| alter the first minutes trading.
| The news of the action on the free coinage
bill in Congress caused rush TO buy at the
| opening. in which foreign houses, both Eng
| lish and German, were conspicuous. Mate
rally higher quotations resulted, and in q
| few instances further Improvement was
made in the early trading. To counteract
put out last night after the close of business,
| that Mr.. Olcott the Chairman of the Rich
mond and West Point reorganization COM
had nr trom in the he
of that company and the common lost
9 per cent and the preferred dropped
& This drop for put the ons wss aennnt nannet
in the whole list and the decline, becoming
so marked, finally dragged the rest of the
market down, only the strongest stocks sue
ing advance.
All support was Withdrawn from Lake
Shore, and that stock became the leader in
the downward movement, even when the
Richmond and West Point shares reacted
quite sharply A counter movement in the
1ndustrials failed to help the list much,
though Reading displayed for a time marked
activity and strength. The bears again cir
cuiated rumors rejecting on the credit of
the Northern Pacific Company, and material
help was derived them in their attack upon
the preferred stock, which was made one OF
the leading weak stocks of the afternoon.
The losses in the two leading stocks, Lake
Shore and Northern Pacific preferred were
about per cent from the best prices of the
forenoon, but the general list was still traded
in within the narrowest limits, and the
undertone of strength which prevailed
throughout the day prevented any marked
decline, though prices were brought In al
most all cases below the level of the opening
figures
The low pricedshares furnished no marked
movement, except sharp reaction OF about
3 per cert in Ohio Southern. The pressure to
sell was lifted from time to time during the
day. and at such times prices rated feebly;
but in the last hour there was an effort to
cover the shorts put out earlier in the day,
and more substantial improvement was
made, Northern Pacinc preferred especially
moving up about l per cent The activity
in Reading was again one of the most promi-
nent features of the trading, and it also
made material rally toward the close,
which carried it up to point which enabled
it to close with substantial gain for the
day.
The market closed quiet and for the mo-
ment firm, but generally at small fractional
losses for the day. Northern Pacific pre-
ferred is down ~; Richmond ana West
Point, l; the preferred 2s4: but, on the other
hand, Reading is up 1ss Distillers', 1I, and
New England large fraction.
The total sales of stocks to-day were 511,-
797 shares, including: Atchson. 1920; Chi
cago Gas 6OCO; Erie, 1855; Lake Shore, 12,S45;
Louisville and Nashville. 10, $50: Northwest
ern, $3.50: Northern Pacific, 3.3O6; Northern
Pacific preferred, y, 4a5: New England, l9,7O2;
Reading, 202 $40: Richmond and West Point
4l,4s5; st. Paul, Al ,0SO; Union Pacific, 1900
The following table shows the prices of active
stocks on the New York Stock Exchange yester-
day Corrected daily for THE DISPATCH by WHIT
SEY & STEPHENSON, Oldest Pittsburg members of
the New York Stock Exchange 81 Fourth avenue,