Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-21
sex. div.
SHAKING OUT THE TIMID
THE PROBABLE OBJECT OF THE
WALL STREET BEARS.

attacks Concentrated on Northern Pacific
tinue to Weaken the Grangers-The
Market, Being oversold, Holds Its Own
Stubbornly.
New YORK. May 20.-The stock market to-
day continued to show a fair volume of
business, but. rs usual of late, the greater
part of the til ling was directly the result OF
the bearish operations, and while prices
were for the greater part of the day firm to
strong, the impression grows that the short
interest is again rather unwieldy, and the
activity is due to efforts to cover without
loss.
The belief that the market is largely over
sold aids materially in creating a resisting
power, which prevents material losses,
despite the very aggressive position taken
by the bear leaders of late: and while the
public. in view of the late developments in
both Northern Pacific and Atchtson, are in
clined to be still more cautious in their pur-
chases, the evident manipulation having
for its object the shaking out of weak
holders, and, undoubtedly, of depressing
prices to enable covering, gives encourage
ment to holders that a revival Of interest is
not far in the future. This sentiment pre-
vents the bears, also, from hanging on too
long and whila drives at particular stocks
have become more frequent of late, the rally
follows closely: and periods of depression
are. therefore, of comparatively short dura-
tion.
To-day efforts were again concentrated
upon Northern Pacific preferred, and later
on the Erie stocks. The preferred stocks OF
the latter road were carried down rapidly for
a time. The Gran"ers, also, suffered to some
extent, but the efforts in most of them were
believed to be for the purpose of covering,
and the prices we're held firmly, while Lake
Shore and Hooking Valley were among the
weakest stocks. The low-priced shares were
more largely dealt in, but made no move
points in the market were again the Indus
trials
In the afternoon, after the general rally,
the Grangers, especially Rock Island and
Burlington, were made to bear the brunt of
the pressure. The floods were brought for
ward as the excuse for this drive. but there
was no thought of selling either until the
bears discovered that great damage was
being done along the lines of these railroads.
The result was to depress the prices of these
stocks about per cent each, and the gen.
cral list at last gave way in sympathy, SO
pearance, despite freq uent rallies in the list.
The close was active and weak, with the
leading stocks at or near the lowest of the
dav. The trading was 374, ,095 listed and 90
go unlisted. Erie contributing AZ, 240: North
ern Pacific preferred, 3,a4o; Rock Island,
81, 1863; Burlington, $500, and Atchison,
IS, 4s0
The total sales Of stocks to-day were 394,-
365 shal cs. including: Atchison, IS, ,4s0; Chi
ago Gas, 9.l60; Eric, 46 $50; Hooking Valley,
36l3; Louisville and Nashville, 7,060 North
western, 300; North American. 100: North
ern Pacific, 43 240; New England, 1900: Read
ne, 26,4l9: St. Paul, &c 600: Union Pacific, a.
e50 Wheeling and Lake Erie, 1900.
Railroad bonds were more active than
usual of late but displayed less strength;
and some of the leading issues showed con-
siderable weakness, though no material
losses resulted The sales were 81, 533 900.
The following table shows the prices of active
stocks on the New York Stock Exchange yester-
dav, Corrected daily for THE DISPATCH by WHIT
NEY & STEPHENSON, oldest Pittsburg members Of