Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-15
PACIFICS ALL SICK.
TWO OF THEM TOUCH THE LOWEST
PRICE, FOR YEARS.

HeavIness Rules the Stock Market-Tennes-
Shares Rally Slightly Before tho Close
Bonds Quiet.
New YORK, May A-The stock market to-
day was heavy to weak in all its depart.
ments without apparent adequate cause, and
stock in Union Pacific. Northern Pacific pre-
ferred and some of the Granger roads, the
principal agent in the depression was un-
doubtcdly, renewal of bear raids without
support in anything but a few specialties.
Union Pacific and Northern Pacific pre-
ferred were to-day sold down to the lowest
another weak point, as well as Ten
nessse Coal. but the great majority of
the list moved OFF very slowly, and
final losses are in but few cases
tendency of prices was demonstrated in the
early dealings, when prices advanced
slightly, despite the dullness and Il selling
pressure from London; but the bears quickly
got to work upon the market. and declines
from the best figures were extended to 2 per
cent in Manhattan, while most of the lead
ing shares receded large fractions.
There was no cessation of the pressure,
though some stocks rallied partly in the
late dealings under the covering of the
more timid bears. The market closed heavy
to weak at or near the lowest prices. Among
the aclivc stocks, Union Pacific lost "a and
Missouri Pacific per cent. but other losses
were fractional.
The total sales of stocks to-day were III, $40
shares, including Atchison, $3.50; Chicago
Cas- .02O; Delaware. Lacka wanna and West
ern, $50; Erie, 3,760; Hooking Valley, 9 306;
Louisville and Nashville, 4409: Manhattan,
4.275; Missouri Pacific, 52l5; North American,
g. lSS; Northern Pacific preferred. is.G60 New
En- .iand, 1850: Reading, 16620: ST. Paul,
6 so: ST. Pauland Omaha. 3, s25; Union Pacific,
"a, IFS; Wheeling and Lake Erie, 3,0i0.
Railroad bonds were comparatively quiet,
and, as rule, showed the usual slight
changes only; and while the dealings ex-
tended to Il large number of issues, no special
prominence was accorded any OF the usually
active bonds. Final changes are generally
Slight gains; hut while c., C., C. & st. T.
consols rose to l3f, Beach Creek first lost . :
1909 The total transactions were $79l, 900.
Rally Expected.
John NJ. Oakley s. Co. received the follow
ing from Watson & Gibson: 1.-The bears
added to their laurels to-day. They sold
stocks at the opening of the market and con-
tinued their pressure at slight intervals
throughout the entire session. Facts were
ignored, and wishes that were father to the
thought reigned supreme.
"Thc bank statement that was unusually
favorable considering the recent heavy ex-
ports OF gold, did not even hold temporary
sway. An increase in the reserves OF $685.
625 and a decrease in loans of $685., 800 were
alike ignored, rs have been OF late all the
bull straws that have blown in the specu-
lative markets. In the absence of any ag-
on the short side of the market can do pretty
much as they please, as has been evinced by
the days trading. Specialties Jared us
badly as did most active issues. Pullman
had bad break, SO did Tennessee Coal,
Union Pacific, Rock Island, St. Paul and
Missouri Pacific. The only backbone was
Hooking Valley, Manhattan and kindred
properties that are being run either in the
interest of cliques or nanipulative bulls.
London did nothing. This is one of the
bad features to the situation. Commission
houses still report an absence of business,
which necessarily tends to encourage those
who have espoused the short side of the
market There is undoubtedly heavy out
standing short interest in all active stocks,
consequently u sharp rally is among the pos
sibilities of the very near future"
The Finish in Stocks.
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by WHIT
the New York Stock Exchange, 81 Fourth avenue.