Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-06
SHARES DOWN LIKE A STICK
AFTER SHOOTING UP LIKE A ROCKET
ON MANIPULATION.
The Canard About jay Gou1d's Death Has q
Momentary Effeot-The Bank Statement
Shows Large Decrease in the Cash
Reserve-Bonds A Active.


Momentary Effeot-The Bank Statement
Shows Large Decrease in the Cash
Reserve-Bonds Active.
NEW YORK. March 5.-The stock market
again gave evidence that the moving power
behind the fluctuations is only manipulation
and while the strength of the whole list was
| very decided in the first hour, a complete
! and demoralizing change occurred at II
| O'Clock, and the most positive weakness
| marked the trading on the Exchange for the
| last hour on the session.
There were two principal causes advanced
for this sudden change in temper, one being
| the old rumor revived of the death of Mr..
| Gould, and the other was tile appointment
| of a receiver for the Georgia Central Rail-
way. Tie former, however, was quickly de-
] MED, while the latter was known before the
I opening of the session and seemed to have
no weight during the first hour. There was,
| besides, a bank statement which showed q
| large decrease in cash, despite a moderate
| increase in deposits and a heavy expansion
which caused a reduction in the surplus re-
| serve OF over S., 100000. This, undoubtedly,
| had some influence, but the downward
| movement was in full swing long before the
| issue of the statement.
| The market opened with a firm temper,
| and the whole list, except Richmond and
| West Point securities and New England,
| scored further Improvement in the first
hour there being up to that time no inter-
were still the strong features, and Lake
Shore rose rapidly from 1865 to 14O1a, Michi-
gan central more than keeping pace with it,
with a rise from 111A to 10 on much smaller
business. All the other stocks of this group
felt the stimulus, and Northwestern and New
York Central made material gains, selling
up to the highest points for the week.
Up to this time the concessions in every-
thing but the Richmond and West Points
were insignificant, but that stock opened
down II and retired l per cent further,
at Cs, further dropped to g. In the face OF
the weakness in the rest of the list it rallied
to 81. butt closed at g. The general list
quickly ran of in the last hour, and realiza-
tions and heavy short selling, together with
the execution of some stop orders, acceIer-
ated the decline. Lake Shore dropped from
Reading from $50 to 5552, Lackawanna from
1881 to 1597a. and Delaware and Hudson from
l401s to 1871, while the entire list was brought
down below the level OF tie opening figures.
The early advances were lost in all cases,
and in many additional fractions. The on
slaught was kept up to the close, and the
market finished weak at the lowest price of
the day. Michigan Central was the only
stock which held on to any portion.of its
advance, and it is SO per cent higher to-
night at 1l9, though the bid for it at the close
was materially below that figure. The
lesses, however, include Lackawanna and
Delaware and Hudson, each per cent;
Richmond and West Point, 2: the preferred.
81: Reading, ~, and New England and
Missouri Pacific, each ~.
The total sales of. stocks to-day were $780,
000 shares, including: Atchison, S695; Cam
ada Southern, IA O6s: Delawares Lackawanna
and Western, 4,9la; Erie II, Ito; Lake Shore,
20657: Louisville and Nashville, 900; Michi-
gan Central, 5540: Missouri Pacific. 5,765;
Northwestern, 3O. .9s6: New York Central. S,9s2
New England, &c. .34O Reading, 1880; Rich
mond and West Point. p, AS; st. Paul. A. 900;
st. Paul and Omaha, 6,595, Western Union,
1876 =
hallway bonds were also fairly active, but
there WAS no excitement as in stocks, til Eough
the Reading issues and those OF the Rich
mond and West Point system were specially
active and weak The rest of the list how
ever, displayed firm temper until the
break came, when prices .receded in SWIM
pathy. The total was $1;l27, 600, OF which
Richmond and West Point IS furnished $685.
O00 Reading 2ds $l29, 900 and the deferreds
$ll5, ,000 The advances are few, but Syracuse,
Binghamton and New York lists rose ak to
1874 Louisville and Nashville IS to LOG aud
anu Missouri Pacific ends to lU7.
A Bearish Prediction.
John NJ. Oakley & Co. received these
pointers: "Richmond affairs were the sub.
ject OF much uneasiness in stock circles be-
fore the opening, and there was general
rush to sell on the announcement that the
Georgia Central, the best company in the
Richmond system, had been suddenly
thrown into the hands Of q receiver. The
rumor was that this had been done in the in