Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-07
WALL STREETS CLOSE.
The Canard About Jay Gould's Death Has .
domentary Effect-The Bank Statement

The Canard About Jay Gould's Death Has .
Momentary Ehect-The Bank Statement
. Shows . Large Decrease in tho Cash
Reserve-Bonds Active.
NEW YORK. March 6-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, q complete
and demoralizing change occurred at IL
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 the appointment
way. The former, however, was quickly de-
MED, while the latter was known before the
opening of the session and seemed to have
no weight during the first hour. There was,
besides. bank statement which showed o
large decrease in cash, despite q moderate
increase in deposits and a heavy expansion
serve of over s5000,0co. This, undoubtedly,
had some influence, but the downward
movement was in full swing long before the
issue Of the statement.
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 1861 to 14011, Michi-
gan Central more than keeping pace with it,
with rise from 1lX to 19 on q much smaller
business. ALI 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 ~ and retired l per cent further,
while the preferred. after opening down 81
at 6S, further dropped to 81. In the face OF
the weakness in the rest Of the list it rallied
to 81. but 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, acceler-
ated the decline. Lake Shore dropped from
1401l to 1851, Northwestern from l2l7S to 119,
Reading from $50 to 55T, Lackawanna from
1885, to 159T, and Delaware and Hudson from
l4OL to 1871 while the entire list WAS brought
down below the level OF the 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
the day. Michigan Central was the only
stock which held on to any portion OF its
and it is 6H per oent higher to-
night at Il9 though che BID for It at the close
was materially below that figure. The
losses, however, include Lackawanna and
Delaware and Hudson, each per cent;
and West Point, 2; the preferred.
6N: Reading, III, and New England and
Missouri Pacific, each ~.
The following table shows the prices of active
stocks on the New York Stock Exchange yesterday
Corrected daily for THE D1sPATcH by WHITNEY
Oldest PittsburE members of the
New York Stock Exchange, 81 Fourth avenue: