Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-05
LACKAWANNA TO THE RESCUE,
OVERCOMING DECLINES CAUSED BY
INDUSTRIAL RAIDS

Bears Attacks Make Continued Strong
Stock Market-Only Burlington Il Much
Traded in During the Morning Hours
Distillers' Scores Final Loss.
NEW YoP5 Feb. 4-The stock market was
again act/e to-day, but, as is usual of late,
the incrased business done was all due to
the persistent attacks of the bears on the
Industrial stocks and incidentally some OF
the railroad list, though considerable buying
of the Coalers was responsible for great
deal of the animation late in the day. The
most severe drive was made at the market
during the forenoon, and it created large
short interest in nearly all the leading
shares! Burlington, however, was the only
railroad stock in which the transactions
assumed any importance, and proposed
issue of convertible per cent bonds by the
company caused some investment selling of
the stock.
On the other hand in the afternoon the
market became stronger under the lead OF
Lackawanna, and with good buying in that
stock, Reading, Western Union, Lake Shore
and Louisville, New Albany and Chicago,
the shorts became frightened Nor the mo-
ment and covering was in order, with the
effect of wiping out about all the early
losses. The Industrials, however, were the
principal features of the day, and Distillers',
fever1sh without yielding much for some
time, but most vicious drive at it in the
afternoon broke its price to 455A, against 5OH
last evening. The Cordage stocks followed,
usual, felt the effect, yielding nearly per
cent. The railroad list suffered only slight
declines, with the exception of Burlington
and New England, whose losses were over
per cent.
The remarkable strength and activity de-
veloped in Lackawanna in the last hour,
however, pulled the whole list up again, and
the early declines were in most instances re-
covered. Jersey.Central sympathized closely
with the leader in this rise, but Reading,
which had risen per cent in the lace OF the
early decline, was held at a shade under its
best prices. Denver and Rio Grande pre-
ferred was also a strong feature of the early
trading, and sharp rise of about per cent
in Edison General Electric marked the final
dealings. The rest of the market were
traded in, as a rule, within narrow limits,
though considerable activity was seen in
few.
The opening was fairly steady at Irregular
but slight changes from last nights figures,
and the drive at the Industrials caused frac-
tional concessions in the early trading. An
advancing tendency was shown whenever
rush to cover in the last hour brought al
most everything up to last nights figures.
The close was active and firm to strong at
insignificant changes for the day. The only
important changes are that of Edison Elec-
trio, which is up 81, and Lackawanna, 3,
while Distillers' is down 2as..
Total sales of stocks to-day were 41S 1872
shares, including: Atchison, 81, 965: Chicago
Gas, 81 070: Della ware, Lackawanna and West
ern, d 635: Erie, g. 156; Louisville and Nash
willie, IL, 160 Missonrt Pacific, $3.50; North
western, 9,S25; New Jersey Central, $40;
Northern Pacific preferred, 4,5l4; New Eng
land, 13, $50; Reading, 1880: st. Paul, 25 220;
Union Pacific, 10, 439; Western Union. 0s0.
Railroad bonds Quilted down materially,
the total transactions reaching only 2,355.
900, but there was frmer temper than for
the last few days and the important changes
are almost invariably advances. Atchfson
incomes contributed 195, 600 and Lake Shore
fours 2O3 900 to the total. but the rest of tile
business was well and widely distributed.
The following table shows the prices OF active
stocks on the New York Stock Exchange yester-
day Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON. oldest Pittsburg mem
bers of the New York Stock Exchange, 81 Fourth
avenue: