Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-19


afternoon, and the rate on call got as high as
20 per cent which also had a very discouraging
influence upon the market toward the close.
Union Pacific and Denver, Texas and Fort
Worth were bought on the prospective arrange
ments between them, and the latter made one
OF the most important upward movements OF
the day. while the former reached still higher
prices, though the whole advances could not be
held. The Coal stocks were very strong, the
rise in the prices of iron and its manufactures
giving quite boom to Tennessee Coal, Colorado
Coal and Reading, while Lackawanna sympa-
tnlzed with the last named. There was IN the
early portion of the day considerable covering
OF shorts in the Coal stocks, but later realiza-
tions on the long account wiped out most OF
the Improvement. Tennessee Coal which is said
70 pc worked in the market by a party OF
Southern spectators made jump Of 10 per
cent from "A to 81 but fell away half of the
advance. Atchison was weak from the open
considerable effect in checking the improving
tendency Of the rest of the list in the early
trading.
Cotton Oil was the first object of attack. by
the bears and it reached 28 before the decline
was stopped, though there was talk from bull
sources of squeeze in the shorts in the stock.
sugar declined in close sympathy with Cotton
Oil, although Mr.. Havemeyer was said
to have taken gloomy view of the prospects
OF the Trust in his recent utterances which had
considerable effect There was some weakness
ment of Postal Telegraph by the Govern
ment. The opening was extremely irregular
and Louisville and Nashville was off q per
cent, and while there was general improve
ment in the forenoon the realizations later
wiped out most of the advances aided by the
weakness of the stocks mentioned above.
The close was unsettled and irregular though
With better feeling than had prevailed during
the afternoon. The final changes are about
equally divided between gains and losses and
while Sugar is down l3S, and Atchison per
s9I Gent Tennessee Coal is up Solorad9 C1al Goa
cago Gas l, the other changes being for fract-
ional amounts.
Railroad bonds were relatively much more
quiet than stocks and also much more regular
in their movement. the tone of the dealings
being fairly firm throughout the day. The sales
OF all issues reached Al 4S6 coo, out of which the
Wabash seconds contributed sl43, 600 and the
Texas Pacific seconds 009 The only fea-
ture of interest was the strength of the Read
ing juniors, the thirds rising to 49, and the
seconds ~ to 69H. Chesapeake and Ohio
mortgage skies rose2 to lis, and the Harlem,
registered tirsts to 127: Ceveleand, Columbus
Cincinnati and Indianapolis general SKIES lost
2 at 100.
The Posts financial article SAYS: There ap-
pears to be some obstacle in the way of the
reorganization of the Cotton Trust into a COR
poration, as the deposits Of Trust certificates
for transfer is very small. There is no market
for the certificates of the Central Trust Com
pany representing the proposed new cotton oil
stock, and any one holding the present Cotton
Trust certificates, prefers to keep them, as they
are at least salable, though at a declining
market. The trouble with the Cotton Trusts
affairs appears to be thatin the recent attempts
ofits officials to bull the lard and oil markets,
1t has accumulated large stock of both manu-
tactured oil and also cottonSeed to manufacture
more. a stock so large that the market for
those articles will not take it without serious
decline in price. The accumulation of this
stock of material also made it necessary for the
Trust to put out a large amount of It's paper,
which is now coming and which, under the
circumstances, the Trust finds it very difficult
to renew. There is strong possibility Of the
necessity of a receiver before its affairs can be
adjusted.
The most conspicuous stock on the list how
ever, in the forenoon was Tennessee Coal, which
huctuated wildly from "a at the opening to 81
by 1l:30, and 79, 81. 70 in the hour to l O'clock
1t is being traded in by good many South
ern people, who are enthusiastic over the great
increase of its earnings, which were S770 900 for
October, leaving surplus earnings of $4,000
over fixed charges for the month. This great
in prices of iron. Union Pacific and Denver
and Fort Worth were the next most conspicu-
GUS for activity and advance, owing to the large
earnings of the former and the general belief
that now that Denver and Fort Worth has be-
come practically part of the Union Pacific sys-
tenn, its earnings will be largely increased.
London sold some stocks this forenoon,
especially Louisville and Nashville and Norfolk
and Western preferred, though this was the
result of apprehensions there that the Brazilian
revolution would in some way require the with
drawal of gold from the Bank of England for
export to South America.
The following table shows the Tpr1ces ofact1ve
stocks on the New York Stock ExcnanRe yester-
day. Corrected daily for THE DISPATCH by
bers Of New YORK Stock Exchange 81 Fourth ave-