The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-11-02
MARKETS BY TELEGRAPH.
FINANCIAL.

FINANCIAL
New York. Nov. l. noon.-Stocks active and
firm. Money tight at 9010 per cent Exchange
neglected. State bonds dull but steady.
Following were the noon stock quotations:
Gs,e.aos Nor,1 2s% Eicn%a ". Fl OIL
Lave Shore. ..... .imA Western Union. SO
Norf. & W. pref. -
8 p m.-Exchange quiet, heavy and I'M
changed. Money tight at 60l2 per cent: closing
Gold. si57 1858, 900; CURRENCY SO. a221,o00. Gov
eminent bonds dull but STEADY; four per cents
1871; four and a half per cent. coupons l0516.
State bonds dull but firm.
In the stock market to-day trusts were again
the all-absorbing feature. and Cotton OIL In
particular attracted interest, which threw all
other stocks into the shade Out OF a total of
$4,000 shares OF stock traded in on the New
York Stock Exchange to-day, the unlisted de-
partment furnished 205. 900 and the regular list
only 1871, 900, while Cotton OIL alone contributed
129, 900 shares of business. This difference was
specially noticeable in the first hour. when the
sales of unlisted stocks were in the proportion
Of three to one Of railroad stocks, and Of Cot
ton OIL 80, 900 shares changed hands in the first
half hours business. The fact that to-day was
holiday In London accounted for portion of
this discrepancy, but uncontradicted rumors in
regard to Cotton Oil far more. The annual
meeting Of the shareholders Of Cotton Oil was
hold to-day and was well attended, and it de-
veloped the truth of the story that the earn
ings have fallen about 81 900. 900 short offthe
estimates given out and nave reached only
81, 100000. The utterances OF Gen. Thomas,
sissJ, TO the effect that the properties In trust
arc worth about Sl2 900 900 TO $4,000 900, show
ing shat the shares have been selling far in
excess OF their worth, gave an Impetus to the
further decline established. The crowd in the
Stock Exchange at the opening this
morning was very large, and the announce
ment that the three gentlemen selected TO
positions in the board had refused to serve
gave the impression that something must be
wrong with the trust, and selling assumed ex-
tremely heavy proportions Immediately. Bears
and traders were on hand, and pursued the
usual tactics of offering the STOCK down in ad-
vance OF regular sellers, and numerous stop
orders being reached. the downward movement
did not cease until 32l1 was touched-a net loss
of 5l1 from last nights figures Liquidation
seemed to be completed for the time being at
that point, and a rally TO 35M followed, but
this was followed by renewal OF selling in the
last hour, and It closed at 33A. Lead Trust was
attacked in sympathy with Cotton Oil ard
forced off TO below 20, which dislodged consid-
cradle long stock. Trading was very large in 1t
also. reaching 81, 900 shares, but IL was over
Swallowed by Cotton Oil, and its movements
were comparatively small. Sugar was like the
railroad list, inclined to strength In the fore
noon, and actually did rise nearly per cent.
but felt the pressure at last, and all OF the inn
provement was wiped out. Railroad stocks, as
long as they were left to their natural bent. ad-
vanced slowly, though the gains were generally
confined to fractions. Tennessee Coal, how
ever, reached so on its early spurt Rain of
about per cent This, however, was after
ward wiped out About noon bears aud traders
turned their attention 70 the regular list, and
Missouri Pacific was raided and its price was
broken nearly per cent, followed BY Chicago