Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-10-06
RATHER HEAVY.
Sugar the Especial Point Of Attack on the
stock Market-The Bank Statement
Caused Some Uneasiness.

Caused Some Uneasiness.
NEW YORK, October 5.-The stock market
to-day was rather heavy, which was for the
most part the result of the renewal Of she
pressure upon the trust stocks, though the
activity and fluctuations in those shares were
much better than yesterday, The feeling in
the stocks Of the regular list was more bullish
and first prices were generally slight fractions
higher than last nights closing figures. There
was no pressure to sell, and the tendency in the
regular list was upward in the first few minutes
trading. when the drive at the trusts checked
the buying again, and the market settled away
slowly.
Sugar was the special point of attack, and it
declined from S6H at the opening to 63T. Cot
ton Oil also dropped from 43Z to 423a. The trad
ing was even more than usual confined to few
shares, and among the regular stocks Burling-
ton, Atchison, Reading and st. Paul were the
only ones showing any animation whatever.
The strength in Burlington was the feature of
the market, but it moved over a narrow range
and lost all of the early improvement toward
the close. Tennessee coal was the one weak
spot in the list, but after drop of per cent it
more than recovered the decline.
After the drive was over, which was toward
IL o'clock, prices rallied all over the room, and
most of the stocks of the regular list were
brought up to something better than the open
ing prices The trusts followed, but failed to
reach their first figures. On the issue of
the bank statement, which showed that for the
first time in over five years there was deficit
in the reserve, there was renewal of the weak
ness, and the market closed quiet but weak at
irregular changes of small fractions. Sugars
however, was down and Cotton Oil per cent
Railroad bonds were extremely dull to-day,
the sales Of all issues reaching only S272 600 and
while the tone of the dealings was rather heavy
to weak there were no changes of importance
in quotations. Sales of the week were 1885,.
900, against 81, 893, 900 last week.
The exports OF specie from the port of New
York last week amounted to 50, las, 40l, Of which
ST. us, ISL was in gold and s46l go in silver; of
the total exports 81, ,5S2721 gold and s461, ,22O
silver went to Europe and Sl55, ,460 gold to South
America. The imports of specie last week to
the port of New York amounted to S70,014 of
which S64, l8S was In gold and IS SIG in silver.
Petroleum opened steady at 9815c and ad-
varced slightly, closing firm at 98Hc. Stock
Exchange opening, yS11c; highest, 9S1Sc; lowest,
S81<c; closing, 9S1ac. Corn Exchange opening,
SSNc; highest: 9s4c; lowest, ss7sc; closing. CSC.
John M. Oakleys New York correspondent
wired last night: The sensational events Of the
week have been the semipanicky breaks IN
Sugar Trust and Cotton Oil. Sugar had de-
clined already to such an extent that its friends
hoped that further downward progress would
be averted, but the bears had taste Of blood
and the banks were chary of loaning on certifi-
Gates, and holders themselves appeared to lack
confidence in the ability OF the trust to con-
tinue current dividends Of 10 per cent, and here
there was slaughtering of the values of these
certificates, breaking yesterday ~ per cent to
S3% For several days Cotton Oil manifested
symptoms of decided weakness, but it did not
collapse until yesterday, when it fell to 4Oh,
being nine points break for the week.
The management of this trust and the char
acter of its products have inspired confidence
in its earning capacity. Fortified as this opin-
ion has been by the preliminary statement OF
earning put out a few months ago. showing at
least per cent, earned on the stock, it Is not
easy to explain why the stock broke 50 badly,
but various theories are current some Of which
relate to the low price of lard, others to tight
money and speculative short sales; others,
again, to greater competition. etc.. but 1t must
be admitted that trusts just now are under the
ban of public opinion, and it Is not improbable
that some of them will be driven to the shelter
of regularly organized corporations.
The following table SHOWS tne prices OF active
day. Corrected daily for The MspATcH by
bers Of New York Stock Exchange, HFourth ave-
nue.: