Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-22
HAMMERING GOES ON.
Bears Making the Most Of Their Oppor-
tunity-RnIlrOnd Shares Give Way
Talk of a Receiver for

Talk of a Receiver for
Cotton OIL
NEW YORK, November 2L-The stock mar
ket was traders market to-day and the busi-
ness done in all departments showed q consid-
cradle falling on from that past few days.
while the temper of the dealings was alter
nately strong and weak within narrow limits
and the final changes. while generally in the
direction OF lower figures, are for small frac-
tlons only except in the case of the two Trusts.
There was no change in the Bank of England
rate this morning. as predicted by the bears,
but the London prices were something lower
than our figures of last evening, which had the
e1ect Of opening the market merely steady,
though the feeling of the room was moderately
| Dullish, and the bears were disinclined to make
any extended demonstration. They pursued
tnelr late policy Of hammering one or two of
sne most prominent stocks, and Reading and
sugar bore the brunt of the pressure to-day.
In the case of the former the results were not
commensurate with the efforts put forth, but
IN the latter measure OF success rewarded
their palms.
After the opening of the market the bullish
ieeiing found expression in material advances
IN IN Atch1son, Denver, Texas and Fort Worth,
tennessee Coal ana Sugar; but the early at
TACK OF the bears sent the last two stocks down
tne list generally held on to portion Of their
gains until noon. Pacific Mail displayed some
strength at this time, the talk in the crowd
Deing that increased compensation for mail
service would probably be granted by Con-
gress. The drive of the day was then made at
the Coal stocks, and Reading became specially
active, though with Lackawanna the impression
nade was only for small fraction. The III
success soon brought the raid to an end, and
covering sent prices up again with consider
able celerity, and many stocks reached their
highest figures for the day.
The pressure was renewed upon the trusts in
hons h,.vrr oRl1f AE
Texas and Fort Worth to realize profits took
that stock down rapidly and its last price being
the lowest of the day, all the forenoon's i'm
provement was wiped out with something in
audlIlon. Talk of q receiver for Cotton Oil had
its effect upon the trusts, and all of them made
material concessions. The close was fairly
active and heavy to weak at the lowest prices
IN many stocks. Almost everything is lower,
though only two important declines were
scored, Sugar IL and Chicago Gas 1T.
railroad bonds were relatively more active
than stocks, but the tone of the dealings was in
close sympathy with those in shares, being
irregular and rather heavy in the main. The
business done was well distributed, and
amounted to 81, ,457 900, with no special feature.
Inc Post says: There was no change in the
Bank of England sale of discount to-day, as
was apprehended there might be, but the early
prices in London this morning were IA to u
lower for all stocks than the closing figures
here last night. 1t is, however. SO distinctly
mere traders" market in which the ups and
NO"hS U0 LIdC6u W anything el6o bnan
the changing sides by the boardroom traders to
secure profits of l per cent, that the reaction
TINS forenoon had no especial significance. The
underlying sentiment of the majority of specu-
lators and traders is unquestionably in favor of
considerably higher prices within month or
SO, but there is an unusual degree of caution
on the part of both bulls and bears. The lat
ter are encouraged by the heaviness of the
Coal stocks.
Cotton Trust has been comparatively steady
since last Friday at from % to 301< apparently
awaiting the result of the efforts to reorganize
it into a corporation. The value of the entire
assets of the trust, over and above its out
standing paper. IS estimated. upon a conserva-
tive basis, at $3.50 OO0 viz s12 900 900 for the
mills and plant, and s., 50O0 600 for oil, cotton
seed and other materials on hand. This would
be equal to say 40 on the 81, 600 900 of the
Cotton Trust stock, but the trouble is that 1t
requires time to make sales to meet the matur-
ing paper, and in the present position of the
trust, it is difficult to get the paper renewed
until the sales can be made.
II the trust was reorganized and in the regu-
lar working order of corporation, with COM
petent officers to fnancier its business, there is
little doubt that 1t could be carried successfully
through the present crisis, but if the attempt
to reorganize is not successful, there is little
Up to last night SIS 00O, 900 out of the total of
S42, 0.000 of Cotton Trust certificates had been
deposited with the Central Trust Company for
exchange into the certificates of the proposed
new stock.
The following table shows the Iprlces or active
stocks on the New York Stock Excnange Yester-
day. Corrected daily for THE DISPATCH BY
bers Of New YORK Stock Exchange, 81 Fourth ave-
nue.: