Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-07
SUGAR HAS THE CALL.
A Rumor That spreckels Was In Causes
Quite Flurry-Drops ON the Denial
and Citizens Gas Lends
Railroad Bonds Moderate.
ESPECIAL TELEGRAM TO THE DISPATCH,

railroad Bonds Moderate
ESPECIAL rELKGRAM TO THE DIsPArcH-i
NEW YORK, June 6-The indications on the
surface In Wall street were all Favorable out
the market remained narrow and qniet, ana
the favorable influences were afterWaIu Gu.
tirely neutralized by the demoraIzatlon Oh
sugar refneries The market therefore TOOK on
waiting attitude after the first hour, anu tne
railway list became dull and moved WITHIN very
narrow limits, without feature OF importance
Ihe great feature OF the day was the >ugar re-
nneries again. and the recent advance In tne
price OF refined sugar without corresponding
advance in the cost of the raw artlcie
aided in creating q strong tone In the
stock at the outset, and later rumor tnat
Spreckels had come into the trust was the oc,
casion of rise of about per cent. Toward
the close however. this rumor was denied, and
the selling Immediately assumed large pTopor-
tions and a sudden drop from "a to 7o1a oc-
Cured, the rise being at the time Simply
enormous. There was partial recovery ir9,n 9,t
the lowest price, but the stock Is materially
lower this evening. The railroad list at nrst
failed to respondro the break in Sugar, but 1t
gradually yielded, and in almost al Sa cases the
Chicago Gas was the weakest stock on the
regular list, and its close sympathy with sugar
would account for all Of its decline, as there
was no news OF any kind of a character to in
fuence values in any manner. Among the
specialties there were q few marked move
ments during the day, but the regular list
moved within narrow limits throughout. IN IN
from 10 to n per cent, Oregon Transcontl-
mental showed the way, but the further gains
were only fractional, outside of few stocks.
Sugar rose ~. Citizens Gas ~ and Quick
silver preferred per cent, but their gains
were afterward partially lost, and Tennessee
Coal was particularly weak, losing N. The
close was rather heavy, and the hnai changes,
while irregular and for fractional amounts
only, show a majority of losses, and Sugar
is down 21l, while Citizens Gas is up ~,
Railroad bonds continue to show moderate
.,,Ir NH 4bn fnn0 n q
dealings is still firm considerable irregularity
in the movements exists, and declines are
fairly numerous this evening. The demand
runs to the issues of the roads now or lately IN
process of reorganization, but the movements
even in those issues are not specially wide.
They. however, present firm front and give
tone to the general market. The sales to-day
reached 81 646, 900.
Government bonds have been dull and firm.
State bonds have been dull and firm
The Post says: The attention of spectators
Is now concentrated mainly upon Congress,
and the movements of the administration Is OF
the greatest importance in influencing the
events of prices of stocks. The action OF the
Secretary of the Treasury yesterday in advanc-
ing the price at which he would accept per
cent bonds per cent shows that he is endeav-
oring to stop the accumulations in the Treasury,
and this, together with the proposition Of
Senator Sherman to pay out where practical
redemption fund held in the Treasury for the
redemption of national bank notes, creates the
impression that the appropriation to be made
before the close of Congress will, In all cases
and for all purposes. be made unusually large:
Whether correctly or not, the expectation of
some legislation on the silver question has also
become pretty general among the speculative
part of the business community, and all these
things combined are the chief elements in
causing the advance liz prices of stocks just at
present. Easier money will certainly result In
higher prices for stocks
The following table SHOWS the prices OF active
stocks on the New Y ork Stock Exchange yester-
day. Corrected daily for The DISPATCH by
WHITNEY & STEPHENSON, oldest Pittsburg mem
nue.: