Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-04
ALMOST FEATURELESS.
Dizziness and stngnation Reign Supreme In
Wall Street-sndden Drop In Cot.
ton OIL Certificates the Only

wall Street-Su0ueD DFOp IN COts
ton Oil Certificates the Only
Event of the Dny.
NEW YORK, July 3.-In the stock market to-
day the dulness, which has been the great
feature OF the dealings for the week, made
further progress, and the days transactions
were even smaller than those of yesterday,
while there was even less feature to the trad.
ing. In the railroad list dullness and stagDa-
ton reigned supreme. and not single huctua-
ton of interest took place. The only movement
commanding attention was the sudden drop in
Cotton Oil certificates, which was caused by
the publication yesterday of story about
changing the trust into a corporation. Open
ing at 291S, it declined TO 27A, but rallied to
2S15. The new stock sold at g. and was after
ward offered at "a but the best bid on the floor
at the time was 20. No sales were effected at
less than 24A, however, and the furry was
soon over. Some trading in New England
marked the afternoons dealings, and a
slight fractional advance carried it above.
But no other movement worthy of comment
took place during the entire session. The atti-
tude in the street is waiting one on both sides
and while the bulls are inclined to feel conf
dent that the July disbursements will oil the
wheels of speculation and more active and
higher market is predicted after the holidays,
the bears are watching the railroad situation
with more interest and will undoubtedly seek
to make capital out of any failure to come to
an agreement. The Central Traffic Association
having failed to settle the dressed beef Ques-
tion and referred it again back to the trunk
line presidents, a case is expected to result
from that action which will afford them an op-
portunity to point to the Generalization of
railroad rates. and by pressure of short sales
get the market down again. The silver legisla,
tion now plays no part in the course of prices
and the rise which was caused by the first pros
pect of 1t has about been lost. The buying OF
New England extended to Lackawanna, Atchi-
son and some others in the last hour, and i'm
parted some life to the market which had been
practically dead during the rest of the day. and
the close while dull, was firm at about the best
prices which, however, were generally insignlh-
cant fractions from those of the opening
Among the specialties the last prices show
marked improvement in some cases and Pull.
man is up 215, Wheeling and Lake Erie pre-
ferred 12S. New England ~. and Lackawanna
per cent.
day, the sales of all issues reaching only S726-
zoo and the dealings were devoid of feature
beyond the rally in the San Antonio and Ar
kansas Pass 1865, which recovered per cent
to 75
Government bonds have been dull and
steady.
State bonds have been dull and featureless.
The Post says: There is prospect of legal
fight between the holders of the certificates of
stock of the American Cotton Oil Company
(Which was organized for the purpose Of ab-
sorbing the Cotton Oil Trust into regular cor
poration instead of a trust) on the one hand,
and the holders of about 10 per cent of the old
Trust certificates on the other, who not only re-
fuse to go into the new corporation, but are de-
mandlng that suit be begun against the pank-
| ers and brokers who did the buying and selling
last year in which the officers of the Trust loss
some $500 900 in trying to sustain the prices OF
| the Trust certificates in the market. Ine oia
Trust certificates have ranged from .hs :" nsx,
| stock FOR some weeks past, but to-day tney were
| both down, the old certificates being ~ lover
| at o'clock and the new certificates D. In tne