Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-24
NEW YORK STOCKS.
Heavy Drop in Sugar Refineries Caused by
Distrust in the Financial Condition
Of the Trust-Market Oth.--
wise Featureless.

wise Featureless.
NEW YORK, October 23-The stock market
on the whole was active to-day, but the heavy
deals were all in Sugar Refneries. which gave
tone to the entire market, and decided weak
ness was the rule of the day. There have of
late arisen distrust of the monetary situation,
and strenuous efforts have been made to
create feeling of uneasiness over the none
tary outlook in Europe, although the best
judges say that there is no real cause for dis
quiet,
With the first sales this morning flood of
stocks, usually favorites with London, were
poured upon the market. effectIng material
depression in values. The most important ele-
ment in creating this depression. however, was
the weakness in Sugar Refneries which again
assumes its old position of the chief disturber
of values. There have been of late all sorts of
rumors in circulation in regard to
the trust, and the possibility of a receiver,
with the result of bringing food of long stock
upon the market. Many stop orders were I'M
covered and for 7215 last evening it was ratified
off to 69A, where some support was met. This
was exhausted in rally to 5O1a. and in the aft
ernoon further drop to 67n was made, after
which rally to 6S3s exhausted the recupera-
tive power of the stock, and it went down to
6615 in the last hour. net loss of per cent. 1t
rallied feebly in the final dealings, but closed at
close to the lowest point of the day. Chicago
Gas sympathlzed to the rumors of a new suit,
sending it IF 2M per cent, and while the rail
road list met with some severe pressure, prices
kept within fractions of the opening figures in
most of the list though Union Pacific and
Louisville and Nashville we're weaker than the
rest. especially in the afternoon.
Money appeared scarce in the forenoon. and
rates call were run up to per cent, but
loans were made as low as per cent, and funds
were offered at that at the Close The market
closed active and weak at or about the low est
prices of the day. The final losses are gener-
ally small fractions, but Sugar is off 554; Chi
cago Gas. 25S: Louisville, l5s; Cleveland, Gin
cinnati. Chicago and ST. Lnuis, ~; Union Pa
cifc, l33s: North American, lH, and Northern
Pacific preferred, l per cent
Railroad bonds were quiet and without
feature of Importance. although Atchison in
business of s939, 600 The few marked changes
were generally in the direction of higher prices.
Government bonds have been dull and firm.
State bonds have been dull and featureless.
The Post says; he great feature of the day,
and the one which did the most to express the
whole stock market, was the heavy selling of
Sugar Trust. The cause of the heavy decline
was merely the increasing distrnst of the inan-
cial condition. 1t is now well known that
prominent member of the Board of Trustees
has said that "for a long period antedatlng the
and that consequently the inference is that at
least some of the recent dividends paid were
not earned. In the last half hour money was
down to per cent on liberal offerings by lead
ing trust company.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON. oldest Pittsburg MEM
bers of New York Stock Exchange, 81 Fourth
avenue: