Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-23
NEW YORK STOCKS.
The Sugar Trust Passes Its Regular
October Dividend-Two Stories Re-
garding the Cause, Lack of
Money the More Likely.

garding the Cause, Lack of
Money the More Likely.
NEW YORK, October 22-Ths stock market
to-day was somewhat of surprise, on account
of the ease with which prices were lifted on the
light purchases. Fhe great liquidation in
Wall street has driven stocks from the brokers'
offices and into the hands of strong parties,
making a scarcity of long stocks in the street.
This is now particularly noticeable upon any
attempt to buy. either by the bulls or BEARS
and the raids of the latter no longer bring out
long stocks. and the small depressions caused
by the raids are soon recovered. The market
this morning opened quiet but strong, with ia
vorable advices from London, and there were
good buying orders in the market from many
outside points, Chicago. Boston and even Lon
doE taking their favorites to a limited extent.
The large traders also, who have been SO bear
ish during the past two months, were orking
for a rise. and the offerings being taken with
such ease. the traders in general took the long
side for turn.
Lackawanna and North American were lead
ers in the earl advance, but their places were
afterware taken by the Granger Wizards,
Louisville and speclaltles. Sugar Refneries
was specially weak throughout the day and the
strength in the general list was not sufficient
to hold 1t up. the passing of the dividend being
made special point by those who were work
ing for lower prices, and different versions of
the reasons fr the action was circulated with
TO influence for good upon the stock. 1t was
prominent In all the reactions, and its influ-
e2ce was most prominent in the last hour
when general reaction from the best prices of
the day was made. induced by realIzations upon
the advances. Among the specialries Mobile
and Ohio was the only feature and the business
of the day was principally in the dozen leading
shares. the rest being comparatively neglected
The close was rather heavy, but still at frac-
tionally better figures than the opening. The
fnal changes are almost invariably advances
for small fractions, but Cleveland, Cincinnati
Chicago and ST. Louis is M Nc and Pacific
Mail lc, while Sugar is off Nc. Chicago Gas
sold ex-diyidend and retired small fraction
Railroad bonds were slightly more active aud
the Atchison incomes furnished SI24 200 out of
total days business of 81. .0SS 90O. The market
was firm but showed the usual slight changes
Decatur and Evansville frsts rose 3 TO 1OS,
while Long Island firsts are off ~ at llS Gov
ernment bonds have been dull and firm. State
bonds have been dull and steady.
The Post says: There are two stories
in circulation in regard to the rea-
the Sugar Trust due October /. One is that.
it was considered unadvisabe to pay it in view
of the pending reorganization into a stock
company. The other is that they had not the
money and had not earned the dividend nor
any part of it, in view of the charges that the
properties put into the Sugar Trust to make
the OOOO 600 capital were put in at three times
their actual salable value. The latter seems
much the most reasonable explanation, and If
this is the case 1t becomes a per- inent question
as TO whether the Sugar Trust ever earned the
l0 per cent dividend on the $50 900 OF capital
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: