Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-06
FEVERISH AND IRREGULAR.
Heavy Trading In Reading and Sugar Re-
fineries-The Former Pounded to
Death, but the Latter Scores

NEW YORK, March 5.-The stock market so
far as the general list was concerned. was inst
as dull and as stagnant as during the past
week, but the heavy trading in Reading and
Sugar Refineries brought the total up to a very
respectable figure The list showed tendency
to advance, but the hammering of the bears
upon certain spots gave a feverish and irreg.
ular look to the market as a whole.
The bears are accused of manipulating the
rates for exchanges, and are said to have
bought sterling heavily in order to prevent the
decline to point which would permit of the
shipment of gold to this country at a profit.
This manipulation may delay for time the
coming of gold from Europe, but as Berlin and
London owe us a large amount for investment
bonds bought within the last go days. to saw
nothing of the recent purchases of stocks, the
sending of gold from the other side cannot long
be checked.
Dizziness and stagnation marked the opening
this morning. and first prices, except for Sugar,
which was up per cent, and Manhattan, which
was up 2 were only slightly changed from those
of last evening. The bears tried their hands
upon Western Union at first, being still en-
couraged by the postal telegraph scheme
Western Union yielded slowly and when the
pressure was lifted almost all of the decline was
recovered.
Reading however, was the great feature of
the day, and was weak on a flood of short sales
based primarily upon the dullness of the an
thracite coal trade, though Philadelphia was
credited with disposing of some large blocks of
the stock. 1t was found to be unprotected, and
was rapidly sold down from 394 to 36A, closing
at the lowest price, With the decreased de-
mand for anthracite coal comes an increased
one for bltuminous. and on this Wheeling and
Lake Erie preferred has shown marked strength
of late. To-day it yielded over l per cent, but
the decline brought in support and it rallied
sharply.
Sugar made further progress in the afternoon
after hanging around &c all morning. 1t rose
rapidly toward p. N. and touched 66lL re-
companying the upward movement was that
the directors would declare a dividend of 215
per cent. The general list was very little at
fected by the movements IN the leaders and
the changes were insignificant as a rule. LOUIS
vile and Nashville was also pressed for sale
and scored a material loss for the day.
The market finally closed dull and steady.
The final changes of note include only losses of
"a in Reading and IL in Louisville and Nash
vile, with a rise of ~ in Sugar Refineries.
Rallroad bonds we're somewhat more active
to-uay, but there was no change i'll the temper
oil dealings, and the list, a rule, was steady,
though Some important changes were made in
both directions The sales of all issues reached
Sl,Zl.VUO. Among those which are higher,
lI734. 20
The Post says: An advance in the rates of
foreign exchange is usually unfavorable to
prices OF stocks and securities because under
ordinary circumstances it indicates a move
ment OF capital from the United States to
Europe, and is usually accepted as evidence
either that foreigners are selling American
securities, or else that exports Of American
products have fallen of. In either of these