Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-24
TRUSTS WEREsACTIVE.
Wall Street DuIl and Fentureless-specuIat-
ing on the Futuro of the Marker--Change
In the Policy of the Treasury
VIII EfTacf.

In the Policy of the Treasury
Will Have Its Effecf.
NEW YORK, July 23.-The stock market to-
day was as dull as ever for the railroad list but
was given an appearance of animation by the
activity in the trusts. The firm undertone
which has become SO pronounced character
istic of the market of late was still retained,
but the fluctuations. except in few special
ties, were on the usual limited scale. The
street is as near dead as possible, but the few
habitues who still are left are inclined to take
an optimistic view of the future, both as re-
CARDS prices and business The hopes of the
street are now centered on the probability of
the Secretary of the Treasury obtaining suffi-
cient offers of bonds to relieve the situation
and insure an easy money market during the
fall, when the demands for the moving of the
crops shall cause the withdrawal of funds from
the New York banks.
The waiting attitude is taken on all the
questions now open which have a bearing upon
the values of securities and while the news
from the railroad meetings is on the whole
rather favorable. 1t has no influence further
than to maintain the firm tone of the market
against the dullness. The principal attention
was paid again to Sugar Refineries to-day, the
talk of the reorganization, which 1t appears is
now to be undertaken In earnest, helping on
the bull speculation in it. and a material ad-
vance occurred. A feeble response was made
to this rise by Lead Trust and some of the
specialties, but In no other stock was there an
important movement during the entire session.
Lead was helped by the reports of large earn
ings and the talk of dividend, although no
definite information was to be had in the mat.
ter. Among the specialties Citizens Cas- of
Brooklyn, advanced 1L per cent Hook
ing Valley, Pullman and Denver and
Rio Grande preferred were active
without special movement andh no influence
upon anything else. 1t transpired after the
close OF business that the trustees of the Sugar
Trust had to-day begun suit in Kings county
for the purpose of winding up the Trust and
disposing of the properties composing it. The
strength of the stock during the day was there
fore fully accounted for. The market in gen.
eral continued dull and ltstless until the close,
which was dull and steady to firm at about first
prices Another factor which creates an i'm
proved good feeling is the fact that it is now
clear that the crops have been injured only IN
Kansas. Sugar is up ~ and Citizens Gas u,
but all other changes are slight.
Railroad bonds were fairly active, the trad
ing extending to slOSo,0O0 distributed over
large number of issues. The changes in quota
tions, however, were on che same limited scale
as usual of late and only few bonds show any
important fluctuation.
Government bonds have been more active
and strong. State bonds have been quiet and
firm.
The Post says: The public have reason to ex-
pect that there will be change of policy on the
part of the Treasury and that there will be
large purchases at an important advance In the
prices of the bonds. One direct effect of this
expectation Is that since Saturday the per
cent bonds have advanced per cent to l02 at
noon to-day.
The check given to speculation in London by
the South American financial troubles can
scarcely last much longer The Argentine Re-
public will within the next week or so either
be obliged to suspend specie payments or wliI
show its ability to maintain them, and in either
case, the London money market Will De re-
lieved from its present suspense Ihese are
the aspects of the general situation wh1cn I'M
part rising tendency to the stock Market IN
spite of its dullness. The expectations OF
superabundant supply of money in July nave
thus far been disappointed, and there are some