The morning call., 1893-03-08
MOVEMENT OF STOCKS.
Effect OF the Serious Condition of the
Nations Finances.

New YORK. March 7.-Stocks opened
weak and lower. The feature was the
heavy selling Of American sugar, which
broke 10 11612, against 1928 at the close
yesterday, on rum0rs that the directors
will not declare an extra dividend after all.
The general list declined Il to IL on fears
of tight money and further gold exports
There was further decline later, owing
largely to the sales of stop" orders Spec-
ulation, however. was by no means active
or excited, some Of the room traders Drac-
tically having the field to themselves. Sub
sequently rally set in and sugar rose IL 10
119A and whisky to 49,
The improvement otherwise was frae-
tiOnal. At II o'clock the market was steady
and money working closer again. Call
loans opened al 90 to % The supply was
limited.
The feature of the stocks after II o'clock
was another break in sugar, which sold as
low as 11TB, net decline of 5ss The
selling was due chiefly to the continued
reports that there would be no extra divi-
dend. The stringency in money had a
tendency to check speculation, but as the
shorts were dis osed to cover, rally oc-
Cured before 10 o'clock. Sugar recovered
1 from the lowest. The general list i'm
proved and at noon the market was steady.
There was decided change in the tenn
per of speculation at the Stock Exchange
after midday. Everything in the list moved
up under the leadership OF American sugar,
which bounded up from 116A to 1908 On
the semi-otficial announcement that the
directors would this afternoon declare an
extra dividend of 10 per cent and place
common stock on a u per cent basis. The
fact that the railway list had shown such
resisting power earlier in the day, notwith-
standing the terrific hammering sustained
by industrials. frightened some of the
smaller shorts, who started in 10 cover
Money at the same time became percepti-
bly, easier. and the report was circulated
that the Government had after all decided
to sell bonds and reeoup its stock of gold.
Some of the traders with bullsh procliyi-
ties were quick to see the rally could be en-
gineered, and commenced to bid up prices
In little while an advance of y TO per
cent was recorded, and at 2 10 p. NJ. the tone
of the market was strong. This advance
was continued after 215 P. NJ, the rise be-
ing stimulated by a decidedly easier none
tary condition. Sugar sold up to 12215 but
let off at 120%. The remainder of the list
held the advance well, and in a majority of
instances the final quotations we're above
those of yesterday. The market closed firm.
1t is reported that the directors Of the
American Sugar Refining Company this
afternoon, in addition to the usual quarterly
dividend of 1A per cent on preferred
shares. will announce the declaration of a
quarterly dividend of 3 per cent and an
extra cash payment of 10 per cent on CON-
mon.
CHICAGO. March There was a rumor
On the Board OF Trade this afternoon that
the Government had decided to issue
S50,000.O01 Of bonds, and this sent wheat up
nearly cent The Associated Press cor
respondent at Washington telegraphs at
$3.50 o'clock this afternoon: "rhe Cabinet is
now in session. No bonds have been issued
yet. What may be done is conjectural."