The Washington times., 1894-05-17
YESTERDAY IN WALL STREET.

Sugar Still IAN Active Figure in the Specu'
Iation-The Bond Market Weak and Dull.
NEW YORK, May l6-The share speculation to-
day was characterized by considerable activity,
but the increase in the volume Of business was
due to the Inauguration Of a selling movement
which included Sugar St. Paul, Burlington and
Quincy and Chicago Gas, and in lesser degree
other active shares
The pressure to sell was most pronounced In
Sugar. There Is a growing belief that the refin-
ing sugar interests will not receive that consid-
Grafton of which they have claimed TO be assured
in the tariff bill If 1t should reach final passage.
The situation in Washington is becoming more
unsettled, and the outlook is not &c clear as II
was few weeks back for the sugar people.
The shares of tho sugar trust are, however,
strongly supported when attacked, and the day
after the selling movement started at the OPEN
ing business had spent its force; good buyers
were not found wanting, whose purchases
caused n recovery of the early loss and even sent
the prices temporarily above the opening figure
of the early decline, which was 2ls per cent. The
subsequent appreciation, rs, then followed re-
action Of 13s and L ilnal rally OF "a making tho
decline on the day II. Sugar preferred lost l.
There was quite heavy salo5 OF Burlington and
Quincy in the first hour, despite the fact that IL
was generally admitted that the regular dividend
would be declared Cnd decline OF rs was
effected. Tho announcement that tho directors
had declared the dividend sent the stock up 3B,
but in the later trading {. reaction of l@ was
made The heavy undertone of dealing in these
shares during tho Afternoon goes to show that
the street does not accept the payment Of the
dividend as fairly sufficient proof that Burling-
toms finances fully justified the action OF the
directors.
St Paul was even higher than its sister stock,
and there were evidences OF liquidation of the
shares held by bull pool, which hoped to lind a
market, on the strength of which Ii was hoped the
burlington dividend would inlpart TO dealing
in the granger group These expectations were
not fulfilled, and the price OF St Paul moved
down on the largo offerings made IA with only
II recovery at the close. Rock Island declined
u and Northwest stands unchanged compared
with yesterday Chicago Gas was sold down ~
per cont during the morning on Chicago
orders, rallied "a in the afternoon, and reacted
u, losing per cent. ON the day. break OF 21s
was made in National Lead on sales believed TO
be for the account of insiders, and the stock
closed within y of the lowest point touched.
The general market WIS weak throughout the
day, and closed heavy with prices, as q rule, "a
to u cent below yesterdays final sales; the Ma
tional Cordage, l2z; Denver and Rio Grande pre-
ferred, II; United States Cordags and Cleve-
land, Columbus. Cincinnati, and st. Louis, rs;
Wheeling and Lake Eric preferred, per cent, ,
and Louisville and Nashville Manhattan, Great
Northern preferred, Kansas and Texas, Mobile
and Ohio, and Minneapolis aad 81. Louis pre-
ferred Exceptions were Pacific, New York Cen
trail and Missouri Pacific. which are IA and Is
per cent higher, respectively
The bond market was weak all day.