The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-01-30
SUGAR is LEADER
STOCK MARKET MANIPULATED BY
THE PROFESSIONALS.

News of General Bearing Is Lacking. the
Two Leading Shares in Point of Activity
= and Advance. Sugar and Tobacco, for
Once Escaping Hitherto Persistent
Eumors-st. Paul. BurIing ton and kead-
Ing Represent the Railways-London n
Factor OF Little ACCOMPLISHMENTS
Outlook Taken as More Hopeful
New York, Jan. 29.-The speculative
movement in stocks today was not
attended by any news OF a general
bearing and the widest huclUa tons
that were recorded were unexplained
except in so far as professional manip-
ulation was concerned. This was es-
pecially true Of Sugar, which by far
outranked any OF the other leading
active stocks in point of activity and
advance, and Of Tobacco, which came
not even a vestigate Of gossip regard
ing either OF the stocks mentioned.
The larger percentage of business was
in the industrials, only three of the
railroad list, St Paul, Burlington and
Reading, recording noteworthy totals.
London was not much OF a factor be-
yond moderate selling orders The in
itial prices were generally at slight
concessions from yesterdays closing
figures and in the early dealings pres
sure was noticed against the grangers.
The tone of the market soon changed
to positive strength, and. under heavy
purchases for both accounts, advances
occurred in the active list. ranging up
10 per cent, with the coalers, Tobac-
co. Sugar and ST. Paul leading. The
movement in the first named was due
primarily 10 the prevailing impression
that the officials controlling the great
anthracite properties have determined
10 put an end 70 the decentralization
which SO seriously affected revenue in
the past two years. Careful analysis
OF the Reading report of opera lions
for December, which was published
yesterday, resulted in estimates OF de-
cided improvement in the returns OF
all OF the anthracite companies. The
publication ofShe preliminary annual
report of the Delaware and Hudson
Canal company fell fiat( probably be-
cause the news has been discounted.
Among the specialties Minneapolis and
St. Louis firsts preferred rose 4 per cent
and Minneapolis and ST. Paul second
preferred per cent on favorable exhib-
IL of earnings made public today. Con-
solidated Gas continued its upward
course, rising per cent, 10 157s per
cent. This figure records a raise thus
far this week of 11l2 per cent. Other
gas stocks have also scored remark
able gains. Mutual gas is up l per
cent: Standard common per cent and
Nf,rra al 1a l.
file in Wall Street regard the strength
of the securities as almost proof pos
itive of the reported impending con-
sOlidatiOn of all New York interests.
The execution of realizing orders and
the selling for foreign account, pre-
viously noted, caused recessions after
the first hour, wIping out most of the
early Improvement. Chicago Gas was
UnfayOrably affected 10 the extent of
is per cent 10y rumOrS of an adverse
decision by the state authorities OF
Illinois on the consolidation question.
The denial of the report was followed
by practically a full recovery in its
price in the late trading. An easier
tendency TO the market for dry hides
and sole leather was alleged to be
the reason for drop of IL per cent in
leather preferred. The loss in this in
stance also was fully made up later.
Sugar was taken in hand by the agent
of the pool, and marked up to 10SIa
per cent, as against 1861 per cent, the
early low point. The buoyancy in the
stock impaired sympathetic strength
to the general market. ST Paul ad-
vanced TO 7212 per cent, and Northern
Pacific preferred rose ~ per cent on
increased earnings for December. and
the half year. The decision OF the su-
preme court fixing the jurisdiction OF
the various judges in the litigation was
also a factor. The closing tone was
easier on realizing sales but the losses
were fractional, aside from Consolidat-
ed Gas. which left off at yesterdays
closing.
The railway bond market was less
active, but displayed firmness. North
ern Pacific issues moved up 1zH21s
per cent. The aggregate dealings were
81, sos. 900.
Governments ruled firm and higher
and purchases were made Of $4,000.