Evening star., 1896-03-17
An Upward Movement Slightly
Prefgured.
SUGAR MARKET REASSURING
Operators Disposed TO Wait for a
Better Market.
G EN- ERAL SIT ALTON

Special Dispatch to The Evening Star.
NEW YORK, March 17.-There was no in
dication Of any change in general specula-
tive conditions this morning, dullness
coupled with a strong undertone prevail
Ing in all parts of the list. London's early
cables reflected fractional Improvement,
but the volume Of foreign business was not
significant in volume. AS was the case yes
terday the industrial shares absorbed the
bulk of the business. special attention be-
ing given to Sugar. Tobacco and General
Electric. The former stock was in good
demand up to III 3-S. an advance of per
cent from the opening level and a practical
recovery of yesterdays per cent dividend
The character of buying indicates that
Inside interests have not abandoned the
upward movement. and predictions of sub
s!antially higher prices are confidently
made in quarters usually well informed.
sugar market and a good market for the
refined product contribute to the general
supply OF optimistic arguments. The ma
ntpulation in the two stocks last named,
while pronounced. is not aggressive. and
is consequently construed as indicating a
desire to wait until some change in the
general market is recorded.
The prospective dividend on Tobacco Will
undoubtedly be urged later on in explana-
ton of some sudden upward movement.
Operators not already committed are dis
posed to wait for the higher prices which
must follow a more definite announcement
of the policy Of inside interests, and take
risks on the opposite side from the artificial
high level which will temporarily be estab-
Hshed. The strength of Northern Pacific
bonds. particularly the per cents. was a
noticeable and not unexpected result CT the
reorganization plan announced yesterday.
These securities have been in favor with
conservative, far-sghted element for
several weeks. and today's purchases were
credited to inside sources. The Stockhold-
erS will be asked to submit to a practical
recapitalizing of the property, but even
this may prove profitable in the long rum
however. Is lot prejudiced in either direc-
tion as to the advisability Of purchasing
stock for the mere purpose of securing the
privilege Of assisting in the rehabilitation
of this property. Money rates continue sat
fsfactOry, Notwithstanding a gradually in
creasing belief in a higher leyel in the not
distant future. Prudent borrowers are dis
isfactory rate IS quoted for such accom-
modations.
The foreign exchange market While at
tracing but a small volume of business is
being carefully watched by bankers, the
fears Of an attack on the gold reserve not
having been fully dspeled. At the mo-
ment there is no cause Tor apprehension in
this particular, and there is very good
reason for the belief that unusual care
will be taken to avoid an outflow of specie
even should rates be advanced under any
sudden demand.
The sentiment of the street vas strongly
optimistic toward the close of business
traders continuing to buy on all conces-
sions in anticipation of steady upward
movement in the more meritcrious issues
The industrials will continue to attract at
tention for he present, as the strongest
interests now actively engaged in the mar
ket faVorS this group of securities.