Evening star., 1896-11-17
FINANCE AND TRADE
Steady Demand for American Sc
curities in London.
SUGAR TRUST fHE INTERESTING STOCK
Things Likely to Affect Its Spec
ulative Value.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, November 17.-Opening
prices this morning were generally steady
around last nights closing figares, and
were well supported throughout the active
trading period. London cables reported a
steady market for Americans, but contin-
ued decentralization in mining shares at
that center. deferred purchases in the rail-
way inve. tment list.
Local selling. as yesterday was con-
Quoted by small clique of room traders,
and was credited largely to the short ac-
count Conservative houses are disposed
to caution clients against cooperating With
the room in its attempts at depression. he
lieving that underlying conditions are op-
posed to such a course.
The scarcity of stocks OF the better class
and the absence of significant liquidation
add color to the growing belief that the
next movement of signific ance will he on
curtdIling outstanding short contracts.
The course Ct American Sugar will he
watched With unusual interest from now
on. as its course is likely 10 influence the
general speculative list. The prevailing ar
Suments are, in the main, opposed TO i'm
mediate material improvement in this prop
erty.
The intrinsic value of the stock is almost
universally admitted, but Congress has al
ways been regarded an institution hos
tile to the best interests of this security
from speculative standpoint. Incidents
i'm the campaign just closed. the radical
changes in the personnel of the next Con-
gress and the public cry against trusts are
factors certain to be revived during the
early winter. Manipulation in the face of
such conditions would be opposed to policy
and without 1t no advance movement would
follow. Once the stock becomes active for
special causes. concerning which the usual
differences of opinion will arise. the general
deserted
cialty.
This view is founded on well-established
precedent and there seems to be no rca-
son for supposing that any innovation is
likely at this time. reduction in all
grades of sugars during the afternoon was
announced somewhat suddenly and the
price of the stock Immediately yielded.
A more careful and perhaps a more gen.
eral. analysis of the recent figures submit
ted by the Manhattan Railway Company
has resulted in some selling of that prop
erty by discriminating operators.
The policy of the company, as will be
demonstrated by the treatment of the
dividend question fn the near future. will
be awaited with much interest by investors
and spectators alike. The Metropolitan
Traction, the reorganized rival OF the for
mer company, held important meeting
today to consider. among other things. the
adrlsability OF declaring scrip dividend
OF 20 per cent on its capital stock.
This action has been contemplated for
some time, but is believed to have been
delayed, IN common with similar enter
prises. until the result Of the presidential
elections became known. This action. if
sanctioned, Will increase the difficulties in
cident to a consolidation of the two COM
panies il is believed.
Sterling exchange was reported to be
STEADY, under an average demand from re-
mitters. The quantity of bills being Offered
| is slightly in excess of the actual demand.
but the market is in condition attracting
little attention as speculative factor.
The money market presents no new fea-
lures, and is. therefore, not responsible FOR
the movement in stock issues.
The character of the trading during the
| final hour was unchanged, with irregular
net results prevailing.