The times., 1897-06-23

There Las been considerable comment
among rhe Washington traders on the
facts published in The Times a day or So
ago, relative To the interest which STANDARD
OIL is acquiring In the American Sugar Re-
fining Company. There can be no question
about the truth of this story, and it is
SO important that every one who read
it recognized its Importance. Sugar WAS
rather heavy yesterday, owing to what
was cleady manipulation by the insiders
to create "a short interest. Every attempt
they made, however, to get the price down
was sturdily resisted by the great num-
ber OF people who are now bullish on the
stock. The traders who took advantage of
The Times tip will be foolish If they allow
themselves to be scared out, as there is
the immediate prospect of fine advance
in Sugar stock.
The insiders in sugar were very short
sighted in allowing the stock to advance
asst did when the tariff probab bilities turned
SO strongly in their direction. They should
have done everything to hold the stock
down on such good news 1t is not good
plan to gloat So openly over victory
as they did on this occasion. They ciaim,
OF course, to their friends, that they held
sessed, and that the public generally sim
ply carried them off their feet. 1t is not
very good argument, however. L do not
believe that the insiders of Sugar have
any very strong desire at this time 10 keep
the prices down. 1t would cost too much
money with the feeling as it is among
the public My best informants tell me that
there is every prospect that the rise win
come now without further decline, or at
least not more than half a point or so.
The Grangers and the Vanderbilt stocks
led the market yesterday in fresh and fine
exhibition of strength. New York Central's
excellent reportfor the Jun equarter was one
cause. There was material increase in
the gross and net earnings and an increase
in the surplus after the dividend of $780,
600. The annual report was about what
was expected. In the case of Northwest,
not only is the outlook for earnings of the
best, but the readjnstment of the cOmpany's
maturing bonded debt is also understood
to be in contemplation. The tip in The
Times on Northwest yesterday morning
was worth good deal to those who
took advantage of it. The probabilities
are, am told, that the advance in North
west will continue, as well as in the other
Vanderbilt and Granger stocks. There are
rumors that a pool has been made mp with
the intention of carrying Northwest up
to 125 within thirty days. Perhaps the
thing won t be as good as this.
There has been no action taken by the
Chicago city council on the matter of
new companies to rival the Chicago Gas
Trust However, rumors that there may
be such trouble ahead for the gas COM
pany caused gas yesterday to lag with
Sugar, almost the only stocks on the
board that did. The best people, how
ever, are still buying Gas in the belief
that its advance is assured. Under
consolidation the expenses of the trust
will be reduced to the extent of 1 1-2 lier
cent on the stock The earnings are
increasing materially over last year, be-
cause Of the reduction In the price to 81.
Mr.. F D Carley says Important orders
from Europe have beel executed IN New
York, and the international gossipindicates
a growing sentiment in London in favor Of