Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-07-19
Washington Tariff News Sends Sugar
Stock Soaring.
GAIN OF 100000 In -FOUR HOURS
Other Stocks Shared SIightlyin the
General Bull Sentiment.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK. July I9-That Congress
has perpetuated II per cent dividends on
the stock OF the American Sugar Refineries
Company. was demonstrated this morning
beyond the possibility of doubt Wall
streets appreciation of the benefits con-
ferred was reflected I'm an advance Of SlI
a share. by comparison with Saturdays
closing level.
The preferred stock paying per cent
dividends and belonging strictly 10 the in
vestment class of securities added eight
dollars to its market price.
This appreciation OF the $4,000 uaa can
ital is equal TO more than SG.oap"no and
was accomplished in less than four hours
of active trading
This extraordinary event is embraced in
the conference report en- the sugar schedulc
The enormous profits of the past lwindie
INTO lhsisnif1cance beside the possihilitils
Of the future.
The frs, transaction in tho stock was
recorded at 1876. the next few moments were
too delrious to permit the consideration OF
fractions.
The next rational report showed the
market to be ls'. and from this point a re-
cession 10 l3Il2 was recorded.
AT the latter level buying for both ac-
counts came I'm. ard after some delay at
the high point of the morning the stock
crossed 40. and proceeded uninterrupiedly
to l44R.
Again realizing sales were attracted but
not a suggestion as to the ACCESSIBILITY Of
short selling was heard
The price has teen advanced steadily for
nearly twenty-five points since the tariff
bill passed the House, and now no one
Is willing TO predict Its probable course.
As a Il per cent stock II should sell as
high as Bell Telephone. its friends believe
but there is a large. conservative interest
which argues that such a transition is i'm
probable and that the safe side of the
market, for the present, Is the outside.
Those who believed in the trusts ability
u come triumphantly through any ener-
geIcy have profited handsomely by the re-
cent movement in the stock. The skeptics
and those relying on the undong OF mo-
ncpo!y have lost heavily. Ii is significant
that the latter class Of individuals are pop
ularly supposed to have been nearest the
seat OF information.
The railroad list made some strides
toward new high levels but the movement
in Sugar had a tendency to monopoiZe the
entire market. All things considered. how
ever, the action of the general market was
very satisfactory, and there would seem
to be no reason for anticipating disaDpoint-
ment as 10 the future course of prices.
The Granger roads are likely to he the
faVorites after Sugar settles back TO nor
NAL conditions. Earnings continue to be
encouraging. and increasing demands from
shippers are reported in the agricultural
districts The low-priced spe~iaiies and
the coal sha"es are being carefully watch
ed by interested holders. and ADVANTAGE
Will be taken of every opportunity TO ad-
vance them.
The street is confident of better times
once the pres. nj session of Congress ends
and prices at the end Of the week are OK
pected 10 be entirely new.