The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-06-13
STOCKS AND BONDS
SUGARS CONGRESSIONAL OoMPLI-
CATIONS RULE THE MARKET.

There is Selling to Take Profits In Sugar
and This Induces Realizstions in Other
Shares, So That tho Net Result Is an
Average Loss for the Days Transactions
Sugar Now Looks Beyond the Senate's
Action to That of the Conference Com
mittee. and Then some, Navbs-Grang.
ers Close at Losses.
New York, June 12.-Sugar asserted its
leadership OF the market quiet emphaticaIy
today and the tone of the market was al
most wholly dependent upon developments
IL it. The obvious fact that there was SELL
ing TO take profits in Sugar was the potent
influence in causing realizing sales in other
stocks. The consequence is an average loss
for the day in the prices of stocks. There
was vigorous manipulation in Sugar to hod
it at the high level and even to raise that
level. on the strength of benefits to accrue
TO the company from the sugar schedule
ADOPTED by the senate. But those who
had benefited by the weeks rise in Sugar
argue that the present price represents the
value 10 the stock from the senate's action,
and that the next influence 10 be taken ac-
count OF IS the conference committee of tbs
TWO houses. AS the action of this commit
tee will in all Likelihood be less favorable
than more favorable to the refined sugar
Industry than is the senate schedule, trad
Prs were inclined to discount further fall
IN the prices. There was some short SELL
Ing in accordance with this view, in addi-
ton TO realizing sales which combined to
carry the price down nearly 2 per cent
from the highest The dealings in the
stock represented fully one-fifth of the to-
tai transactions. The fall in Sugar car
led down prices throughout the list and
practically oblterated early gains except
In few instances. The coal stocks were
quite notably strong in the early dealings.
Il is a noteworthy fact that these stocks
make up the only group in which there is
any short interest left after the recent con-
tinuous advance of prices. The fact had
no small part in today's strength in the
stocks, but did not save them from feel
ing the effects of the late selling movement
the early gain. In fact. New Jersey Gen.
trail finally rallied to near the top price
which was points above last lights close
Tobacco was higher on manipulation The
low-priced shares showed great activity
and continued strength, Brooklyn Rapid
Transit leading the improvement with a
gain OF rs per cent. In the decline, which
effected the whole market, Kansas and
Texas preferred showed the extreme fall
among the railways OF points. Changers
were comparatively inactive and moved
within very narrow limits, but closed with
fractional net losses
REVIEW OF THE WEEK.
The week just closed is the third show
ing continued aggressive strength In the
ctock market. The market has been sus-
tanned all week by the aggressive strength
of Sugar, growing out of the agreement OF
the causes of the senate Republicans upon
a sugar schedule, which Is viewed with ap-
prevail by the friends of the Sugar COM
pany. This being the case, it was natural
that the whole market should give way to
a degree under the break in Sugar today on
realizing sales. But the week nevertheless
represents as a whole another step for
ward in the progress towards a higher
range of values. which has been going on
ever since the senate took up the tariff bill,
and demonstrated that IT could dispose of
Ii with reasonable promptitude This, with
the decision of the supreme court against
the right of the interstate commerce COM
mission to fix the railroad rates, gave the
endured ever since A most striking fea-
ture OF the weeks market has been the
comparative inactivity but firmness of the
granger stocks. which strongly led the early
Improvement. They have halted during
the past week, while other groups in the
market were taken in hand and brought up
20 their level. Professional traders have
wrought this result largely by selling of
grangers TO take profits and putting the pre-
ceeds into other stocks preparatory TO
bull movement in them. The net changes
IN the grangers have been trivial, part
showing gains and part losses. The daclara-
,,on Of the usual Quartely dividend on Wes-
tern Union of IL per cent solvel a long
standing doubt in Wall street, and this
together with the favorable quarterly state
lnent of the company. and the increased
earnings of Manhatta served TO take these
tavorites of the bears out of their hands
and then drive them to cover. Western
Unions statement has also been made
much of as indicating the Improvement III
general business conditions, 10 which the
telegraph business is always regarded as
an accurate index. The recent growth of
the telephone business in competition for
7hort distance business makes Western I'm
ions statement all the more significant in
the stocks OF iron companies has been an
other indication of improving trade oondi-
tons. and is attributable to the rise in the
price OF iron. The fact that the largely
increased volume of business IN the iron
Industry which followed the break in the
various pools IS being succeeded by ir1prov-
ing prices. is taken as an encouraging sign
Eeasoning by analogy. the large volume Of
dealings in many lines of trade now IS ad-
mitted and hopes are awakened that prices
generally VIII also improve with awakened
business activity. she weeks gain OF the
ron companies range from II. per cent in
Hooking Valley Coal and Iron 10 points in
Minnesota Coal, intermediate gains beins
shown by Illinois Steel. Colorado Fuel and
from and Tennessee Coal and Iron. Quite
q feature In the market all week has been
the aggressive strength shown by the low
priced shares. esrecially those OF reorganiz-
ed companies. ne preferred stocks lead
ing. Oregon Nsv,yation perferred leads the
Improvement il this class. with a gain OF
- per cent. The coalers have proved
strong all week and New Jersey Central
closes 5is per cent higher: Lackawanna :
per cent. Delaware and Hudson SIS per
cent and SusQuehanna and Western prefer |
red and the Reading stocks. the latter in |
HedNs uedii4-SS' over point higher Other /
notable mex gains are: Sugar and New |
Haven, per cent; Sugar preferred, Rubber |
preferred, Northern Pacific preferred. ST |
Paul and Duluth, Oregon Short Line (when |
issued). Lake Erie and Western preferred.
Omaha preferred and St Louis and San |
Francisco first preferred. per cent. or |
over: Cotton OIL preferred. Tobacco pre-
ferred Bay State Gas. Linseed Oil. Cana |
dian Southern. New York Central and St /
Louis and New York Central and ST Louis 1