The daily morning journal and courier., 1897-11-30
tmaMciaI.
Heavy Speculation in Sugar stock-sales
 Amounted to Over 100000 Shares.

New York, Nov. 2s.-There was an accumulation of commission house or ders in the market in the opening this morning which had come over Sunday as result of the strength displayed by the stock market on Saturday. The quotations for Americans were also run up on the London exchange before the opening here. AS a consequence the market opened with quite an animated buying movement and an advance of a marked fraction all along the line. But the buyers of Friday and Saturday inn mediately set about realizing their profits and the advance came to an un- timely end. The motive offered for the selling was the withholding of the de- cision on the Nebraska maximum freight rate case by the supreme court.
 There were occasional rallies during the day, Sugar mounting strongly up ward after preliminary decline to the extent of almost 3 points. There was very heavy speculation in this stock during the day, sales amounting to one- third of all sales or over 100000 shares, and it's price closed unchanged from Saturday. There was some buying for London account on the decline to cover selling contracts made in London at the early higher level, and this also helped somewhat to steady the market. But weakness soon overcame it again and continued the prevailing tone for the balance of the day, net declines reach ing to nearly point in many leading stocks and exceeding that in special cases. Manhattan was markedly weak all day and suffered a net loss of 1A Peoples Gas also developed late weak | ness and lost nearly a point on the | day. The grangers were quite conspic- uous in the decline, as being most im- l mediately interested In the active spec | ulation in Sugar, sales of stocks ran up to nearly 100000 shares before noon, a figure in excess of any total days trad | ing for several weeks. The continued | strength of the sterling exchange mar ket attracts much attention in view of | the status of the international balances | Posted rates were advanced 1a cent for both long and short sterling. There is feeling that the investment buying of long exchange, the leaving at interest of funds due on balance abroad and the arrivals of gold at San Francisco from | Australia are not sufficient to account for the strength of exchange and that there is much heavier selling of high class American securities by European holders for transfer to this side of the water than at all appears. The high | level of prices for this grade of securi- ties goes to confirm this view. The very heavy increase in the loans of clearing house banks amounting to over | $14 100000, as shown in Saturdays bank statement is, also being closely consid& cred. The explanation that the increase was connected with the Union Pacific company's payment to the government does not entirely cover the ground, as | the expansion of loans previous to No vember 20 was already sufficient to ac- count for that operation and was at- | tributed to it. Saturdays statement seems to indicate that the payment tc the government swhich was left on de. l posits in the banks, had already beer immediately placed in loans. As the l Union Pacific reorganization committees was supposed to have already secured l all needed funds before last Mondays payment to the government, it is diff | cult to account for this large absorp- tion of money in view of the known condition of the money market demand for money being very dull in all depart ments.
 The bond market was quite active and broad and prices were higher in al most all cases. Total sales, $1,S00,000.
 United States old fours registered art h higher bid, the fives A higher bid and the new fours F higher bid. There were sales of the new fours coupon a | 12S1s, the highest on record.
 ! Australia are not uicottnefnDWDW | Following are the closing prices re ported by Prince & Whitely, bankers | and brokers, 46 Broadway, New York and 15 Center Street, New Haven:
 Bid. Askel l.