The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-02-09
LATEST LONDON ouorArroSs.

The professional element concentrated ita
efforts upon Sugar Refining to-day and at ono
time succeeded In depressing tho price 2A
cent. below tho anal figures of Saturday. The
selling was based entirely upon the legislative
inquisition directed against so-oAlled trusts. Tho
feature OF the transactions in Sugar Refining
to-day was the same dovetAiling. or apparent
matching, of orders that has scaudalized tho
great majority of members OF the Stock Ex-
change for several days past. The brokers who
execute the manipulativo orders can hardly
DO criticised for doing 90. Tor. no matter
how strong their suspicious NAV be that
they are parties to illegitimAte transactions, they
have no proof upon which to reject business
that brings them . livelihood. IL 10 possible that
no steps can bo taken to prevsntdiscredited and
unscrupulous operators from causing fictitious
transactions to DO made on the floor OF the Stock
Exchange. That 10 the misfortune OF the Ex-
change. particularly whom II 10 done to such an
extent a. TO be q matter of notoriety.
The raiding and marking down OF Sugar Re-
nninG. together with the preponderancs of
transactions In the stock, naturally affected the
remainder OF the list. and especially the other
Industrial shares. II the movement In Sugar
Refining. since the legislative committee on
Trusts" began its labors should be regarded
As . precedent, It would logically follow that
that COMMITTEES will play into the hands Of the
bears until Il has exhausted the list Of corpora
lions that Il proposes to Investigate. The effort 10
deprsss prices. which wero not confined en-
tirely to Sugar Refining. were accompanied by
an absurd report that . portion OF the navy had
been ordered TO proceed TO Cuba. A denial OF
this report was promptly obtained from the
Navy Department. The Demonstration against
values was also favored by meteorological con-
ditions which were woll calculated TO mako the
day blue Monday"
The actual news OF the day was far from be-
ing unfavorable. Additional evidence was fur
nished ut Washington that alarming action by
Congress regarding the cuban situation IL de-
cidedly improbable at the present session. An
unprecsdentedly large sale Of cotton goods Mt
Fall River. absorbing all Of tho supply at that
centre. cannot but DO regarded as q most sig
nifcant transaction. At tho same time. the
market for wool ut Boston 10 unusually active
at q material advance In prices. In this city
II 10 learned that samples of woollan goods
recently opened are attracting . crafty
ing number OF orders. In many cases
the volume Of business already transacted Is
larger than that done In tho corresponding Do
riod of last year. For tho first time since tho
early part of November advices are coming to
hand Of q resumption of work by mills and fac
tories and OF Increases In the number OF hands
employed. The announcement this morning
that the now management OF the American
Spirits Company is looking to an expansion Of
tho company's business through tho develop
ment Of n large export trade, II the necessary
modification In the internal revenue regulations
can DO secured. indicates the adoption Of an
aggressive and Intelligent policy.
In the last half hour OF business the short
interest In Sugar Refining apparently became
alarmed. Some Of the testimony given before
tho bucolic Paul Prys from Albany was con-
strued by tho Street rs confirming circum-
stantial evidence Of the strong financial position
Of the American Sugar Refining Company.
Besides. the adjournment OF tho legislative In
quiry until next Saturday leaves tho Wall street
allies OF the - monster hunters with no fresh
material to work upon. In consequence Sugar
Refining rallied moro than g points, and closed
only fractionally lower than on Saturday.
Tho remainder OF tho list also rallied,
90 that tho only noteworthy net decline
recorded was that Of ~ y cent. In American
Tobacco. which has ever been distinguished al
enjoying an almost absolutely machine-mAde
market. This average net loss for tho entire list
was something less than half OF 1 y cent. The
manner In which the fairly active stocks re-
covered within less than half an hour q large
part Of tho ground lost during the first four
hours or 30 Of business was regarded generally
As evidence that comparatively little OF the
carly selling was liquidation. The closing was
In the main steady.
Final sales compare with those of Saturday
IA folloWa: