The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-13
RANK STATEME NT.
' York, June le.-The weekly bank
STOCKS AND BONDS.

New York, June 12.-Sugar asserted
its leadership of the market quite en-
phatically to-day and the tone of the
market was almost wholly dependent
upon developments in it. The obvious
fact that there was selling to take pro-
fits on 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
hold it at the high level and even to
raise that level on the strength of bene-
fits to accrae to the company from the
sugar schedule adopted by the Senate.
But those who have benefited by the
weeks rise in Sugar argue that the pre-
sent price represents the value TO the
stock from the Senate's action and that
the next influence to be taken account of
is the conference committee of the two
houses. AS the action of this company
will an all likelihood be less favorable
rather than more favorable to the refined
sugar industry than is the Senate sched-
ule, traders were inclined to discount
future fall in the price. There was
some sort of selling in sugar in accord
ance with this view, in addition to real
lZlDg safes WHICH, GOLlUlUeu W carry luG
price down nearly two points from the
highest. The dealings in the stocks
represented fully one fifth of the total
| transactions The fall in Sugar carried
down prices throughout the list and
practically obiterated early gains except
in a few instances. The coal stocks were
quite notably strong in the early deal
ings 1t is noteworthy fact that these
81, 1tg,h
there is any short interest left after the
recent continuous advance of prices.
This fact had no small part in to-day's
strength in the stocks, but did not save
them from feeling the effects of the late
selling movement, but not to sufficient
extent to wipe out the early gain.
The week just closed is the third
showing continued aggressive strength
in the stock market The market has
| been sustained all week by the aggres-
siye strength of Sugar, growing out of
the agreement of the caucus of Senate
Republicans upon sugar schedule which
| is viewed with approval by the friends
of the Sugar Company. This being the
case. it was natural that the whole mar
ket should give way to degree
under the break in Sugar to-dayson real
izing sales. But the week nevertheless
| represents, as whole, another step for
ward in the progress toward a higher
range of values which has been going on
i ever since the Senate took up the tariff
| bill and demonstrated that it could dis
| pose of it with reasonable promptitude.
| This, with the decision of the Supreme
court against the right of the inter-
| state commerce commission to fix the
| railroad rates gave the distinct impetus
| to the market which has endured ever
since. A most striking feature of the
! weeks market has been the comparative
/ inactivity but firmness of the granger
stocks, which strongly led the early inn
/ proyement. They have halted during
| the past week while other groups in the
! market were taken in hand and brought
I'D to their level. Professional traders
/, have wrought this result largely by the
| selling of grangers to take profits and
putting the proceeds into other stocks
preparatory to a bull movement in them.
| The net changes in the grangers have
been trivial, part showing gains and
part losses. The declaration Of the usual
quarterly dividend on Western Union of
IN per cent solved long standing doubt
in Wall street, and this together with
| the favorable quarterly statement Of the
| company and the increased earnings of
| Manhattan served to take these favor
ties Of the bears out of their hands and
then drive them to cover.
Quite feature in the market all week
has been the aggressive strength shown
by the low priced shares especially those
of recognized companies, the preferred
stocks leading.
Total sales of stocks were 1l0,75l
shares, including the following: Sugar
21,3OO; Burlington and Quincy $500;
Northern Pacific preferred 5000; West
ern Union Telegraph $500; New Jersey
Central $500.
The bond market displayed a very
strong tone during the week, with the
dealings in considerable volume. The
market was governed to a considerable
extent by the developments operating to
:. enhance share values. Purchases by
Aeading interests impaired decided inn
etus to the general tendency with the
\c.aisE for the liens of recognized
les very brisk. Transactions for
ntal account were in large vol
and included purchases of the more
~ ent international mortgages. Some
of Saddle grade bonds were market
ed, bN ae offerings were readily absorb
ed and1E more general disposition was
evident to carry lines Of the low priced
speculative issues. The usually inactive
securities were conspicuous in the spec
ulation and sustained material improve
ments generally.
The gilt-edged bonds commanded fair