The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-13

A net advance Of nearly @ points In Sugar Re-
hning, which closed at tho highest point ever
recorded for 1t, overshadowed all other movo-
monts In to-day's stock market. The movement
included, of course. unusual activity. q circum-
stance that resulted in comparatively unimpor- |
tant dealings throughout tho remainder Of tho
list. There was only ono logical explanation Of
the market for Sugar Refining, namely. that
the Tariff bill as agreed upon in tho con-
ference mmitt Of both houses of Con-
gress will contain either tho sugar SEIZED.
ulo as passed by the Senate or one nearly
as advantageous to the refining industry. This
view was both suggested and corro5orated by
the stock tape, for no definite from
Washington has come to hand as to what the
decision of tho conference committee will be.
A good deal Of the buying Of Sugar Refining,
particularly in the late dealings. was APP
parently to cover shorts. and the final adj
vance to 1876 was brought about in part
by the comparatively small amount of stock
In sight. 1t has been tolerably plain all along
that the sugar refining industry Is not likely to
suffer seriously by a readjustment Of the tariff.
II no other Information were obtainable tho
course of Sugar Refining since tho tariff discus
sion began has been strong circumstantial owl
dence upon this point.
The news affecting prices was in the main fa-
vorable to-day, but much Of IL was ignored be-
cause Of the extraordinary interest in Sugar
Refining. The Government crop report. issued
after the close of business on Saturday, shows q
marked improvement in the condition Of tho
winter wheat crop as compared with a year ago.
and only q small falling of in that Of spring
wheat. An indicated decrease of nearly 10 points
in the condition of the corn crop was regarded in
the trade as likely to DO Offset by the higher
price obtained for that cereal. The fact that the
President has decided not to send Congress q
message regarding the currency at present, and
probably not until just before tho close OF the
session, and then, presumably. without any
expectation of its being acted upon, was
another favorable development, yet one which
did not appear to be fully appreciated.
The Granger stocks were comparatively neg.
looted and were very nearly stationary; but
Chicago Gas displayed q good deal of strength,
and OF tho usually active stocks was the only
one other than Sugar Refining that scored q
noteworthy net advance. though It was less
than q point. 1t was learned to-day that the
Chicago gas companies will effect their reor-
ganization under the charter Of tho
Peoples Gaslight and Coke Company, which.
It 10 asserted, 10 an unusually broad
and liberal franchise, and which pro-
vides, among other things. that tho company can
charge up to 80 per 1000 feet for gas. No ono
imagines that the management will attempt to
take advantage of this provision to its full OK
tent, particularly as 1t is tho policy of the com
pnuy u btluuihtc COubuuptiOh u tuclT pTOuuC
by furnishing 1t at as low q price as is consist
ent with o fair return on the capital invested in
tho enterprise.
1t 10 evident that speculative interest will CEN
tire in the Tariff bill until 1t comes out Of confer
enco and then until the final vote Is taken. The
rapidity with which, according to all accounts,
the committee is passing upon the bill would
seem to indicate that many of the important
changes made by the Senate, such as those in
| tha ~ arhAdnla vwara arnuiaacad In hv tha
leaders of the party in power in the
House as they wero made. These two cir
cumstances would seem to foreshadow prompt
action upon the bill when reported from the
committee. The only unfavorable development
to-day was the preliminary statement of thu
, Louisville and Nashville Railroad for the yeaI
ending juno 80, which Is printed further on IL
this column. The decrease Of over $500. 600 II
the net result for the year may explain
some Of tho recent selling of the stock b!
London. Foreign 'arbitraRe houses continued
to sell stocks to-day. though not on an ex
tensive scale. AS tomorrow Is the frs
making-up day of the fortnightly settle
. ment on the London Stock Exchange, 1t may b.
= possible to determine from the course Of thu
market for American securities there whcthe
or not any considerable proportion Of the rocen
selling OF those stocks has been for short &C
count. In the bond market the heaviest trans
actions were In Fort Worth and Rio Grand
irsts. at q net advance of nearly a point. Thes
bonds, which began to receive attention severn
days ago, will begin to draw interest at 4
cent. at the expiration Of 4ia years, and ar
q first mortgage upon a substantially cor
structed line which enjoys a CONSTANT
y Increasing volume of traffic. The latest GRO
advices from the portion Of Texas tributary t
the line indicate a heavier yield OF staple crop
3 than last year. during which period the ne
earnings, as for several years past. were col
siderably In excess OF the amount required I
pay interest upon tho bonds at the present n
duced rate OF 3 v cent.
Final sales compare with those of Saturday a
follows:
=, July 10. Judy 12.- July 10. July /
A,T&sFe. l2S l2LE n W com...ll7k III
A.T&sFep "a a n Pae pf... doh 40
Am S Ref l29 1876 n Y Cent. 10l