The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-06-15

New York. June l2-Sugar asserted ttx
leadership OF the market quite emphati-
cally today and the tone OF the market
was most wholly dependent upon develop
ments III IL. The obvious fact tina, there
was selling TO take profits 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 # 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
have benefited by the weeks rise i'm
Sugar argue that the present prices rep
resents the value to the stock from the
senate's action and that the next I'm.
fuence TO be taken account OF il the
conference committee OF the two houses.
As the action or this committee will i'm
all likelihood be less favorable rather than
more favorable to the refined sugar in
traders were inclined to discount "A future
fall in the price. There was some really
ing In Sugar In accordance with this view,
in addition TO realizing sales. which COM
bined to carry the price down nearly 9
points from the highest. The dealings i'm
the stocks represented one-ffth OF tho
total transactions. The fall In Sugar car
ried down prices throughout the list and
practically obliterated early gains except
In n few instances. The coal stocks were
quite notably strong In the early dealings
1t is a noteworthy fact that these stocks
make up the only group I'm which there IL
any short interest left after the recent
continuous advance of prices. This fact
had no small part in today's strength
In the stocks. but did not save them from
feeling the effects Of the late selling
movement, hut not TO a sufficient extent
TO wipe out the early gain.
The week just closed Is the third show
ing continued aggressive strength in the
stack ma rl.f IlA y In5 lAAN 49,
tanned all week by the aggressive
strength of Sugar. growing out OF tho
agreement Of the caucus Of senate repub-
leans upon a sugar schedule which IL
viewed with approval by tn" friends OF
the Sugar Company. This being the case,
it was natural that the whole market
| should give way to agree under the break
in Sugar today on realizing sales. But
the weak nevertheless represents, as n
whole. another step forward In the prog
reSs toward n higher range OF values
which has been going on ever since tho
senate took up the tarir bill and demon
| Strated that il could dispose OF II with
reasonable promptitude. This, with the
decision of the supreme court against the
right of the Interstate COM
mission to fix the railroad rates gave
| distinct impetus to the market which
has endured ever since. A most striking
feature of the weeks market has been
| the comparative inactivity. but frmness,
of the Granger stocks. which strongly led
the early Improvement They have halted
during the past week while other groups
l Ill liz IlldI htl were taken III mana ana
brought up to their level. Professional
traders have wrought Mis- result largely
by the selling Of grangers TO take pro-
! fits 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. TIL declaration of the usual
| quarterly dividend on Western Union or
| Ia per cent. solved a long standing doubt
in Wall street. and this, together with the
favorable quarterly statement OF the COM
| pany and the increased earnings OF Man
I haitian served to take these favorites OF
the bears out OF their hands and then
drive them to cover.
Quite a feature in the market all week
has been the aggressive strength shown
by the low priced shares. especially those
OF re-organiZed companies, the preferred
stocks leading. Total sales OF stocks were
1871 shares. including the following:
Sugar q 800. Burlington and Quincy $500,
Northern Pacific, preferred. 5000. Western
Union 200. New Jersey Central 100.
The bond market displayed a very
strong tone during the week. with fhe
dealings in considerable volume. The
market was governed to a considerable
extent by the Developments operating TO
enhance share values. Purchases by lead
ing interests Immediately impaired de-
cided impetus to the general tendency.
with the inquiry for the liens OF re-or-
ganized properties very brisk. Transac-
| lions for continental account were I'm
large volume and included Purchases OF
the more prominent international mort
cages Some OF the middle grade bonds
were marketed, but the offerings were
readily absorbed and a more general dis
position was evident to carry lines OF the
low priced speculative issues. The usually
inactive securities were conspicuous In the
speculative list and sustained material i'm
provements generally. The gilt edged
bonds commanded fair attention but the
variations were rather narrow.