Evening star., 1897-02-06
FINANCE AND TRADE
Sugar Trust Investigation Has Lit
tie Effect on the Stock.
RE0RGANIZING NORTHERN PACIFIC
Unusual Activity in Dealing in
Bonds.
MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. February 6.-Today's short
speculative session closed with irregular
net results. In the main the changes were
unimportapt, owing to the narrow opera
tions which made up the days business.
The short interest was in a waiting mood,
the absence Of new incentive to that po-
stion prompting covering wherever ac-
tivity was recorded.
The Investigation of the Sugar manage
ment developed nothing alarming. The
interrogating of the principal officers of
the company was attended with the usual
result-marked willingness to disclose facts
already known and inability to recall any
thing else of interest.
The price of the stock rallied slightly
during the first hour on the covering Of
short contracts. but there is no evidence of
significant buying for other purposes.
American Spirits securities were all
stronger under good demand from com
mission houses. The president of the COM
pany is now in the west urging the signing
OF the agreement originally offered as a
preventive of Improbable rate cutting. In
the event of the signing of this Important
uccument the clique recently noted among
the steady purchasers of these shares is
relied upon to force a sharp advance from
the recent average level
Professional liquidation in Nashville and
the continued strength Of Northern Pacific
securities were the only noteworthy feat
ureS in the railroad department The ma
agement of the Northern Pacific reoryani-
zation syndicate-Messrs J. p Morgan IL
~ ana the Deutsche Bank of Berlin-have
called the remaining of the securities not
embraced in their first circular The syn
olcare VIII receive lG and n for che com
mon and preferred stock. respectively, less
the usual L per cent commission to the
managers.
The financing of the affairs of this COM
pany and the recent activity in its various
Securities have been the most important
achievements of the week. The increase I'm
loans, noted below, is almost wholly due to
the demand incident To this Undertaking
Inc gigantic scheme of traffic consolida-
uon, previously commented upon in this
connection, is approaching maturity. If sur
1ace indications are not misleading.
An especially significant DEVELOPMENT of
the week has been the activity in the bond
market, the total sales in which aggregate
par value of nearly sl6,ooo.0n. This total
is among the largest weekly totals recorded
in years The Northern Pacific issues are
represented literally, of course but the
purely investment demand has been un-
usually gratifying. Confidence in the as
sured barrenness of the bond market de-
velops confidence in the superior induce
ments of the stock market. An exhausted
investment market must of necessity direct
attention to the possibilities of the specu-
lative issues.
The bank statement, for the first time in
weeks, reflects a decrease in lawful money
the total loss in legaIs and specie being
S'.Hn0oo. Tie loans have increased S.
I4i, 900, being the first material evidence
OF advances in an equally protracted pc
riod.
The deposits reflect an increase equal to
the difference between the sums quoted
above. decrease Of S,6tS. .2Go in reserve
he Ia1 t-t,ltr hnl1 1i,,ere
$4,000. While the general market has
been in the control OF the advocates of
lower prices during the week. the net re-
suit has not been particularly satisfactory
to that account. Liquidation has at no
time been a factor and the removal Of
pressure Is alone necessary to demonstrat te
the natural advancing tendency Aggres-
siveness equal to big results is not, how
ever. fully developed. The sitting of Con-
g!ess is justly held responsible for its
backward growth.