Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-05-17
FINANCE AND TRADE
Generally Higher Prices Followed
Strong Foreign Demand.
CHANGERS LED IN THE ADVANCE
Bull Clique in Sugar Stock in Evil
dence Again.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, May l7.-London prices
were generally higher this morning as the
result of waning interest in Mr. Chamber
lain's speech and increased confidence i'm
the future Of American railway issues.
Some sales for foreign account were not
ed during the opening hour. but the value
of this business was not sufficiently large
to give direction to the local market. Com
mission houses were active in the buying
and liberal purchases of long stock were
reported for the most influential operators
in the street
The Granger shares. as usual. were select
ed by the majority OF new traders. and IN
der the influence of their outlook for IN
creased earnings and propcrtionate in
creases in dividends. substantial gains were
recorded. Rock Island was easily made to
c;oss par. for the first time in many years.
and further gain Of l per cent followed
as the result of a growing confidence in its
intrinsic value
The bidding of y per cent for the privi-
lege OF calling the next dividend at 3 per
cent helped to stimulate the advance. This
last oher was based the idea that bot
cash and scrip would be given instead %
all cash, and that the scrip would possess
market value he company's earnings
insure . per cent, and could easily provide
81
policy. however, and remains for future
consideration.
Burlington and St. Paul advanced easily
In sympathy with Rock Islands strength
ana are looked upon as especial features of
an improving market. The low-priced
shares were given excellent support, and
Whlie neglected in a measure for the more
prosperous dividend payers, there is every
indie alton OF an intention to mark them up
as opportunity offers.
American sugar was bought in round
amounts for the clique recently noted "a
becoming active in its advance The sl,c-
cessiul operations in these shares last sum-
irer and the improved opportunities now
make duplication of that achievement
Reasonably certain. An important deal is
IN progress in the shares of the American
Tobacco Company.
The stock was sold with as mucn Dub
nclty as possible for inside account during
the opening hour the price breaking sbarp-
ly to l0IA. At the decline the effort was
suddenly reversed. and under liberal buy
ing recovery of liz was forced Negotia-
uons between the plug tobacco manufac-
turers and the cigarette MONOPOLY are i'm
progress, and the ultimate success of the
scheme to consolidate is believed TO he
reasonably sure.
There is some holding out. as is always
the case. but about the time the manipulate
ING influence announces a settlement of the
sugar trade night similar announcement
OF an adjustment Of Tobacco's difficulties
VIII be Forthcoming. AS in all such trars.
actions, the public may rely upon being
taken INTO the confidence of the manipulate
ing interest just as soon as the latter in.
terest is seeking a market for its holdings.
Money rates ruled around 1J2 per cent
during a greater part OF the day. and there
Is no reason now apparent for apprehend-
ing dear money. Large bank clearings an
enormous excess in exports and a liberal
gold supply make a condition in which
oVerconfidence alone is threatening.