The sun., 1898-09-20
r1r1EaAE AND conMsaor1I

InoAsd 70 large extent By a further sharp de-
eiths IN Sugar Refining common. Thata vigor-
o1neampaiEn on the short sids'of this stock
u bsIhe conducted by certain Of the largest
intsrests operating on the Stock Exchange 10
apparent 70 every one. There II no news
afIeotins the value Of the security. nor
haath6re been since the flrst Of the month.
whom II cold at 146X The lowest price to-day
W. 110K. which is maximum decline Of
nearly 20 points. To be sure. some Of the new
competition which every one has known
about for more than year and Q half past
has nateflAlIsed; yet the trade has not yet
begun to refept hostilities between the
American Company and the Arbuckle refinery.
Why speculative or Investment holders Of the
stock Of the irst named should have deferred
lidiidatlng their holdlngs until now Is ex-
pihihsd solely by che rapid and material de-
cline, in the price Of the stock, which. AZ
already noted. has been brought about by
powerful and aggressive manipulation. It IL
poeaible that in the course OF time the earning
power Of the American Sugar Refining Com
pany: may be somewhat impaired By the
new competition. but those who are
making the present movement in the
atock are not waiting for that develop
ment When the price has reached level
that disturbs confidence on the part Of holders
even more severely than it has yet been shaken.
the chances arc that the floating supply will be
largely absorbed by those who win then have
made mp their minds to bring about a cessa-
tiop Of the hostilities in the refining industry
that have not yet been really begun. The SELL
inG'of the stock during the last two or three
weeks 10 doubtless preparatory to a sharp and
decisive trade fight.
The net decline Of over four points in Sugar
Refining caused q moderate selling throughout
the remainder OF the list The most pro-
nppRced effect. however. was the repression Of
speeulGtioDf for the market in the early deal
inEs and before the weakness in Sugar
Reiniug became pronounced. showed q
tendency to advance. The London mar
ket for American securities was fraction
ally higher. and there were indications Of
q Resumption Of The foreign buying move
ment that was Q feature OF the market last
week. Moreover. the feeling was very strong
that the money market has reached turning
point Rcircumstance that. together with other
favorable developments Affecting values. such
aR galway trafic returns and trade conditions.
ENCOURAGED some buying both through COM
mission houses and by local dealers. The fact
thnt Sugar Refining supplied very nearly one
half Of the total transactions which were not
unusually large. demonstrates that many be-
ieyeFp In higher prices were constrained to
hold aloof from the market until the decline in
the leading industrial stock has practically run
itt course.
In less than half dozen other stocks did the
transactions foot up more than 10000 shares
Even the recent leaders OF the market the
Pacific shares. were traded in upon q much
sm1ller scale than they have been for q
long time past None of the net declines
was. important, and in the majority Of
cases they did not exceed fractions. few
stocks. notably American Tobacco, Brooklyn
Rapid Transit. Baltimore and Ohio and num-
Der Of the less active issues. closed fractionally
higher than on Saturday. New York Air Brake
enjoyeda further phenomenal rise Of 10 points.
which h explained on the theory that 1.-THE sale
Of the walker Electric Company to the
Westihghouse Company might logically be
followed By the transfer Of the New York
AiF1 Brake enterprise. which is controlled
BY Substantially the same capitalists as
the Walker Company. to the westing-
house Company. A number OF stocks.
though not dealt In extensively. showed
exceptional Armness throughout. among
them Cleveland. Lorain and Wheeling issues.
United States Leather preferred. and Chicago
Great Western, In the final dealings the mar
ketEallied. and the closing was In the main
steady. Receipts Of gold from Europe to- day
were 100000. No new engagements were
announced. but they are foreshadowed by the
Gale Of S600.000 gold by the Bank Of England.
ltSS YoxA STOCK 1cxchango-sales Sept. 10.
UNITED STATES AND STATE BONDS I'm 81 .0ooal.
40 Usss. wi 90 o 8 s4S, r. 1907. OK
tlsa. Io61SOlo lo6A o o 8 81. r........112h
1IoafSna PnfoIa or unIrRn aThTRa no1rna