Evening star., 1898-06-24
Stocks, Excepting Sugar, Showed
Considerable Strength Today.
AMERICAN TOBACCO In FAVOR
Granger Shares Again Advanced on
Good Business Prospects.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star
NEW YORK. June 24.-The London mar
ket for American securities was fractionaIly
Irregular this morning, the 1ow-priced
shares advancing and those recently active
declining under sales to take profits.
The local market disregarded the foreign
quotations and opened steady around yes
terday's final figures. For a tina the mar
ket hesitated, but good buying In a few
specialties soon developed the entire list
responding sympathetically. Brooklyn Ra-
pid Transit, Rock Island and Western
Union were manipulated into positions OF
prominence, favorable internal develop
ments being used to advance prices.
The first named was bought in round
amounts on the theory that a mutually
beneficial traffic agreement would be made
with Metropolitan Traction. Rock Islands
crop prospects were said to be improving.
but as the brokers employed were identi-
cal in both cases the desire to see higher
prices may be safely credited with fur
nishing the real incentive to the move
ment.
Western Union continues to attract at
tention by reason of the new opportunities
for manipulation suggested by the senti-
mental influences resulting from the re-
moval Of the menace of the Baltimore and
Ohio holdings. The Northern Pacific issues
were bought In round amounts for the
SoShl VI PROMINENT operator, VINO DaSeu
lne movement on the encouraging outlook
for earnings and satisfactory dividends.
There were few exceptions to the i'm
proving tendency of the market and where
such exceptions were noted there We're in
Verlably excellent excrses. American Sugar
was lacking in sympathy with the improv-
ed tone, and gave evidences of seeking
ratner than inspiring a market. AS oppor-
tunfty offered the stock was sold. the
strength of the general market being used
as a cover for such action.
The Hawaiian annexation is being dis
cusSed as certainty, and the loss of the
monopoly on the raw product while be-
Httled by inside interests, does not prevent
their quiet selling of long stock In addi-
ton to Pacific coast competition there is
every prospect for active competition
nearer home, although some of 1t may be
delayed for season.
Peoples Gas has been liouidated freely
during the week and continues to show the
erect OF the process. In addition to the
proht-taking on long stock, the manipula-
tive interests have failed to support the
price, evidently having completed the mar
ket turn for the present.
American Tobacco was bought in liberal
volume, Washington houses again sending
demand is thought to have originated in
sources most familiar with the benefits to
pe derived from the new revenue law
Ihe street Is disposed to anticipate a
victcry for the American forces in Cuba
and Is buying stocks III advance of the ac-
tual news. Should expectations be realized
In this particular the favorable routine de-
velopments of the last fortnight will be
given full head during the coming week
The investment demand for bonds Is gain.
ing in anticipation of large interest dis
burSementS July l.