Evening star., 1898-01-12
Sugar Broke Two Per Cent on To-
days Market.
TEE GRANGER SHARES ADVANCED
London a Strong Buyer for Con.
tinentaI Account.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, January 12-Purchases OF
25.ooo shares Of stock by London for con-
tinental account and sales Of s1,soO.OoC
bonds were recorded during the opening
hour this morning. These transactions
were offset to some extent by realizing
sales about the room. the market for a
time developing signs of heaviness AS
has been usual Of late, however, the period
of depression was but temporary.
Disappointment at the failure Of the
sugar directors to declare an extra dividend
was expressed in some quarters. the stock
declining per cent under selling for both
accounts. In explanation Of the action the
management repeated the semi-official ar
gument heretofore offered, relative to the
necessity Of large surplus in order to
overcome the narrow margin Of profit al
lowed by the new tariff schedule.
The company is obliged to keep a large
stock Of both raw and refined sugars on
hand in order that the present acute COM
petition may not operate to its hurt
during the weak period in Sugar. the
traction shares began to show the effect of
profit taking, prices declining fractionally
IN consequence. Manhattan soon attract
ed demand from the political clique now
In control of its market action and was
easily advanced per cent from its lowest
level.
There is still a stubborn short interest
in these shares. Notwithstanding the al
most entire disappearance of all skepticism
as to the thorough harmony between the
management and the new city government.
Predictions Of higher prices for those
shares were ridiculed a few weeks ago in
conservative circles, but now they are ac
cepted as entirely probable, though un-
warranted. While argument is in progress
against the merit OF the property, the
shares continue to advance, because of the
superior buying power of those most ac-
lively concerned
If merit be lacking it is the evident pur-
pose OF the influential purchasers to sup
ply 1t before parting with present holdings
The Northern Pacific issues were again
taken in round amounts by some of the
largest commission houses in the street. The
several issues responded easily to the de-
mand and have assumed a position which
insures a fair amount of new business as
the market broadens Foreign buying of
Union Pacific. with a good local demand
added. resulted in a sharp advance in price
The new preferred stock Of this company
IS reileq upon to become market favorite
later in the season.
The granger shares made new high
prices during the day, and the Vanderbilt
shares, under the leadership of New YORK
central, came prominently to the front as
the hrst choice of cautious buyers
The undertone of the present stock mar
ket Is decidedly strong and the outlook ex-
ceedingly encouraging. The breadth of the
r'arket is scarcely consistent with the
height, however, but the want of propor-
ton is not serious matter
The public Is not in, but is coming in
gradually, and disappointment alone seems
likely to prevent an enormous business in
the spring. Meanwhile there is much hope
and unusual confidence. Money is abun-
cant. and when enterprise equals the latent
energy of idle funds the best features of
the situation may be easily discounted.