The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-11-15
rrxArol1I ASD ooMmrRor1r-
MONDAY, Nov. IA.

At0kmUoI o. oVpVuI1E IOTCtt mbuo tu-uNy
stock market irregular. and while the dealings
were large they were not up to those OF lasi
Thurpday and friday. nor we're they quito ~
we'll distributed. Sugar Refining supplied
more thar q sixth ofthe total transactions. and
the further squeeze OF the shorts In IL did moi
have n beneficial effect upon tho speculation ~
q whole. It nuctuated widely, dropping {
points from the opening price and then recov'
4 oring 4 points. It finished with a net gain
OF TX cent. IL remains to be seen
whether the present campaign in Sugar
Refining has been directed especially
against the short interest or has some sub
stantial basis In trade conditions concerning
which the public has no information. It lie 70
be noted TINT all OF the rehners change their
prices IN unison. advancing them y OF . cent
per ponnd. as they did to-day. because OF an
unusually great demand for their product. and
occasionally lowering them whenever the de-
mand slackens. There certainly has been an
extensive accumulation OF Sugar Refining. or
II would not have been possible TO punish the
beurs AZ severely as they have been whipped
during the last few days.
Another unsettling factor was fairly heavy
selling By London and very extensive profit
taking by local operators, The foreigners
Nere doubtless induced to sell by the sitter
money markets throughout Europe. Local
realizing sales were not unnatural in view OF
the profits that must have accrued In many
cases. Moreover. a very large proportion OF
the professional element, accustomed as IL 10
10 short-lived movements in either direction.
cannot bring itself to believe that q substantial
bull market ia In all probability just getting
under way. Dealers OF this class are con-
stantly fighting tho advance. and whenever
the market, hesitates or reacts q little
they rush to sell because they believe the inn
A-1vn-nAnN lat prioAa has ou1untOatAd Thu
stocks sold by Europe and local interests were
we'll taken, and 10 a very considerable extent
by commission houses. The volume Of legiti-
mate business was probably larger than at any
time since the election. The public outside OF
Wall street 10 Enthusiastically beginning to
take an aotivo interest In the security market,
and its purchases to-day were responsible for
higher prices for Atchiaon preferred. st. Paul,
and Louisville and Nashville. in spite OF the
comparatively heavy selling Of these stocks by
foreign arbitrage houses. Atohison preferred
was exceptionally active. and closed moro than
. point and o half higher than on Saturday.
A rather sensational episode was . net ad-
vance Of - points In Manhattan Railway,
which followed the publication this morning
Of the statement OF the company's operations
for the quarter ending Sept. 80. showing that
It has not only failed to earn It's dividend. but
Is compelled to report q small deficit after pay
ing fixed charges. There has. OF course. been
some Improvement In the company's traffic
since the end OF tho quarter referred to. but
those Interested In the elevated system admit
that It IL disappointingly small. 1t appears.
however. that. as IN the case OF Sugar
Refining. the stock is temporarily at
least held 80 closely that the manipulation
against the short interest is comparative
ly easy. Other exceptionally strong features
were Rock Island, Missouri Pacific. Texas Pa
cihc and Southern Railway preferred. The
shifting OF speculative interest brought Ameri-
can Spirits issues to the front, and was also
responsible for q lively advance in Interna-
tional Paper issues. National Biscuit shares
and, Flint and Pere Marquette. Reports that
the promoters Of the Kansas City. Pittsburg
and Gulf Railroad are endeavorinE to SECURE
control of the Chicago and Alton Railroad Com
pany stimulated a speculative demand for the
securities Of the first named and lifted the price
OF Chicago and Alton nearly twelve points.
There was q falling Off in the dealings in
bonds as well in stocks; still. the business in
bonds was very hoayy and prices were well
maintained. In spite of o good deal OF realizing.
Slightly higher rates for money were practi-
cally offset by q lower market for sterling ex-
change. Cotton and grain bills are coming in
very freely. and while Europe continues to
take our staple products in enormous quantity.
she continues to defer payments. which leaves
her practically at our mercy should the local
money market become really active. In tho
late dealings the market began to respond to
the early substantial buying. and In conse-
quence the closing was very strong. Traces Of
reaction were discernible only in American
Tobacco. Tennessee Coal and Iron. Northern
Pacific common and Federal Steel preferred.
and the net declines in these did not amount to
point.