The times., 1899-08-02

its effect unless there is some much more
serious development in the situation. The
railroad earnings reports of the day were
satisfactory, and there was more talk of
an agreement between the Sugar Trust
and the opposition refineries, and OF i'm
mense profits in the sugar business again.
London was a buyer of Americans on quite
an extensive scale.
Pitt Cook. the well known Washington
speculator, who has been in New York for
several weeks telegraphed Mr.. Hibbs yes
terday regarding the sugar situation: 1T
is stated in Wall Street that an important
meeting is TO be held today, at which
representatives of the Sugar Trust and
competing outside refneries will confer.
touching details of final settlement of
the sugar trade war. Good times with ex-
traordinary increases in the demand for
sugar, it is believed, have had more to do
with bringing about the possibility of
settlement than did losses when the fight
was at its hottest. 1t is figured that ar
rangements can be made to the advantage
of all parties. 1t may be disclosed that Mr..
Havemeyer has come to favor division
of the output, and that some agreement
to this effect will be made with the Ar
buckle Brothers. In Sugar Trust circles it
is declared that owing to, improved condi-
tions the trust is earning oyer Is per
cent this year" r.
Sugar made fine advance to 163 1-2, the
highest price of this movement, yesterday
morning Selling began heavily at this
price, and point or more was lost of
the gain. but a good net advance was
made for the day. The street is inclined to
believe that some such negotiations are
on foot and that the top price for Sugar
has not yet been reached.
feature among the industrials after Su-
gar. Its total advance and its net gain
were both the largest made during the
day. The top price reached was 10Y rs,
which is two points higher than the stock
has ever sold since the dividend was paid
a few months ago. Large earnings are
given out as the reason of the recent great
strength of the stock. but it is known
that the insiders are engineering the
movement, and that they have an immense
block of the stock. Nobody seems able to
give any tip as TO when the insiders will
consider the price high enough for un-
leading purposes. Continental Tobacco
common went as high as As. but later sold
off to A, which was net loss for the day.
Illinois Central yesterday sold Tex div
idend,' the only sale being at lis 1-2, the
equivalent of lis with the dividend. 1t
is stated by a good authority that this
dividend will be the last at 1-2 per cent
for the present The stock is expected to
advance well in the near future.
Central Pacific and Southern Pacific
both reached new high prices under the
spur of clique work and some commission
house buying Central Pacific went to
55 and Southern Pacific to 36 Later in the
day decline of nearly point was made
in the latter. 1t is the general impression
| that these two securities are to be marked
| up several points further in this move
ment.
| The steel and iron securities were all
active, the best showing being made by
| Tennessee Coal and Iron, as has been the
case frequently in recent months. This
stock advanced to "A, and closed at "A l-2.
! II is to be remembered by people who
are inclined TO be pessimistic regarding
| this stock that there is much less of it
| than there is of the newly formed iron
and steel trusts, which should be a large
point in its favor with people who are afraid
OF trusts in general. because of overcapi-
talization. The fact that Tennessee Coal
and Iron has not paid any dividends worth
| mentioning since its organization several
| years ago is, of course, against it, but the
| company has become more compact and q
better property during the past year. leav-
/ ing out all consideration OF the immense
| prosperity of the trade at present. and the
prospect that It will be on the top wave OF
| activity for years to come The earnings
of this company are known to be immense
and there is little doubt that a substantial
| dividend rate will be established. Ameri-
| can Steel and Wire advanced to 60 II, and
| Federal Steel common TO 60 3-4, though
! these gains were not all retained.
| The grangers all made fair advances dur
| ing the first half hour of the day, but later
the level sagged off to that of the close
| on Monday The weakness of wheat and
| corn did not prevent rather heavy realiz-
| ing in the group by commission houses.
Little further decline is expected and there
! will be good buying on declines of half a
| point or more. Ii cannot be doubted that
| the grangers will be buoyant this month
| and next if. as now seems certain, there
: are to be good wheat and corn crops. Chi
| cago Great Western has been working UP
| from IA for two weeks or more, and yes
terday reached IA rs, the high price in
many weeks.
The Southern securities generally were