The sun., 1899-05-28
EINANCTAL AND COMMERCIAL.
ShTuRDAY. MAY "a

anNroe 0lSpIAyeu 'hS bbONhS '''
the railroad list. particularly those OF the an
thracite coal roads developed decided strength.
Quotations for American stocks in London
were above New York prices and London was
a purchaser to a moderate extent In this
market
heavy and almost uninterrupted fall in
American Sugar Refining did more than any
thing else TO effect decline In the Industrial
group. The report that the dividend due July
/ on Sugar stock would be reduced or passed
was again circulated. but It lacked confrma-
tion and was not generally credited. In
quarters usually well informed the boz
lief was that the policy of the d.
rectors OF the Sugar Company to pay
the regular dividend during the continuance OF
the sugar trade war would not be departed
from. There was an effort to attach impor-
.ence to the cut in the companys price Tor
block sugar The facts are simple. The Ar
buckle concern put on the market what IL
called patent block sugar at 5Ss cents
pound. The American Company. which had
been charging So cents for its block
or cut-loat sugar. reduced the price
one eighth cent. The American Company's
block sugar is superior article. and appa-
rently the company for that reason expects to
hold its trade. even with n higher price. In
the sugar trade the Americans block sugar Is
pronounced the finest in the world. 1t Is pro-
duced by patented process. Aside from the in
PRODUCTION by the Arbucke concern OF its block
sugar. there Is no change in the sugar trade
situation The Mollenhauer and National refn-
cries which, while independent. have worked
In harmony with the American Company.
remain closed down and the output OF the
Arbuckle and Doscher reflneries is understood
to be about equal to that of the first two when
they were In operation. While sugar prices
remain low. they are said not to be shaded.
and accordingly the sugar trade war has lost
some OF its intensity.
The new franchise tax was again made to
serve in depressing the traction stocks. al
though its potency as market factor was not
as great as 1t had been. The reasoning ele-
ment In the market seemed to think that the
effect Of the tax on the finances of the COM
panies subject to it had been discounted The
reduction in the dividend on Consolidated Gas
etock was reflected in further. though not
large. recession in the price.
The upward move in the anthracite stocks
was ascribed to the completion Of arrange
ments for the better regulation Of the coal
trade. A demand for the so-caed Granger
stocks was due to partial cessation
OF reports as to damage to winter
wheat and to more encouraging reports
as to the condition OF spring wheat.
for another thing it was said that the corn
acreage might turn out the largest On record.
The report OF the Chicago. Milwaukee and st.
Paul Railroad for April was received. While
there was substantial increase in gross earn
ings there was a decrease in net earnings,
which was accounted for by expenditures
charged TO operation
The bank statement was surprisinely good
and materially helped the market in the clos
ing transactions. 1t showed the ratio OF cash
holdings OF the Associated Banks to be 20a q
cent. IN. highest point attained this wear The
gain from last week was l = cent An ad-
dition Of 50 1902 200 to the surplus reserves
brought this item up to S43Q33, ,725 in ex-
cess of the legal requirement. decrease
fs17.57s.SOO in loans illustrated the extent
OF the liquidation in the stock market during
the week. The contraction In loans in three
weeks aggregates $50 900 900. The transac-
tions in bonds TODAY were the largest on any
Saturday since Dec 10 More than forty issues
made high record prices this week
The dealinRs in stocks for the week were on
a smaller scale than in the preceding week,
recorded The nrofesaionaI snecu,otors work sd
assiduously to bring about lower prices,
and they we're aided in their efforts by
the absence OF the puohe from the
hle constrnctIon ~ the Franchise Tax hilI and
~ w.. ~, 49, I,,,its -, ~, a.s., ~, .AN
snUsa,oa Cn. Cor,nanr ell. - ~.
u '"' oolip'i' u" vi ,"o ka'
wal ines. s'''on I'''oIs "eio useu ~ eu'n "ay
as 10 negative easy money anu large raiiroad
earnings
As compared with the final prices OF last
Saturday the majority OF stocks are lower.
The more important net declines are in Ameri-
can Sugar Refining DIX 4 cent Consolidated
Gas. IL: American Iohacco. SA; Anaconda
nlhinS % A.ne'ic"l III ia,r' ptookyh
haPiu l"nsl'' % .ou''"o'i'"' io"ac'''". in-