The times., 1899-03-17

to be only temporary matter. It can be
nothing else in view of the tremendous
amounts all over the country begging for
| investment at almost any figures
One story as TO the settlement Sof the
sugar trade war is. in brief, that trade
| agreement has been reached between the
trust and the opposition, If indeed there
has not been a consolidation of the va
| rious companies. The other version is that
there has been no fight, except on the sur
face, for some weeks, If not months, an
agreement having been reached some time
ago between the trust and its adversaries.
The latter story seems, on the whole, the
more probable. 1t will be remembered that
this idea was suggested in this column at
the beginning of the year. The basis for
this idea is the well-known fact that Mr..
Havemeyer has been speculating in Sugar
stock heavily, and in the additional cir
cumstance that the trust continues to pay
dividends, although it has been argued
| many times that the company is losing
money. On these stories Sugar, when |
has been strong for several days, was
taken up yesterday for one of the most
remarkable spurts ever seen on the New
York Stock Exchange, a total advance OF
$50 a share, to 40. The rumors which
| have been floating in the Street all this
week were reiterated with great positive
ness yesterday morning, and the long buy
| ing ana snort covering SOON pIouuSeu d
small volcano in the stock. The price
jumped seven points on one quotation, be-
tween IL and l o'clock, and in fifteen min
utes there was an advance of $50 share.
Denials of the story of settlement came
into the Street during the advance, but
for time they produced no effect, and the
stock continued to mount rapidly. Finally,
when the shorts had all covered the turn
ing point was reached, and for time the
decline was almost rapid as the advance
had been. The lowest price reached oil
this movement was $50. Later another up
ward movement began, which lasted until
the close, at 1853 1-2. 1t seems certain,
despite the denials of the Sugar people, that
| some arrangement has been made to pre-
vent further throat-cutting in the busi-
ness. There is every reason why the de-
malls should be made, but no other reason
| than settlement could explain yesterdays
movement in Sugar.
The next most violent movement yes
terday was that in Manhattan, which went
from low of 104 1-2 to high of ll2 IL.
Conflicting stories are told of the meaning
of this advance, bHt it seems to be the
general understanding that the Croker
crowd have been let in at the bottom again
by some deal between Gould and Croker.
On this theory, when the upward movement
began yesterday, there was good buying
lieved by the crowd that Manhattan is 10
follow Metropolitan, Tobacco, and Sugar.
| At the same time a good part OF the street
| has been hurt badly by this stock at one
| time or another, and will be wary of em-
| barking TO any great extent on the long
side. There may be another bad slump
| before the advance begins in earnest.
Brooklyn Rapid Transit, Chicago Gas,
Consolidated Gas, and Metropolitan all had
good advances, varying from one TO four
points, thus showing in very convincing
way that for the present at least the inter-
est is largely confined TO the speciaities in
the industrials and the street railroad
stocks. With regard to Brooklyn and Chi
cago Gas especially, the general opinion is
still most bullish. The idea is gaining
ground that Flower will take up Chicago
Gas early in the general boom, if not first
among his stocks, after Brooklyn. AS to
! the latter the steady advance was con-
tinued yesterday par being reached in the
| first few quotations. The top figure was
| 102, and there was a recession from this
! point to near par at the close. The bulls
! in Brooklyn are more enthusiastic than at
any time heretofore, predicting $50 as the
price to be reached early in the summer.
The grangers were very strong yester
| day. partly undoubtedly. in sympathy with
/ tne move III lut IuuuslIidlsi pul tiSO pdi u
| ly because of the weakness in the price OF
wheat and the good crop reports. When
wheat goes off. as 1t did yesterday, in price,
| the grangers almost always advance. Bur
| lington had an advance of three points and
| a half and closed at 142, or nearly two
| points up. ST. Paul went up two dollars
| and Rock Island more than dollar. There
was some recession from the top price in
| all these stocks, but the advance was well
L bal1 II ic al hal further
sions will come today, but it is certain
| that there will be good buying at every
| decline and 1t is not believed that prices
will get much if any lower than they were
| at the beginning of the week.
Atchison was not as active as Burling-
ton and st. Paul, but its record for the
| day was excellent. The high price for the
| day was 81 3-S and the close was 50 SIS.
! There is buying of the stock around 60
! every time this figure is reached and it
| seems safe to take this course with fair
| margin, the outlook for higher prices
in the stock is rosy. Intrinsically it is
| entitled to a greater advance than any
other standard security on the list.
The Federal Steel and the Steel and
| Wire securities so active a week ago were
| comparatively neglected yesterday and had
insignificant fluctuations. The same is
|
| Pennsylvania. Reading first preferred
| closed at the opening quotations and
| Pennsylvania advanced only 3-S Talk Of
| another movement in the coal stocks led
| by Lackawanna was heard on the street
| yesterday, but if there was any such in
tention the plan was deferred for a better
| time.
Metropolitan Railway stock was
| again the feature in the local Stock EX-
change yesterday with an advance in
price from 30 TO PIG 1-2, and transactions
amounting to over $4,000. Nothing new
regarding the purchase Of the road could
be learned, but a good part of the street
still believes that the sale viii be made
! Others are buying the stock on the theory
| that it is worth at least 225 on its earning
| power Columbia Railway was also strong
| yesterday, thirty shares changing hands
at l25.
Washington Gas was also heavily dealt
! in, 800 shares changing hands at 5s I-2