The times., 1899-06-14
THE TRUST PROBE
WEAKENS SUGAR
Traders Fear the Industrial
Commissions Work.
A General Dampening of Specula-
tive Sentiment Apparent.
Granger stocks Set hack by Threat-
cninG Crop Prospects - sharp
Breaks in New York Traction.

New York, June 13.-The more or less
sentimental improvement evident in spec
ulative temper was expressed this morn,
ing in number of sharp advances in the
stock market in the early dealings. The
still limited dimensions of the public de-
mand for securities, except in an invest
ment sense, were disclosed, however, in the
ability of the market to Withstand sue
cessfully the proht-realizing sales that ap-
peared on the advance, and sentiment was
further chilled by the appearance of pro-
nounced weakness in Sugar Refining and
Manhattan Railway shares. two stocks af-
fected by special circumstances of no gem
eral importance The days weakness in
Sugar Refining was commonly ascribed to
the pending investigation of the trusts by
the Industrial Commission at Washington.
According TO Wall Streets idea as eX-
pressed today, the committees investiga-
tion is likely to place the current trade
conditions in a light which will disclose
to the public and to the shareholders of
the American company the practical re-
suits of the war long waging between the
refineries, and hence induce liquidation.
The stockholders of the American COM
pany were, however, only today credited
with the regular 3 per cent dividend, and
the history of the stocks proves conclu-
sively that they prefer this evidence of the
company's strength to any expositions that
can be made setting forth the disastrous
results of the current competition. The
reaction in the market starting in the
noted cases became general with the
course of the day, and it received pro-
nounced impetus with the development OF
the weakness in the granger shares, where
st. Paul was the conspicuous feature. The
selling in this quarter followed the re-
ceipt of Chicago advices setting forth the
prevalence of unduly wet weather in the
Northwest, which was threatening the
prospects of the spring wheat crop. Wheat
rose in sympathy with these reports, which
are the first of a series which will probably
run along for the ensuing ninety days.
There was little actual news all day.
The money and sterling exchange markets
presented unchanged appearances, and
there were few statements of railway earn
ings submitted. The Treasury's statement
Of the May exports of domestic products
showed a further heavy decline as COM
pared with those of last year, the de-
crease in value being nearly s23,000,000. or
about 80 per cent. 1t will be interesting
to observe to what extent this loss will
be made good through the heavier ex-
ports of manufactured goods, as will be
shown in the complete foreign trade state
ment Tor May, due In Few days.
Trading was in fairly active volume
throughout the day, and was again very
well diversified. The bond market was
very firm throughout the variations in the
prices for stocks, and number of the
specialties were strong during the recess
sions in the general market. Consolidated
Gas was conspicuously strong on the per-
ennial reports of progress making toward a
settlement of the fight between the local
gas companies. Des Moines and Fort
Dodge issues rose sharply on the increase
of the dividend on the preferred stock.
In the Industrial quarter the features, aside
from Sugar Refining, were Federal Steel,
American Steel and Wire, and the Mailing
shares. Those stocks were all strong in
the early dealings. but they participated in
the afternoon reaction. Dividend prospects
and uncertainties governed the trading in
all the stocks. The close was quiet and
weak.