The age-herald., 1899-06-11
MARKET SAGGED ON
 LIGHT TRADING Fridays Rise in Stocks Brought Expected Result. Y, SUGAR TOUCHED TOP PRICE Some Increase in Activity of Bonds With Improvement in Fours
 the Latter Part of
 the Week
SUGAR TOUCHED TOP PRICE

New York, June 10.-Yesterday's notable l2se in prices of stocks brought the ex- pected result in large orders to commission houses by wire and mail today to sell stocks. These were put in at the opening and executed at the high prices to which values were marked. The professional op orators who have been buying stocks in the last few days met this demand with sales to realize. After this trading had been con- cluded it looked as though the large op- orators who have started to buy stocks in the last few days were indisposed to pursue their activities and the market began to sag on light transactions.
 The low point was made just before the publicat tion of the bank statement, when prices in many cases were below last nights level. American Steel and Wire, Sugar. Atchison, preferred, St. Louis South western, preferred, Brooklyn Transit and Manhattan were the seyerest sufferers from the reaction. The experts had figured that the bank statement would show decrease of $5,OOO,00O in cash holdings, although it was known only $1,5O0, 900 of the weeks gold shipments would figure in the statement. The losses of the banks to the treasury were expected to be heavy. Instead of
 
 tha a million and a half and the liberal ex- pansion in loans of over $1O,OOO was evil dence of the easy feeling of bankers over the outlook for money. Prices of stocks hardened as consequence and recovered most of the earlier decline.
 Sugar touched the top price for the day and Consolidated Gas rose about 5@ points. Pennsylvania was consistently strong throughout on selection of the new presi- nd po1 al xroJt tI,,I i4. increase of $1020O0 in gross earnings for the first week in June.
 The bull leaders are undoubtedly count ing on the favorable effect to be produced by coming reports of railroad earnings which, for the next few weeks, will com pare with the period last year when the Letter wheat deal had it's collapse, the price of wheat suddenly dropped the movement of grain, and consequently the earnings of railroads had the only nota- ble setback of the year. As the grain roads have been making excellent compari- sons even with periods of dulnes, the movement is phenomenally large.
 Sugar was comparatively quiet but re- sisted all attempts to force it down. The selling for London account because of the Iransvaal crisis was ignored.
 The powerful bear party whose effort sent prices down last week were partly frustrated in renewing their attack. There was great confidence manifested in the
 
 noon on Wednesday the announcement was made that the regular quarterly dividend of per cent. had been declared and there was a simultaneous advance in the price of refined sugar to the trade which was acquiesced in by the rival refining interests the bears had no lines out.
 The AtchiSon dividend and favorable de- velopments also brought some outside de- mand for stocks through commission houses Of these developments the most tant wa shown by current returns from railroads from every group and from all sections of the country. There has grown up much more confident and cheerful feeling re- garding the coming crops.
 Damage to winter wheat, it is felt will be offset by the spring wheat crop and by the heavy corn crop and the increases in local receipts of wheat indicating large reserves in farmers hands, Money is ob- yiously abundant and contingency is now foreseen which make 1t scarce. The outgoing gold movement is in itself an evidence of the plethoric condition Of money for it is certain that when the crops begin to go abroad there will be balance in our favor again.
 It is generally understood that gold was drawn by special inducements offered by the Bank of England in the desire to re- plenish it's reserve and by Russian lnstltu- tions The inducements are, in emect, prelude to the gold. Nevertheless 1t is quite evident that no widespread public interest has been awakened in the stock market such as is relied upon by opera tors with large capital to relieve them at a profit of what they buy. Distrust of new industrial issues is responsible for the hes- itation more than anything else.
 The conviction is general that the pro- motors have paid heavy prices for the pro- properties had been reasonable. AS a result. the more recent quotations have been made with some difficulty and the issues are not readily absorbed This IS markedly true of the numerous new steel issues Notwithstanding the unprece- dented prosperous conditions in that trade sorne increases of activity in the latter part of the week and an improvement Tn Iours' Tinted States fours advanced l per cent inc old fours, registered, $ per cent, cou- non. + per cent and the new tours ana fves 1k per cent. in the bid price.
 The threes declined E per cent
 The total sales of stocks today were 5o9'- o61 shares. including: American Steel and Wire. % 900; Sugar, 9460O; Atchison prefer red. 29 .1OO Brooklyn Rapid Transit, 2o'2.O' Chicago. Burlington and Quincy, H'lVo' Consolidated Gas. 4,300; Continental Ionac- co. 6.s0O: Federal Steel. HOO; Manhattan 1s. .4oo;- Pennsylvania, 1000; People Gas' $500; Rock Island, 4,9O0 St. Paul, 16,ioo