The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-21

Tobacco Pacific Nail, and The tracflonl
being he features bd3A 90 to activity and
advaAces made Il u Impossible. pr
bapeI u judge whether tie Chiness newl
q IL 6uear squirt WaS the more pOteni
/ markok factor. bat The cynical Wall otreei
i spectators an much more apt generally
to attach Importance to such Sugal
boom than to any mere news from China
And also yeeterday.s strong market showed
many signs Of being simply continuance
Of the recent upward tendency. The Chi.
nese news helped the ball cIiques, but the
advance would have occurred In much tn
same way. say tho market critics, even
| II there had been no alleged message from
C0nger. However. such surmises are ;vnly
Interesting In 20 far a. they may iirow
some light on the future outlook. II the
! market leaders have decided to have 9
little boom and have picked out Sugar a
the best lever It IL probable that the adj
vances may continue even II the Conger
message is proven to be = trick Of the
Chinese Government to gain time. On the
other hand, II the Chinese news prevented
. decline In an already top-heavy market,
~ some believe. the disheartening posi-
tive intelligence that the Ministers have
been dead for many days would probably
BE- followed BY . sharp collapse In prices.
Unfortunately. the pools are mot disposed
to tell what their plans were for yester-
day. and therefore It IL not possible to
form any very valuable opinion ~ 70 the
probable course Of the market today and
next week. Many. however. believe that
the boom IL not yet over and that I'M
portant further advances are likely In
Sugar and other securities. The street. ON
the whole, IL In q much more hopefcl
fram6lof mind than It was few days ago.
Conservative people will probably not buy
securities except on declines. When such
declines are made 1t fs believed that both
speculative and Investment purchases
should prove profitable.
The Chicago dispatches yesterday told
Of less encouraging conditions for both
corn and wheat. and the prices Of those
staples advanced all day. One estimate Is
that the wheat crop will be less than $780,
100000. OF this total amount II
is supposed that 100, 900, 900 has been
raised on the Pacific Coast, which would
leave available for EXPORT from Atlantic
ports very small surplus. The worlds
crop is estimated by this authority to be
from 150. 600 to zoo. 000. eco less than
last years crop. which was in turn
smaller than the yield Of the previous
year. These facts alone, II they are true.
undoubtedly warrant much higher prices
for wheat, although they furnish no good
reason for further declines in the grangers.
In addition to these suggestions the street
is asked by this wheat bull to remember
or learn the price Of wheat at the time Of
the Crimean. Pussian, Austrian, and
Franco Prussian wars and to buy the sta
pie on the speculative chance that there
is to be q great war In the Orient.
News, aside from the Chinese message
and the crop dispatches. was very scarce.
The decision of the courtin the Brooklyn
Rapid Transit Coney Island 10 cent fare
case was not handed down. and'it is now
said that It will not be given out until
Monday. London was inclined to sell Amer
lean securities rather than to buy, and the
prices on the other side were trifle below
American parity. The street commented
fayorably on the reports Of the Big Four
and the Illinois Central for the fiscal year,
and there was more talk regarding the fine
prosperity OF the Sugar and Tobacco
Trusts. The prospect is for q somewhat
harder money market in the near future.
The bank statement today will probably
show some loss Of cash. though opinions
differ as to this.
Sugar was in every way the most con-
spicuous feature OF the market. The open
ing was at LIS and for an hour or more
the price hung around this level, though
1t was believed by careful observers that
the stock was getting ready for further
advance. During the remainder Of the day
until the last hour there was steady
upward movement. at times bordering on
the sensational. The high price reached
was 129 1-2. or only fraction under the
best price predicted few days ago for 1t
for this week. The top price showed q
ten point gain for the week. There was
some profit taking in the last hour and
decline to 127 5-s. The upward movement
was very evidently manipulative one and
the tactics Of the bulls were plainly in
evidence on several occasions. One Of the
methods employed by these gentlemen was
the bidding Of 2 per cent for the next
dividend on Sugar stock. 1t is possible that
the dividend rate will be increased, but
the street would hardly consider the chance
one on which to risk a bet Of this char
acter except for its effect on the imme-
ciate market. It remains to be seen If
the public will get into the stock and help
the professionals to put the price up and
keep 1t up The stupendous earnings Of |
the trust at the present time are great |
aid to the upward movement. 1t seems |
probable that at least $50 will be reached |
today.
The industrial list generally was more
active and buoyant than the railway list. |
In this the market differed widely In char
acter from those of last week. The Pa /
cities and the grangers were dealt In to
lair extent. but Sugar, Tobacco. and the I
IRON securities all attracted more attens
lion. The gas stocks also were dealt in
rather literally. The traction securities
we're buoyant. Much interest was shown In
he squirt Of Tobacco, although apparently
It was only made in the attempt to take I
advantage Of the sugar boom. An advance |
from 81 LIZ to high price Of 81 LIZ wes |
made, and the close at SO 3-4 showed fine
net gain. The ostensible reason for the
strength Of this stock was the reports that
the earnings Of the company are on a very
large scale.
News regarding the steel trade was
wholly absent, but Federal Steel common
and preferred. American Steel and Wire
common, Tennessee Coal and lion, Co,o:a-
do Fuel and Iron, and several others of |
this group OF securities showed much buoy
ancy and made good net gains for the day.
Talk OF the alleged international agreement |