The daily morning journal and courier., 1900-03-31
EtllNMcUHl.
 I'll f STOCK M RK Ll.
Sugars Girntions-Large Deaiings in
 fhe Stock


 New York, March 30.--The railroad stocks retired into the background of the stock market to-day and gave place to the industrial specialtes. Sugar al-
 most outdid its traditional reputation for uncertainty by suddenly retracine it's course of yesterday and mounting well above yesterdays high point.
 There was momentary decline of less
 than a point at the opening and then a
 quick rally and the stock never got back to last nights closing level. Twice
 during the late dealings it rose to a price IS points above the low level in
 the morning, and it's net gain is 11A. The transactions in the stock were enor- nous and the buying without a doubt came very largely from the outstanding short interest. But the urgent demand from the shorts was prompted by what they believed were evidences of buying for the account of inside interests. The course of the stock clearly demonstrat- ed a cynical scepticism on the part of the speculative public regarding the sincerity of the pessimistic official out giving which caused yesterdays slump in the price of the stock All sorts of sensational rumors were afloat regard ing measures for compromise of the trade war; and there were yelled intim- ot; tl,a ion of hn been emuating the example of the Met ropolitan Street Railway interests in the Third Avenue coup by acquiring Su- gar stock at the decline At all events, the shorts in the stock were acutey perturbed in mind and scrambled to ob- tain stock
 The local traction stocks furnished the other surprise in the market and, like Sugar, developed aggressive strength in the face of bad news. De- mand in this group undoubtedly came from the short interest in their efforts to cover. The figures given out from Albany last night of the valuation plac- ed upon the franchises of the New York traction companies were as high as the most extravagant estimates in Wall
  mary drive which carried the stocks down from 11S to 1 points, the whole group was eagerly bought all day, ris- ing well above last nights figures and not falling far below that level again Peoples Gas and a number of the iron and steel stocks by rising sharply com pleted the demonstration of strength in the industrial group. The demand for the railroads seemed to have quieted down for the time being, with the ex- ception of stock here and there in the list which showed good advance. Profit taking was the motive of the sell ing, prompted by the weeks consdera bic advance.
 market incident to the quarterly settle ment next week, which was manifest in foreign markets even more than here, had it's influence in checking the buying As the buying of the spe- cialties was largely to cover short con- tracts it was not influenced by money market considerations. There was no stiffness in the rates for money, but figures of to-morrow's bank statement failed to indicate so strong a return as had been counted upon. Ow- Ing to the falling off In the amount of government bonds offered for conver- sion the disbursement of premiums has decreased and the weeks gain by the banks from the sub-treasury will be less than a million dollars. On the in- terior movement by express the net re- oeipts are estimated at less than half a million. There is ground for doubt, therefore, whether considerable inroad has not been made on the surplus.
 Business in the bond market showed l falling off, but prices were about The total sales, par value, were $3,390,000.
 The United States old fours and the new fours declined A per cent. in the bid price.