New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-01
SUGAR REFIyERIEs COMPANY.


Wall Street or the dealers in the Stock Ex-
change. at the present time present a comolha'ion
of credulity and incredulity that probably never
hefore was exhibited. The Street accepts without
question report that all Europe is on the verge
of banlxruptcy and old stories of London hrlns
beinc in extremes after being revamped numerous
times in the course of three weeks only ID pe
nroyed IN he untrue, are accepted as new depart
ures. and are implicitly believed. But the smallest
tom of encouraging news about the business %
the country or about any particular properly Is
n once discredited and is forgotten In less imam
an hour Yesterdays statement of the Sugar
Refneries Company is an example OF the temper Vi
the speculation A most excellent showing, sworn
TO by the auditor of the company ana Wlihesseu W
firm of English chartered accountants, -
met by the general opinion " ny, tne cohPallSS
has only $3.50, 600 cash on hand, ana IL borrowed
rearly as much money as it mas paid out III
Wbather or not the Sugar Refneries Company
ever again will be able to sell naIlei u SUI a.
at a profit, or even at cost price IS problem as
easy of solution as is the same problem appiled 10
every industry in the country, or 10 every hII-
camille firm. The idea of the street seemed - nc
that the company sold sugar only Tor cash,
O. O. D." and therefore that less than - Oo wv
cash on hand was very small amount nov
many of the manuiactnring COMPARES mems Us
mercantile firms can show cash balance OF
500 900? Probably the company never sold
barrel or sugar except on time, ana these c!eults
to middlemen are, IN the statement represented
In. due the company S1.56S. l45; total, with the
cash on hand, Ss,349,133. The value o! sugar
on hand i'm various conditions, from aboard sup
TO refined is reported at SS.671 ,757. This makes
TOTAL cash asset of ST. .O2O. $50 against total
debt including borrowed money Tor WofKlas cap
ital OF s.. 794 ,ls2-a surplus OF Ss,2I.'oOo' III
addition the statement gives S3,6l3,9l1 Tor sap
mics and expenditures for patents etc. We leave
ont OF our calculation these local items. becals,
we do rot know how much Of them were inciudei
in the organization OF October, 1887. 400
From October /. 1857, TO SEPTEMBER ], leyO'
pcriod of two years and eleven months. the
company has paid in dividends 81 90O'D? mas
expended for new plant in excess OF sales S2'2O'-
600 and has accumulated surplus, efclISlNc
of supplies, etc, over all liabilities SS,226,60s
total earnings 500 500, or at the rate oil
17l6 per cent per annum. Al any other time
than the present such report, II believed would
have opened the stock up 10 per cent, followed
by further advances. But in to-days MARIE! !he
stock did open up only l-2 at 20 IL ana H.
mediately did decline 10 G6 under pressure OF
sales that seemed 10 come from insiders, later
recovering 70 6s l-2 and closing al % 3-i'
WHAT WAS DONE IN STOCKS.
In the general market there was developed
strong tone with moderate transactions aggre-
market all the forenoon, there were some later
reactions in the furry in money caused py sehIi-
ment Of which advantage is taken by Lenders 20
obtain high rates aided by the usual pfepaTat d,
for the payment of November interest ana clVi-
dends And then suddenly came big slump IN
the value Of Philadelphia and Reading STOCK.
After ruling firm and quiet in the early Gealhgs
NJ about 81. there suddenly appeared an urgent
pressure - SELL and the price fell TO "a "a ana
clc..d at So Ia The total trans actions anounied
on y 10 &c 900 shares. We forebcar from aiiilc'-
ing our readers with the alleged causes Tor the
sudden decline such the breaking up OF u
great or little pool because there IS not particle
of evidence in favor Of the gossip that was IN CIR
culation The probabilities favor the theory that.
after searching all the morning for weak spot
in the niaf-eT the bears discovered that Read
Tug was unprotected and therefore went 1or
il and that the ease with when ~
was depressed the first II per cent invited the
cooperation of all the board-room traders VINO
ere still extremely bearish in their incnations
IT indeed was Q small pool that was able to
liauidate in Transactions covered by ls,OOo lull
shares Tho effect on the general market OF the
Reading raid or of the manipulation of the money
market was insignificant and short-lived and such
declines as there were were nearly recovered, &c,
spite vociferous bidding OF = per cent for small
amounts of money. The market closed quiet and
strong.
TIE BOND MARKETS
The business in Government bonds was covered
by small sales of the per cents at l24, after
which the BIDS for them were cautiously is per
cent higher. Annexed are the closing quotations: