The times., 1899-03-23
SUGAR REFINING
ABSORBS ATTENTION
Rumors of an Impending Deal
Stir Wall Street.
Wide Fluctuations Attend Heavy
Trading in the Stock.
The Tone of the General Market
Firm-Business Active and
Well Distributed.

New York. March 22.-All the devices for
the dissemination of what is called Wall
Street gossip are now actively engaged in
conveying the impression to the public that
some deal is on, or is impending in the
Sugar stock. This is absolutely false. The
American Sugar Refining Company is not
going to buy either the Arbuckle or the
Doscher company, and it is doubtful
whether the Sugar company could do so
if it SO wished. Wall Street, after its usual
fashion, offers the current ACTIVITY in Sugar
stock to the mysterious element styled the
Standard Oil crowd, but, aside from the
fact that certain people interested in the
Standard Oil Company are investors in
Sugar stock there is no warrant for that
report. The plain facts are that all the
companies engaged in the business of re-
| filming Sugar are doing so at loss. and
these conditions will continue until all par
| ties interested are exhausted. The stock
| holders seem to be satisfied with their in
vestment and to be confident of ultimate
success in the present trade war. The
| transactions in the stock, however, have
| been swollen by the professional operations
of the week. Sifted down it would appear
| that the rise in the stock was a cleverly
| engineered move against large short in
| terest more or less logically based upon the
| depressed trade conditions, and the COM
mon expectation that the dividend would
| be passed or reduced. Market conditions
favored the campaign, and 1t was highly
successful. Sugar Refining was not unduly
conspicuous in the days market, chiefly be-
cause of the active dealings in other quar-
| ters. STILL the trading in the stock was in
| large volume, and the fluctuations were
wide. The tone of the general market was
very firm. Trading was active throughout
the day, and was well distributed
The money market furnished no ground
| for even speculative apprehension and the
| fair commission business seemed to be
chiefly referable to the general conviction
that the money market stringency will be
over within the next three weeks. There
was practically no news with the course OF
the day Of a general or statistical char
| acter.
Manhattan Railway, the anthracite coal
stocks and the Granger shares were the
active features of the railway list The
Federal Steel and Steel and Wire stocks
were the features of the industrial grouu
apart from Sugar Refining. Brooklyn
Rapid Transit was also notably strong and
active the speculation in that instance
being seemingly stimulated by the COM
pany's expansive policy.
The dealings in the anthracite coal
stocks were favorably affected by the pros
pectlve adjournment of the State legisla-
ture OF Jurisdiction. The simultaneous
strength of the granger shares and the
wheat market, the latter on reports OF
crop damage, was a singular phenomenon
OF the day. General Electric broke sharply
on the news of the suit against the com
pany brought by the Westinghouse Com
pany TO test the right of the former to use
certain electrical devices, as this position
was supposed to have been settled by
agreement two years ago. London was moi
factor in the market in any way The
close was active and steady.