The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-06
FINANCIAL AND OoMMERmAL.
TUESDAY, Dec. 3

TUESDAY. Dec. B.
lower rsneecf prices resulted from deal
ings in the stock market to-day. The decline
WAS facilitated By stiffness In money and a rise
in sterling exchange The remarks in the
Presidents message on the subject OF trusts
Nere used against the Industrial issues. al
though IL was agreed that the concerns whose
shares are traded in on the Stock Exchange
presumably are legally organized and keeping
within the law In their operations Following
upon the decision In the Addyston Pipe case
the Presidents comments had a speci-
ally direct influence on the securities
OF the industrial COMPANIES which
10 has become a common habit to speak Of as
trusts. when. as . fact In the case OF m ajority
OF them. the term does not At There are few
OF them which control the particular trades In
which they are engaged. Take the steel and
iron companies. for example. They are nu-
merous. and were 1t not for the boom In their
business which has overwhelmed them with
orders competition would prevail In the
sugar trade 4 fierce war has been
waged for q year between the Ameri-
can Sugar Refining Company. which IL
usually designated as the sugar trust. and
the Independent rsfners. The American COM
pany. according to q statement by its Presi-
dent. supples 10 per cent. OF the sugar that
enters into consumption In this country. but
the output Of the independent rehners has
created . competition that has been sufficient
to hold prices down to . point which has left
little or no profit In manufacturing. There
are signs OF new deal OF some
kind In the sugar trade. but the
nature OF it has not yet been
revealed. It is hardly thought there will be
trade agreement. at least formal one. be-
tween the American company and Its competi-
tors. for that clearly would be a violation OF the
Trust law. and II taken into court would
be likely to have . decision pronounced upon
II similar to that In the Addyston case. The
remarks OF the President on financial questions
received the approval OF the financial COM
munity.
The reports OF earnings by the railroads
were strikingly favorable. There has been an
almost com plete cessation Of rate cutting and
q general advance In freight charges is taking
place. The roads have all the business they
can handle. 40 that not only Is there no in
osntive to cut rates. but there is likewise no
difficulty in securing the increased rates.
There will be q large gain in net earnings as a
result Of the higher returns from traffc.
The rise In sterling exchange, which was one
fourth cent for all classes OF bills. was not In
terpreted as foreshadowing gold exports. It
was considered that the activity In money
here probably would serve to prevent an outgo
not made. but IL seemed to be regarded as
certain that money would continue stiff
throughout the month The interest and
dividend payments due Jan. will be e1-
tremely heavy. Already preparations are being
made for them.
In only dozen stocks were there gains and
the gains amounted to q point In only two
stocks-Con solidated Gas and Metropolitan
Street Railway. In neither OF these stocks was
the trading large. The largest loss was in
Third Avenue Railroad. but again in this stock
the sales were small. Nearly all the stocks In
which recently there has been activity fell oir |
materially in price. Tn" heaviest transactions !
were in Brooklyn Rapid Transit. Southern !
Pacific. Union Pacific. Atchson preferred. !
Sugar Refining, Federal Steel and United |
States Leather There also was considerable |
activity IN American Tobacco and Continental
Tobacco.
New York Stock Exchanve-saIe. n.c