The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-06

NEW YORK March Shorty. after
noon today the decision Of the manage
ment Of the Sugar Refining Company upon
the dividend upon the common stock was
made known to Wall Street. and. as had
been generally expected. the quarterly rats
was cut from per cent TO 10 per cent
The declaration of the dividend was. how
ever. marked by two unexpected circum-
stances. in The first place. it was found
that the directors had advanced their day
Of meeting from Wednesday until today,
and in the second the president was quoted
in advance Of the meeting as asserting that
some dividend would be declared upon the
common stock at today's meeting. His re
marks to this effect were published at a
time when the stock had scored an ex-
ceedingly sharp recovery from its earlier
level. Subsequently it broke wish remark
able rapidity. and with the announcement
Of the reduction in the dividend its decline
extended to over eight points.
As noted, the dividend declared today
was in line with the general expectations.
Now that the reduction in the dividend
has been ordered, IL may, perhaps. be as
summed, or. al least hoped. that business
on the Stock Exchange may be conducted
without reference to this matter and with
regard to other circumstances Of funda-
mental and more general consequence. The
speculation is finally rid Of its two great
restrictive uncertainties, namely, the
status Of Third Avenue Railroad affairs
and the Sugar dividend. and il will now
presumably proceed along other lines con-
corning which the general public will have
. he al In
telligent opinion.
Prior to the announcement Of the divi-
dend on Sugar stock the dealings therein
fairly constituted the stock market. Stin
notwithstanding the extent to which specu-
lative interest was monopolized by this
matter the railway list exhibited note
worthy degree Of steadiness- The granger
shares were all firm, some sharp recoveries
were made IN the local traction issues. and
the middle grade stocks like Atchison pre-
ferred, Louisville and Nashville and
others. were notably strong. The indus
trial list in the main was heavy, probably
in part in sympathy with Sugar Refining
although the labor troubles in the West
were again mentioned in connection with
the tendency of those stocks. Peoples
Gas was again conspcuousiy weak with
nothing further that was new bearing upon
its course.
The dealings here for foreign account
were light ia volume and on balance were
unimportant American shares in the Lon
don market were shown at slight gains in
contrast with Saturdays final figures but
the general London market was reported
rather heavy. presumably IN advance Of the
announcement Of the treasury's financial
measures incidental to the prosecution Of
the war There was no material alteration
in conditions in the local money market
or foreign exchange market.
The only other substantial contributions
TO the days news was the traffic earnings
estimated with the course OF the day
While, with the definite announcement re-
specting The Sugar dividend the specula-
ton at large furnished some evidences o.
cutting loose from that stock, its erratic
course in the days market continued TO
act as a deterrent to active trading on
either side Of the account. 1t may be
opined however. that its influence upon
the general market will. from this time
forward. be a waning one