The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-12
4 FURTHER Loss IN SUGAR
Stockholders Fear a Cut in the
Regular Dividends.
A ShrinEnGe of Five Points Follows
the Announcement That the Usual
IL Per Cent Can No Longer De
Counted Upon - Railways Advance
Under Influence of London Reports.

NEW YORK, Jan. 1.-THE dealings in
Sugar Refining stock again overshadowed
and 10 a great extent dominated the trad
ing in TIE general market. Transactions
in Sugar were again in immense volume
and the fluctuations were exceedingly wide
1t goes without saying that the chief mo-
tive influencing the dealings in Sugar was
the apprehension growing out of President
Havemeyer's remarks at yesterdays meet
ing of the shareholders, that the IL
per cent dividends, which the stockhold-
ers have been receiving for the past ten
years are no longer 10 be counted upon.
At all events, the two months uncertain
ty ahead, in which time the stockholders
are not likely TO be informed definitely as
TO what is in store for them. promise TO
be period Of stormy speculation in Sugar
Refining stock. which may be expected to
reassume the position in the general mar
ket which ii occupied some years ago. 1t
may be added that the reservations and
conditions set forth in the presidents re-
marks appeared to have been altogether
lost sight of in the subsequent dealings in
the stock.
The market, and particularly the rail-
from yesterdays final figuresr Its tone
at the opening was almost wholly Il re-
Election OF the strength of the London
stock market. The latter was higher in
all Of its divisions mainly because OF
reduction of j per cent in the Bank OF
England's discount rate. which action was
taken to indicate that a definite turn in
the monetary situation had come. The
Bank of France also made a reduction in
ifs 70 Of hOf n
and on the Continent the money market
continued easy Apparently the tendency
of the London stock market was alto
gether unaffected by any news from South
Africa, or at least none of particular i'm
portance became public. On balance. the
foreign arbitrage houses were purchasers
OF stocks here to the extent of about IL, 600
shares. The price level established in the
initial transactions was for many stocks
the highest Of the day.
The whole market underwent subse-
Quently a sharp and general reaction, the
superficial cause for which, at least, was
the Decentralization in Sugar Refining.
Aside from the last named, the weakest
features Of the market were Brooklyn
Rapid Transit and all the Manhattan
borough traction issues. The particular
pressure upon Brooklyn Rapid Transit
was not very definitely accounted for. but
the weakness OF Manhattan Railway, Me- |
tropolitan Street Railway, and Third |
Avenue was commonly explained as being |
DUE TO the forthcoming opening of the I
bids for the construction OF the under
ground railroad.
IL view Of the severity of the declines
In the instances cited. the comparative
weakness Of the railway list was not re-
markable. Union Pacific, Louisville and
Nashville. and Baltimore and Ohio were
relatively firm, and effective support was
noted elsewhere In the railway division
Of the market, although. As noted, the
dealings in that quarter were completely
overshadowed by those in Sugar Refining
and the traction issues.