The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-30

NEW YORK. March ce.-Now that the
stockholders Of the American Sugar Re
fning Company have the position Of their
property as involved iu current trade
conditions. placed squarely before them
through Mr.. Havemeyer's STRAIGHTFORWARD
statement OF yesterday. it can scarcely
be doubted that the whole status Of The
stock market will eventually be strength
ened. Sugar stock has been for so long
a medium Of blind speculation and there
have been so many campaigns Of lying
conducted in the stock that presumably
the president Of the company deemed IT
TO the best interests Of the stockholders
that the true position Of things should
be placed plainly before them.
i is not the fault of the management OF
this property that either the stocllhold-
ers or the public Specializing in Sugar
shares have been misIed by the innum-
erabie rumors and fctious circulated re-
garding the property for manipulation pur-
poses, for an indefinite period past, for
anyone having a legitimate right TO make
enquiries could at all times have ascer-
tanned the true state Of affairs.
II may be said that there has been little
change in actual conditions. barring the
ordinary vicissitudes Of trade, since the
stock sold last year at 1S2. whereas today
st sold under par. Except at infrequent in
tervals. the old rate Of dividend was not
being earned and now. by reason Of the
fresh trade decentralization produced by the
action Of a competing concern. the com
panys profits are nil. Mr. HavemeyeT
frankly informed the stockholders yes
terday that unless trade conditions should
improve in the meantime the company
would not be kept upon even a 6 per
cent basis and he was quoted today as
saving the dividend may be reduced to a
per cent basis Failing material
trade improvement it is plain that the
stockholders must accustom themselves
TO expect less rate Of return or even
nothing al all.
Sugar Refining stock was again the con-
spicuous feature of the market today and
Il scored a further severe decline on enor-
nous dealings Indeed the only support
that the stock showed was through the
covering Of short contracts, but these ap,
peared to be extensive enough to give II a
number Of substantial rallies. The course
Of Sugar was an important factor in. the
trading in the general market throughout
the dav Its extreme Generalization in the
forenoon undoubtedly induced selling IN
other quarters. and with each rally in the
stock there were sympathetic movements
IN the general market. Still, the net re
suits Of the days dealings We're exceeding
~ irregular price changes. The market
was altogether lacking in that degree OF
uniformity which characterized its move
ments early in the week although in view
Of the course Of Sugar stock. fairly firm
undertone prevailed throughout the general
list during the day.
The firmest features Of the railway list
were C.. c.. c. and ST. l.. Chesapeake ana
Ohio Louisville and Nashville. and the Pa
ciic stocks. There were rather sharp de-
clines in Peoples Gas. Federal Steel and
Steel and Wire, with little that Eas def
mite in the way OF information attending
the course Of those stocks.
The dealings in the local traction group
were fairly active. and we're again gov
erned hy the varying views as 10 the oper-
ations Of the new franchise law. Mauhat
tan was a particularly strong feature Of
this group. London houses were again exc
ceedingly active in the local dealings, but
on balance they were purchasers OF hardly
over i. 00G shares Of stock.
There were no changes OF note In the
conditions prevailing in the money or for
eign exchange markets. A number q
statements Of railway traffic for various
periods were submitted today.