The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-11
4 Bad BREAK IN SUGAR
The Dividends Made Uncertain by
the War With Spreckles.
President Hnvcmeyer's Annual Re
port TO the stockholders Almost
Precipitatcd Panic - Trnde Con-
fined Largely to Buying for short
Accounts - The GranEcrs Active.

NEW YORK, Jan. 1o.-Stock market
movements today were again confused and
in some instances violent The specula-
lion at large was disposed to follow the lead
set by the London market, where advances
were general. notably in the American
quarter. The effect, however. of the higher
prices shown in the London market was
mtigated to some extent by the incon-
siderable operations here for foreign ac-
count. and further by the fact that the
London advance was not a reflection SO
much of favorable news from the seat OF
war as of the decline in discount there
and the disclosure of an extensive Short
interest in the market The forenoon deal
ings were decidedly wanting in animation
and the price changes of the period were in
the main limited and irregular.
Most of the London listed stocks showed
substantial gains in the initial transac-
lions. but for the most part these were
subsequently shaded or obliterated. Union
Pacific common again reflected the disap-
= pointment of uniformed holders of the
stock at the failure of the directors to de-
clare dividend upon it yesterday, al
though apparently their hopes in this re-
spect will be realized in the second quar-
ter of the year.
The particular weakness of Atchison
preferred was unaccompanied by any spe-
cific explanation, and II seemed to reflect
aggressive operations for the short ac-
count. Similar operations were conducted
with considerable vigor throughout the
general market. and they were presumably
based upon the theory that the patience
and the margins OF speculative holders of
stocks would be finally exhausted by the
slow progress and the many disappoint-
ments OF the South African war.
At ali events, the market shows. as IL
has for some time, the existence Of a very
extended short account. the position OF
which might readily be rendered untenable
should there come some decisive change in
the Souht African situation, for apparently
actual liquidation is in very small volume
at the present time Shortly after the noon
hour Sugar Refining, in which the morn
ing fluctuations had been very wide, broke
abruptly and violently, and the decline in
this instance. as was to be expected. ef-
fectually unsettled the remainder of the
market. The severe loss in Sugar followed
directly upon the statements made by Pres
ident Havemeyer in his annual report to
the stockholders. The doubts thrown upon
the matter OF the declaration of dividends
in the future and the further statements
that there was no settlement of the sugar
trade war with the Spreckels interests ac-
counted logically enough, perhaps, for what
took place in the stock.
AT the same time Wall Street did not
lose sight of the fact that at the last annual
meeting Of the stockholders resolutions
were adopted which appeared to threaten
the integrity of the company's dividends
with even more directness than Mr.. Have
meyers remarks today. The actual re-
suits. as regards the dividends on the
stock, are now part of its history for the
past year. 1nasmuch as the stockholders
of the company were not enlightened to-
day through any statement of its current
earnings or present position. particularly
as regards remaining surplus, the appre-
tensions apparent after the presidents re-
port were not, perhaps, unreasonable.