The sun., 1900-03-30
SUGAR TAKES Big DROP
1t Falls Below Par on Trade War De-
velopments.
HENRY HAVEMEYER'SVIEWS
Says He Does Not See Any Prospect
of the Sugar Men Coming To-
gether and Ending
the Fight. Az

New York, March 29.-A statement
by ii. 0. Hayemeyer regarding the dis
tressed condition Of the sugar trade, ag-
gravated by the Arbucliles' cut in the
price of refined in the face of an ad-
yancing market for the raw product, led
to heavy liquidation in sugar stock and
slump of five points from 1051s to 100.
Sugar had wide opening. There was
an immense crowd assembled on the ex-
change to trade, and first opening sales
were 1850 shares from 102 to 100. After
selling at par there was rally to 101A,
after which there were frequent changes
within / per cent range. 1t then de-
clined to 99A on heavy sales, consisting
of liquidation and stop loss orders.
Judging from Mr.. Havemeyer's state
ment and the views of the trade, if pres
ent conditions continue, it is quite among
the probabilities that no dividend will be
declared on the common for the next
quarter The Consolidated Exchange
crowd has been very bullish on sugar
in the belief that the war would be clear
ed up and settlement effected by the
absorption of all the independent re-
fineries by the American Sugar Refining
company.
| "A
as ever, and if made, Wall street says.
would probably invite new competition
| from quarters at present inactive, while
another advance in the price of raw sug-
ars and continuance of the existing
| fighting competition will entail new and
additional losses on tile refners.
MIR. Hnvemeyer interviewed.
Henry o. Havemeyer was asked what
would be the next move TO be made by
the American Sugar Refining company in
the sugar war.
1--WE are going to lay to. We wish the
| stockholders to know that they will be
protected. We are not going to get into
| any trade war for the fun of fighting.
| We will see that the business is conduct
ed in such way that the stockholders
need not fear"
"Will you yet down the ArbucklesT'
was asked.
| 1--WE have no intention of downing the
Arbucliles. They have perfect right to
| go into the sugar business as well as
| into the coffee or oil business-and we
| claim the same right"
what are the possibilities of the sugar
men getting together and ending the
war;" was asked.
| 81 don't see any prospect for them
coming together. The others are privi-
| legged to sell sugar as cheaply as they
wish, or give it away il 1t pleases them
better, but the American Sugar Refining
is in business to make money, and we
are not going to sell sugar cheap for the
fun of the thing. We are satisfied to lay
to-"
Mr.. Havemeyer is also quoted as say.
ing: II am responsible to our stockhold
ers. We have 11,000 of them, and
want them TO know just how things
stand. / would have no moral right tc
throw away the money of the company
without the slightest provocation. The
people we are dealing with are wealthy
men, and if they choose to spend theil
money in such a way suppose they have
right to. The least margin at which
there is a profit is about Is cents-that is
as | have found it. Perhaps Mr.. Ar
buckle has found new process whereby
he can make profit on 1a cent or less
margin"