The Savannah morning news., 1900-12-05
srooKs AND BONDS.
Drop Of Points in sugar Feature
Of the Movement

of the Movement.
NeW York Dec. "A favofite paradox
in Wall street Is thar a surprise IS always
expected la sugar Ia the pursuit Of
their professional avocation. stock traders
are always tBfhs % discount what thsy
expect aud the consequence Is that Ia
sugar they are invariably surprised aud
disappointed. To-day was 40 exception.
Action on the quarterly dividend has
been looked for sat any time for sew
eral days past aud the "ucws' a. 90
what the dividend would he has varied
an the way from au increase in the reg
ular rate from l1. 10 per cent. au1
up 10 the regular IS. aud an extra dis
ouTsement OF per cent The Epecula-
ton has gone on right merr1ly on that
tasfs Tire price was run up TO l6A this
morning when the intimaGson was dis
senlinaGed that no action would be taken
o. the d1videad to-day. Consequently. the
announcement a little later that the d.
rectors had met al a private residence.
Of the president q the company and de-
clared a divtlead Of only ~ came like
q hOmbshei uTson the speculative c0ntin-
gent In their rush TO save losses they
forced the price down BY rapid stage.
meeting no support. except from profes-
-ional shorts, on the Nay doRn. The
stock touched igL IN the last hour
which was fun points bcloE the high
est and closed with net ioss Of g..
Tue violent slump in this stock had a
depressing influence on the whole mar
ket. but the movement elsewhere al 40
time approached Decentralization. In fact,
there were points OF strength persistiag
here and hcrc In the railroad list noia-
blp the Erie stocks 3Hd in the log-pricsd
.l..tsfNa.aafarno Hug fhTA. NleHIel their
gains in the late reaction. La the ca'ly
dealing. thc principal weakness was
shown rs the specialties and especially
the steel storks. TIE latter group shaw-
ga good recovcrics aud except for Teu-
pes.co Coal held we'll To- the late weak
ness ~ ihe railroad list The pressure
to soll the railroads grow steadily dur
lu- thc latter rsri 81 ths das afN a
lrgo number Of them show net losses Of
about q point Chicago, Burlington ana
Quincy declined ~,
The general weakness while partly dne
20 sympathy with tine sisleHt decline IN
sugar. Was uudoEbtedy based for the
most part OF anxiety a. to the ability OF
the money market 20 carry speculative
accounts safely over the new wear. fnere
was 40 evidence that liquidation was
forced TODAY hut a spisit % eauiln
prevailed AND Induced measures To- avoid
81 the larRe advances iR prices which
ihe market has endowed. ONiug 20 the &C.
reWed movement 81 currency 10 the In
terror and ,he present loW level OF PEN
sion Disbursements the sub-trcafury has
already taken up from the money mar
kt nearly f7enO1 since Friday. To-
asp'. traasfers 10 tAe interior which
went "a New Orleans. were si01vfA con-
pared VITA tAOD0 yestsrlas Another
noticeable feature of tbs situation - the
sfeadincss of sterling exchange. in spit"
81 the nrmuoss o. the local money mar
ket and the notably easier rates w Lon
don ana Berlin Tho foreign selling o.
eur securities. Whieh VAS caniinned to-
day to the extent of about 2s.no shares
Is supposed 20 account Tor this. The
oplnion b. expressed by some foreign au-
thorties that THE process has been ear
ried 80 far as 90 leave New York without
future power 20 draw gold fram Eurn-
poan sources. Ia this connection to-day'E
report ~ a further shipment from AUS
traMa 90 san Francisco ~ si.soDpl in
gold has some Significance, IncgWinE
steamers are bringing large shlph.entr
Of American securities recently sold by
FOREIGN noldsrs aud the Increase To- the
supply Of stock available for bending
serves 70 facilltgte bsar operations 70 the
market.
The bond market shared in the reac-