The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-03
ADECLINE IN THE MARKET
Sugar Refining and Third Avenue
Again Break Violently.
The Probability of an Assessment on
the Traction stock Causes Heavy
SeIIing-The Steel Industry Shares
Also Suffer n SIpmp-i Heavy Rail-
way List - The Bank Statement.

NEW YORK, March $50 long as Wall
Street elects to regard the whole situa-
ton through the medium of affairs of the
Third Avenue Railway Company or the
dividend on Sugar Refining stock 1t is i'm
probable that there will be any material
improvement upon the conditions which
have prevailed throughout the week and
which were continued today. Both of the
stocks in question again broke violently
and their tendency was effective in unset
Ting the remainder of the market.
There was nothing that was new or def
mite bearing upon either stock. The fur
Their decline in Third Avenue may reason
ably be referred to the growing apprecia-
tion of the exactfons likely to be made
upon the shareholders In the process of
reorganization, and tie course of Sugar re-
hected altogether the views regarding tho
dividend TO be acted upon next week.
A third stock today, in which heavy
dealings and an extensive decline caused
it TO occupy a conspicuous position in the
market, was Peoples Gas. The break in
this instance seemed to be owing to Chi
ton of suit attacking the legality of the
consolidation of three years ago, In which
the Peoples Gas Company absorbed the
old Chicago Gas concern and the other
constituent companies.
The Industrial quarter, in the main, was
heavy. and Chicago continued 10 flood Wall
Street with reports in regard to the men
acing labor situation in the central West.
The chief sufferers in this quarter of the
market were the so-called steel indus
trials, in all of which more or less severe
declines were scored.
The railway list was also heavy, but the
dealings in that quarter were not in large
volume and the trading developed no fea-
lures Of particular interest. The London
market continued strong, but the dealings
here for foreign account were on an unim-
portan1 scale and, according to advices
from that quarter, the lack of animation
in the local dealings acted as a check upon
the more favorable disposition on the part
Of the foreign spectators toward American
securities.
To small extent the tendency of the
market was attributable to the expecta-
lions of further heavy decrease in the
banks reserves tomorrow as is foreshad-
owed in the known movements of money
with the course Of the week. The banks
have lost in their operations with Sub
Treasury alone since the compilation of the
figures of last weeks statement over 81
500 900, and there is reason TO suppose that
the loan account will be further augmented
chiefly OF account of the current heavy
operations in Government securities. 1t
was again the case, however, that the
money market was altogether undisturbed
Sterling exchange declined further, and the
few statements of railway traffic submitted
were gratifying showings, but no appreci-
able amount of attention was accorded tc
one or the other.
Sugar Refining having replaced Third
Avenue as the guiding factor In the specu-
lation. 1t is presumably necessary TO wait
until Wednesday afternoon before attempt
ing to make any forecast of probable mar
ket movements or. indeed, to give any Sc
rious consideration to financial circum-
stances at large.