The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-24
A BREAK IN INDUSTRIALS
Sharp Declines in Steel and Wire
and Sugar Refining.
Reported Cuts I'm Selling Prices of
Products Responsible for the
Repetition of the Gntes Episode
General List Wcnk in Sympathy.

NEW YORK, Nov 23.-Certain move
ments in the industrial quarter of the
market today overshadowed those else
where, and, to a great extent, intiu-
enced them. At the opening of business.
for example, there was fresh outburst
of what appeared to be urgent liquidation
in American Steel and Wire common. I'M
der which the stock broke abruptly IL
points. 'f'-
The selling was plainly a continuation
of the movement which made its appear
ance at the close of business yesterday.
and which was effective in influencing the
general reaction then noted. While, SUI
perficially, the break in American Steel
and Wire was accounted for as owing to
reported cuts in the selling prices for
some of the company's products, its ac-
cep.ed significance was taken to mean a
change in the speculative attitude of the
dominant interests in the company.
Wall Street was. in short, quick to
jump to the conclusion that the public
was to be treated to another such jere-
miad in regard to trade prospects as was
delivered from the same sources some six
however, it will bear in mind that all
conditions, and notably those political,
have changed radically in the mean time.
and that not even the ingenious comments
of the Chairman of the Steel and Wire
Companys board are apt to carry the
same effect that they did previously. 1t
was, however, not unnatural, in such an
extended speculation as that now prevail
ing that the sudden and promo unced break
in a stock of the general character of
American Steel and Wire should have
chilled sentiment and caused lightly mar
gined operators to hasten to realize paper
profits.
The sharp decline in the stock in ques-
tion was attended by material and appar-
emily sympathetic losses in Federal Steel,
Colorado Fuel and Iron, and Tennessee
Coal and Iron, and while in each instance
sharp recoveries were scored with the
course of the business session, the trad
ing in these stocks continued to be char
acterized by marked feverishness.
The course of American Steel and Wire
was virtually paralleled in Sugar Refin-
ing, where the trading likewise reflected
no little speculative decentralization. In
this instance the decline had a rather
more tangible explanation in the severe
cuts in both sugar and coffee. announced
by the American Refining Company and
Its chief competitor. The reduction in
the selling prices for these articles being
made just about a week ahead of the
time when the dividend on Sugar Refining
stock is to be acted upon naturally
caused the abandonment of recently ex-
pressed views that the mana cement
would order the payment of AN extra rate
al this time.
Il,sa general market suffered throughout
the DAY by reason of the course of the
stocks cited. Dealings were begun today
in the unlisted department of the ex
change in Amalgamated Copper. but after
opening strong that stock, together with
Anaconda ~ khared in the reaction
airy tend ommon to the Industrial
quarter and the specialties
AS was 10 be expected the railway LIST
suffered mere ;. raT,drny the
noted movements, but the losses there were
in few instances very extensive, and New
York Central and the so-called Junior Van
derbilt shares were exceptionally firm. The
local traction issues shared, however, In the
general tendency of the market.
For the first time in several weeks a
number of matters of a not directly finan-
cial bearing received some attention, among
them being the serious indisposition of the
Gar of Russia and the seemingly critical
situation in China. The London stock mar
ket, however, was not perceptibly infiu-
enced by either matter, although foreign
houses continued heavy sellers here on bal
ance.
The money market continued easy
throughout the day, and from preliminary
indications another satisfactory exhibition
by the banks may be expected in their
weekly statement tomorrow. they having |
made a gain in their dealings with the |
ub-Treasury alone of about So 200, coo since |
last Friday. Notwithstanding however,
the reactionary tendency of prices. the |
days general movements were as plainly |
:he result of technical market circum- |
stances as they have been throughout the |
month