The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-02
FUTURE OF SUGAR SHARES
The Uncertainty of Dividend
Causes Heavy Losses.
Action by the Compnny's Directors
Next Wednesday AnxiOusly Await
ed by specuintors-A Dull and Ir-
regular Market - Third Avenue
Again Declines Foreign Buying.

NEW YORK. March 1.-Today's stock
market did not fulfill the promise held out
in the dealings yesterday afternoon. AT
the opening of business it retained TO some
extent the strong tone which characterized
the trading then, bat before the close OF
the first hour it had relapsed into the dull
ness and irregularity OF the early part OF
the week. Its disappointing tendency was
not averted either by the fact that the
London market reported substantial and
general gains. following upon the an
nouncement of the relief of Ladysmith, or
by the fact that foreign houses continued
10 buy stocks here in fair volume,
The day was virtually bare Of anything
new TO give definite trend 10 speculative
opinion. With the elimination OF Third
Avenue affairs into q receiyership for the
property, professional interest appeared to
shift to Sugar Refining the dividend on
which is now classed as the most iDpor-
tant uncertainty of the immediate future.
Inasmuch as it is fairly certain that the
first information the public at large will
receive in regard to the Sugar dividend
will be after the directors meeting, on
Wednesday next, it would appear that in
the mean time Sugar Refining is to occupy
the position that Third Avenue did up TO
yesterdays announcement of the receiver
ship.
The course of prices in the general mar
ket and even in particular stocks. was ex
ceedingly irregular. All of the industrials
founded upon the steel trade were weak.
apparently because of intimations that
their prosperity, as shown in recent state
ments was encouraging the formation Of
competing companies. The local traction
shares were also heavy, partly because Of
the revival of discussion as to the workings
of the franchise taxing laws, and partly,
perhaps, in sympathy with the renewed re-
dictionary course of Third Avenue. The
fluctuations in the latter stock. and also
in Sugar Refining. disclosed clearly the
character Of the buying under which they
scored the sharp advances that marked
their course yesterday afternoon.
The dealings after the opening we're not
in large volume. and the trading was pune
tuated by a long period of extreme dull
ness The price changes in the standard
Issues were as a rule limited and irregu-
lar. The highly encouraging monthly
statements submitted by the Louisville and
Nashville. Burlington and Quincy, and
other companies. while subjects of discus
sion, were without effect upon the securi
ties directly concerned.
Money market conditions continued I'M
altered, notwithstanding that today's bal
ances showed a loss to the banks since
last Friday In their operations with the
Sub-Treasury OF nearly $1,000 goo. The Cur
rency bill appeared to come in for more
general discussion today than at any time
since its inception, and apparently the be-
lief that its operations will offset any con-
traction in the money market from other
sources caused the heavy cash losses 20
the banks within the course of the week to
be ignored AT all events none of the usual
misgivings in regard to the bank state
ment. which ordinarily develop toward the
close OF the week, under circumstances like
those now current, could be detected.
Sterling exchange scored further de-
cline, as a result both of the continued
foreign purchases OF securities and of the
better SUPPLY of cotton.