The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-26
SUGAR REFINING GOES UP
The Rise in the Stock Sensational
and Withou; Explanation.
Various Rumors which Contributed
Haycmeycr-Its Firmucss Causes
an Advance Along other Lines
The Dealings Well Distributed.

NEW YORK, April 25.-Sugar Refining
was the sensational feature of an other
wise rather undressing stock market,
and its course was also exceedingly effec-
tive in shaping the drift OF prices in the
general list. The stock opened very fever
ish and sales were recorded at nearly tV c
points below its final figures of yesterday.
Subsequently. however, the stock enjoyed
a remarkable advance with the transac-
lions in tremendous volume.
AS was 10 be expected. the rise in tie
stock was attended by the usual and fanil-
lar rumors that the control of the company
was in process OF change, and very definite
statements could be heard that the trans
action has been already contaminated.
There were the other usual rumo:s of a
settlement Of the trade war. but the latter
met with the prompt and emphatic denial
of the head of the Sugar Refining Company.
Mr. Havemeyer also disclaimed any knowl-
edge as TO the changes or developments in
the general affairs of the company, in
other interests.
Hence the advance in the stock was not
directly or definitely accounted for and,
indeed. 1t seemed to be the general Opia-
ion that the rise in Sugar was nothing
more than one of the ordinary movements
that have previously characterized its mar
ket history. On the other hand. the re-
ports that certain interests, and, as usual,
the Standard OIL party were prominently
named in this respect had already ac-
quired very large interest in the prop
erty. were repeated with unusual def
niteness and detail, and certainly II would
appear that something more than the pur-
chase of an alarmed and extensive short
interest in the stock would be necessary
to account for its course.
However that may be the rise in Sugar
served to check the saggng tendency of
the remainder of the market, and it was
attended by a number of sharp recogeries
elsewhere. For one thing, it served 10
put q stop TO the aggressive selling for
short account, which has been in progress
in the market throughout the week. and
which had become particularly aggressive
and even offensive in its methods.
An engagement of gold for shipment to
Europe, amounting to S250,0o0, was an
nounced today, and now that the movement
has begun II will probably be continued
internationally.
The London money market continued TO
rule firm today, while the local money mar
ket was altogether unruffled and wholly
unaffected by the gold shipment. London
houses were moderate buyers of stocks
here, and the American quarter of the
London market was reported very firm,
although the actual quotations showed ir-
regular changes. A larger number of
traffic returns for the third week Of the
month were submitted today, and for the
most part they made excellent showings.
Most notable was st. Paul, although yes
terday's pessimistic prophecies were cur
rent in regard to the latter company's
statement.
The dealings were very well distributed
throughout the market, although the ag-
gregate transactions attained only a fair
total. Recoveries were common in the
market after the opening irregularity, and
n q number of instances the rapid adj
vances scored were confirmatory OF the
idea expressed above, that the rise in
Sugar was decidedly disconcerting to the |
short interest