New-York tribune., 1901-12-25
sex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Suear Refining stock monopozed speculative
attention in yesterdays market The rest OF the
list with only few exceptions. moving within
narrow limits on light volume Of business.
Sugar suffered a further sensational decline
closing AZ . net loss from Monday of 3s4 points
at 1861 The generalization in Sugar shares
affected the entire list. and despite a rally in
the last hour the majority of issues ended the
day at net losses. There was no trade news re-
eardirg Sugar At current prices the profit in
refining sugar is extremely small, probably not
more than a cent pound. AT this period OF
the year the retail trade is not active IN the
sugar market and the decline in prices IN the
last few days is checking the demand on the
theory that quotations Will go lower before the
current movement is over. Grocers are merely
buying sugar as they need it. The decline IN
raw sugar has been due to heavy surplus stocks
all over the world and to the possible with
drawal of a portion of the bounties paid by for
eign countries and to the chances Of a conces-
sion TO the Cuban planters. Total dealings IN
stocks amounted TO over 645,000 shares. The
heaviest dealings were in Amalgamated Copper.
which closed < point above Mondays final
price: Sugar Refining. Baltimore and Ohio. st.
Paul Erie Manhattan. Reading. Southern Pa
cifc and United States Steel. The greater num-
Der Of active stocks showed net declines.
Stock market values are not expected to move
over a wide range in the rest of the year. but IT
is quite generally believed that in the new year
active hull operations VIII be inaugurated. Pre-
dictions of higher prices are based on the money
market outlook and the generally sound po-
sition Of the country's industries. Copper and
sugar trade wars are not seriously considered
as influences of widespread Importance as affect
ing the country's commercial activities. Copper
conditions hurt stock market values, and Sugar
stock manipulation and cutting of prices in the
sugar trade are also exertirg an unfavora bic
effect on quotations They are not, however,
damaging the intrinsic worth Of securities, while
just as soon as the money market position be-
comes more favorable to speculation for rise in
stocks. the sugar and copper episodes viii doubt
less he forgotten by the greater number of mar
ket followers People who are looking for rise
in securities Immediately following January
may be disappointed. as money may not return
to an easy level before the middle end of the
month On any decline, however. good stocks
ought TO be a purchase
The remarkably strong position OF the iron
trade Should be influential factor in stock
market trading in the new year. The absence OF
speculation and imitation in the iron and steel
business is a marked feature of this line of the
country's industries at present, and the refusal
of the companies TO advance prices, despite the
enormous demand. insureS active production and
consumption throughout the next year The
steel stocks and all the attractive industrial
shares should he features in the stock market III
1902. The greater number Of Industrial shares
listed on the Stock Exchange represent COM
panies that are not over capitalized, that are
cOnserVatively managed. and whose earnings or
the basis OF hard times VIII bring as good dlVi-
dend returns as the so-called safe railway shares
bring And in time of Industrial activity these
stocks pay much more than the railroad stocks
pay. The enormous increase in capitalization OF
many railway companies in the last few years
suggests the wisdom OF having on hand in
dustriai company investments, as well as rall
road investments. Blind pool industrial com
panies' shares do not appeal to conservative in
resjors. Fortunately. there are few Of this kinC
Of issues dealt in on the Stock Exchange.
Call money ruled as high as per cent and a:
low as 2la per cent in yesterdays market