The Washington times., 1901-12-24

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The only feature that removed the stock
market from extreme holiday dullness
yesterday was break in American Sugar
that bordered on the sensational at times
and before the close of the session had
extended to points. The stock opened at
ll5 and closed at l09 Ia. the low price Of
the day. The latter price is the lowest
since May. 1900.
In the street the reason ascribed for
the break in the stock is that trade con-
ditions are bad. with little profit in refin-
ing and the prospect of further cuts in
the price of the refined article. An Off
Ger Of the National company. one Of the
American Sugar Refinery concerns. made
the statement yesterday that there is no
profit in refining at the present prices of
raw and refined sugars. the difference in
price being eaten up by necessary er-
penses. II is also said that the demand
for sugar is slack and the supply large
and that beet sugar from Germany is
pressing for a market on this side. All
these statements are received with much
caution by people familiar with recent
trade conditions and there is a strong
undercurrent Of belief that the Sugar
Trust itself is entirely willing to see the
price of the stock decline.
DuIlncss in the General List.
The general stock market was little ar
fected by the weakness IF Sugar Once
upon a time such break in the stock
would have caused bear raid in the en-
tire market. but the public speculates lit
lie in the stock now snd Las forgotten TO
general list was uninteresting yesterday
In the extreme with small fluctuations.
due almost entirely TO evening up of ac
counts over the holidays.
There is reason TO believe that the mar
ket viii continue quiet for the present.
owing to the holiday season and to the
desire Of the financial interests to prevent
an active market until money conditions
are improved by the release of funds at
the beginning Of the new year.
The conservative interests generally are
hopeful regarding the outlook for the new
year. They state that the investment
buying Of securities is sure to be large.
and that With the market depleted OF
stocks as IL is AT present il should be easy
for the insiders to advance prices on this
demand. Business conditions continue ia
vorable to strong market railway and
Industrial earnings being superb accord
ing TO all reports published.
The Money Market.
The money market was a trife tighter
yesterday morning. the cali loan rate ad
yaneing to per cent at one time. II
was said that This was due to the desire
on the part Of the banking interests to
prevent any active speculation until after
the beginning Of the new year. Later in
the dsy the rate declined TO per cent
AmaIpamntcd Nay Win lbs Game.
Amalgamated has dropped back badly
ia activity during the past few days. The
transactions in the stock yesterday were
small and the lluctdations in price insig-
niicant. There is much talk Of what are
alleged 10 be very bad irade conditions
stiil. but either the public has been frozen
out of all it's holdings In the stock or il
has learned to take this bear talk with
equanimity. and no effect Was produced
by these stories.
The popular theory regarding the Cop
per sitaation yesterday was that the
Amalgamated Company has sold out all
CT nearly all OF its surplus copper and
now intends to force the price down as
fast and as lar a. IL can, 20 hurt the in
dependen, refsers. and X possible. force
them to come 20 terms with Il regarding
output ana price. The stoTy yesterday was 1
that The price may very likely be cnt to (
eight cents pound. II is said that the I
independent refiners VIII b. hurt much I
more by the cuts in price than the Anal 4
Company, owing 10 The fact that !
they have sold much more of their COP 1
per under guarantees Of price, which viii /
now compel them either TO pay out /
enormous sums 10 the buyers or break ]
their contracts, which would be likely /
to mean bankruptcy 30 many OF them.
The idea seemed to he. in conservative 4
quarters. as far as anyone would eypress I
an opinion. that the Trust viii succeed in 1
its intention Of forcing an agreement from 1
the independents.
TRY ing to Force ihc Ueipze Int-re,t.
One theory that obtains some friends /
is thai the real secret Of the greater part |
of the entire bear campaign in Copper is Z
to force the Heinze interests 10 the wall. I
or compel ihem to sell out TO the trust. .
u was said yesterday that these inter- I
ests have large amount borrowed from
New YOrh financial institutions on their
and that tho reduction IN The
price Of copper viii force them 10 sell
out. in order to meet their obligations
The l1e'nzc mines are reported 20 pro- I
ducc copper at a somewhat higher cost Z
than the majority OF mines. The state /
Inent was made 10 Times reporter yes
terday by the president Of one Of The iarg-
est independent copper companies in he {
that the Hciuze people cannot !
produce copper for less than Y cents a
pound.
Anthracite stocks strong.
The anthracite coal securities were aII /
active and strong yesterday. being. in
fact. the feature OF the market as far
as buoyancy was concerned. There was
large buying OF the Erie ana Reading
stocks. based. IL was said. on the fine
trade conditions. and on the belief ts.at
the full dividend rate Of per cent will
be declared on Erie first preferred al the
next meeting OF tie directors There Is a
rlumoT that the price OF anthracite ,cal /
viii be advanced again ?. rents q ton in
January.
Hooking Valley Preferred Humor.
The Hooking Valley securities were es-
pecially strong during tho latter part Of
tho session. There is a repetition of the
run0r that The preferred stocl. viii be
retired.
The Gould Securities.
The Gould securities were among iho
weakest Of tho railway stocks apparently
ss result Of shorl selling ia the absence
OF inside support There is some taiE of
the recent earnings Of the Missouri Pa |
cilc and other cumpauics not having