The Washington times., 1901-10-08

| The array of bear stories that filled the
| Wall street papers and were reflected in
| the other newspapers generally yesterday
morning were sufficient in themselves to
arouse suspicion of the genuineness of
the bad conditions alleged. II has been
the case usually that when a gradual
break in prices has extended a number
of points, and over three or four weeks.
ana ana when the newspapers suddenly all
take the pessimistic view of the situa-
tion, change is near at hand. There is.
in reality, no reason TO look for the
smashing of the copper industry, but on
the other hand, there is a large proba-
bility that, having been dull during the
past summer, it will show a good i'm
provement now. There is no great proba-
bility that the American Sugar Refinery
will go into the hands of receivers, and
even although the beet people may be
able to put their product on the market
for J cents pound, it is entirely likely
that the trust viii continue to manu-
facture cane sugar and at a good profit
also. II is true that systems like the
Atchison and Union Pacific have in
creased their capitalization largely dur
ing the past SIX years, but II is also true
that they have extended their mileage
in a wonderful way by buying in tribu-
tary lines, which is, of course, much more
profitable general rule than new
construction In new territory, and that
they have improved the physical condi-
tion Of their systems almost to the ex-
tent Of rebuilding them entire, with a
is most important. Notwithstanding these
facts about sugar and copper and the
railway situation, the financial papers
nearly all OF them, dilated at length yes
terday on the gloomy outlook in these
directions and in many others
Sugar broke below 113 yesterday morn
ing in two or three quotations, and the
break came In such a way as to suggest
to many that the price was put as low
as possible. Although the stock was one
OF the weakest on the list during the
afternoon, IL recovered more than two
points before the close, which showed less
than a point net loss. The bear position
regarding Sugar may be summed UP about
as follows: The company has a large
amount of raw sugar on hand which 1t
purchased at a price considerably above
the present level. A loss is indicated here.
The company has not had very prosper
Gus summer. business being much less
than expected, owing to the partial failure
of the canning and fruit season The
difference between the present price of
raw and refined sugar gives a much less
profit than is generally believed, Mr.
Havemeyers statement that 055 cent a
pound covers cost Of refining being far
under the truth. The beet sugar people
claim that they can manufacture and sell
their product for cents, and when raw
cane sugar costs that, and more gener-
ally. the outlook for cane sugar seems
very gloomy. The American Sugar Re
hnery is issuing new securities a big
block of them. and it will be well for in
tending purchasers to consider what this
issue is for. Possibly IL is intended simply
to furnish the sugar insiders with addi-
tional profits and allow them to get out
OF a tottering concern IN good shape The
decision in the New York courts against
the American Ice Trust will be applied
to tie Sugar Trust beyond question II
will be seen that the extent and variety
of the gloom surrounding the company
Is most imposing. Unfortunately those
matters were not told to the public be-
fnTE hg In he CT
public is only now selling out its hold
ings: and IT is supposed that the insiders
are buying heavily.
The break in Amalgamated Conner was
nearly to 50. The stock recovered from
the low price to s5$l, showing a net gain
ior the DAY. There was a tip last week
that the break would stop before so was
reached and that there would be an i'm
portant upward movement in the near fl-
ture. There is some evidence that the
people that put out the story were well
informed There is little news regarding
the copper trade. 1t would not be sur
prising IL the Amalgamated Company
should succeed in holding the price of
copper up to its present level. II cents a
pound, and on the other hand a break In
the price may occur at any time. In
either event careful people see no reason
why the break in the stock of the com
pany should extend further at this time.
Brooklyn Rapid Transit was the most
friendleSs stock on the list. 1t was bought
by Flower & Co. early in the day. but
their support had no effect in stemming
the tide of liquidation. The break extend
ed TO 555s, about full points. The stock
sold as low as a and fraction at its
lowest ebb. Some people express the
opinion that this level will be reached on
the present slump. but the early appear
ance of the food of bear rumors causes
others to think that a good recovery may
be Immediately at hand. The stock
gained points during the last hour and
closed at 57Ik.
Atchison common stock was very strong
all day. never going of more than frac-
tionally, and during the afternoon making
a net gain Of more than point on heavy
buying, apparently for insiders. There
were no developments regarding the
stock. but the story of an increase in the
dividend rate Is still heard. Such an in
crease is not probable, but It is under
stood that some of the directors of the
company favor the larger disbursement
St Paul at first very weak made fine
rally in the late afternoon. There is some
disposition to consider the rather unfavor-
able statement of the Burlington company
for last year bear argument on St
Paul; for what reason is not clear. The
Burlington failed to earn the interest
on the Great Northern-Northern Pacific
bonds issued last winter TO provide for