The Washington times., 1901-12-24
Improving Tendency Re
CeiVeS Severe Check.
CUTS MADE INPRODIICT RESPONSIBLE
Dealings in Copper Show Further
Failing Of-Rates fer Call Loans
Advanced Sharply Heavy De-
cline in Air Brake Followed by a
Rally London Seller Here.

NEW YORK. Dec. 23.-sugar Refining
stock today succeeded TO the position
which has for so many weeks been occu-
pied by Amalgamated Copper that is to
say, tbc stock. in a very sharp decline,
effectually checked what in the early deal
ings of the stock market appeared to be
a distinctly improving tendency.
Another influence which led TO the gen
eral reaction from the strength the mar
ket had shown in the first hour was fur
nished by the money market. where rates
for call loans advanced sharply and We're
maintained at high figares throughout the
course of the business session.
Caused by Reductions.
The particularly sharp break in Sugar
Refining was accounted for. aside from
technical causes, by the sweeping reduc-
tions made in the prices for refined SUI
gars by the American company, the cut
bringing its rates well below the selling
prices fixed last week by its chief com
petitor.
This pronounced evidence of unsettled
trade conditions. which first began to
show themselves last week. was accom-
panied by exceedingly heavy selling OF
Sugar Refining stock. although the bulk of
IT seemed to be for professional account.
Sugar Refining was. however, altogether
wanting in support and the severity Of
the decline In the stock, coupled, as
noted. with the stringent money market.
put an effectlal damper upon the firm
and active trading conducted in the first
hour and led to numerous material re-
cossions in prices throughout the remain
der OF The market.
Little Doing in Copper.
The dealings in Amalgamated Copper
show a further falling on, and the iiuc-
tuations in the stock we're comparatively
limited. A further reduction in the price
of the metal was announced in the Lon
don market and local trade circles are
generally looking for further cui in
prices here
The financial week opened with few new
Developments presented for consideration
over Sunday. good deal of interest was
taken in the statement issued by The
president OF the Great Northern on sat
uTday in regard 10 the various circum-
stances which had led up to the formation
of the Northern Securities Conn any. but
there seemed 10 he good deal af con-
fusion Of opinion as to the motives behind
the utterances in question.
Meme Of the securities more or less di-
roctly concerned in the Northwestern rail-
way situation was, however. materially
affected by reason of Mr.. Hilis state
mcnt.
Anthracite StorLs Firm.
Comparatively firm features of the rail-
way list Throughout we're the anthracite
r,,g 1.n,t-g r,.fot,f,- H., .44-... f..-.
anu in the early dealings New Jersey
Central advanced very sharply Trading
in 81. Paul. Union Pacific. and Southern
Pacific was fairly animated, but all Of
those stocks moved IN line with the gen
eral market. and the dealings elsewhere
were not of a character requiring ex-
tended comment
Quite aciise dealings were conducted in
United States Steel issues. which were
decidedly strong at the opening Of busi-
ness, but later on receded In sympathy
with the general market. The so-called
speciaiiies moved in line with the mar
ket AT large.
New York Air Brake opened at de-
cline of about fifteen points on the an
nounccment of Saturdays decision OF the |
United States Circuit Court unfsvorable
20 the company. but tho stock suhse- 4
quently rallied on official representations
setting forth the want oi significance Of 1
the decision as affecting the companys I
business Sharp advances were noted In I
General Electric and Westinghouse Elcc- /
trio and Manufacturing.
The London Sarkct.
The London market was steady outside 1
tho American quarter. where fractional !
declines were shcwn-in contrast with the
local closing figures Of Saturday. For
cign houses we're sellers OF few thou
sand shares in this market during The
morning, hut little attention was paid to
the circumstance, and the market WAS
quite unaffected thereby up 10 the time
that the noted acute weakness developed
In Sugar Refining.
New barL stock Exchange. Dee. ~.
liigii- low Clos Na
est cst Ing. chgs.
Anal Copper. $500. s5;A G5iz sglt :.