The Washington times., 1901-12-25
SUGAR LEADS
HEAVY SLUMP.
Liquidation Causes Market
to Sag Generally.
WEAKNESS IN RAILWAY QUARTER.
London Reactionary on Unfavor-
able News From South Africa -
Copper Comparatively Dull Un-
ion Pacific and St Paul Decline -
Upward Movement in Ice.

NEW YORK. Dec. 2i.-lnasmuch as the
money market was today distinctly
easier. the explanation of the further gen
eral and material decline had to be
looked for in other directions Superb
cially at least, the further decentralization
in the trading in Sugar Refining was the
main factor in the weakness of the
market at large, and indeed. aside from
that circumstance there was little that
could be brought ont TO account for it.
Renctionary at London.
The london market was decidedly re-
dictionary. chiefly on account OF the great
er activity and aggressiveness Of the Boer
forces In South Africa. and material de-
clines were shown In American stocks be-
fore the local market opened. The deal
ings here. however. for foreign accounts
were limited to the sales OF n few thou
sand shares of stock.
Otherwise the day was quite bare Of
developments with any direct bearing
upon the financial situation or the stock
market.
Only few statements of railway traf-
fc were submitted, and these made eX-
ceilent showings and especially in the
case of the Northern Pacific.
As had been expected. the regular divi-
dend was declared upon Missouri Pacific.
Technically considered, the market show
ed very little actual liquidation aside
from Sugar Refining, and, in fact. the
business of commission houses came prac
tically to a standstill.
Causes of Sugar slump.
The selling of Sugar seemed to be again
based upon circumstances which have be-
come familiar TO the public through the
discussion excited recently by the severe
decline in the stock. namely. the unfavor-
able trade conditions which it Is feared
may be aggravated by the state OF affairs
in Cuba and the outbreak of fresh hos
tilities between the larger refining in
terests.
Whether these matters are sufficiently
novel TO warrant the extraordinary severe
decline in the stock since last Friday is
another question. Amalgamated Copper,
which was the predecessor of Sugar Re
fining as the chief disturbing factor in the
market, was very dull today and compara-
lively steady.
The Copper securities and the metal
itself continued weak in London. but
Amalgamated Copper has apparently lost
its atlractiyeness to Wall Streets pro-
fessional element since the appearance OF
Sugar Refining as rival
Declines i'm RaiI~ny List.
in the railway list there were note
worthy declines in St. Paul. Union Pacific,
and the Atchison shares. but there was
nothing whatever in the days news or
gossip to which the course OF these stocks
could be directly referred
Keen interest is taken in the pubiica-
tion of the belated annual report OF the
Union Pacific Company. which is prom
ised this week
The railway list in general opened weak
and retained q sagging tendency through
out the greater part of the business ses-
sion. and the local traction issues moved
along the same lines. The Hooking VAL
ley shares continued strong and furnished
about the only exception to the general
tendency Of the market
Nothing Of particular interest developed
in ;he dealings among the specialtics. the
trading in which displayed the same gen
eral characteristics that prevailed else
where.
Boom in American Ice.
a rather sharp upward movement IN
American Ice stocks made them CON
spicuous in the Industrial quarter, the
movement being attended 5y reports that
the company would soon make public a
very strong statement OF it's condition
The United States Steei shares we're fair
ly active at slightly lower range OF
prices.