Evening star., 1901-12-23
FINANCE AND TRADE
Sharp Decline in Sugar Attributed to
Trade Conditions.
ANOTHER Cut IN PRICE OF PRODUCT
Call Rate of Money Advanced to
8 Per Cent.
GENERAL MARKET REPORTS

Special Dispatch 10 The Evening Star
NEW YORK. December 2s.-The ap-
preaching holidays had the effect OF reduc-
ing commission business to minimum pro-
portions this morning. and 5 per cent
decline In American Sugar and an s per
cent call money rate reduced professional
trading. London sold upward OF 10000
shares, on a narrow market, but foreign
houses were advised that an advance on
this side would bring In buying orders from
abroad. The season is against prices and
the evening up OF traders contracts is
about all that Is likely, IL routine is fol-
lowed
Special reasons may bring special move
ments. but the present tendency is to await
the adjustment OF year-end obligations be-
fore assuming new risks
The decline In Sugar was said TO be dae
to pressure from Boston and lower Wall
street as result OF unsatisfactory trade
conditions The cut In the price of the
product is regarded as an excuse and not
reason for the selling or the stock. II
seems to be desirable to have prices down
accomplishing that result. The decline in
Sugar had little effect on the general list
beyond curtailing the dealings.
Prices held well in the railroad list and
there was little disposition to sell. Mis-
souri, Pacific sold or under rumors that the
forthcoming report would be disappointing
and that the property had suffered from
the droughts In the southwestern territory.
Gould shares were irregular In consequence
Of these reports, as Missouri Pacific had
been expected to lead the advance In that
group. The demand for Wabash was called
good, however. and some determined plan
seems to be slowly working out in this
property.
Atchison was again bought by interests
Identified with the management as q result
OF the confidence expressed In the earnings
n hs fv Tnan Do g.
ern Pacific failed to make any gains but
We're steady around recent prices.
The coal stocks were, relatively very ac-
tive under the best demand rejected In the
market Reading issues advanced easily
from time to time under a pool demand and
the street Is In a particularly optimistic
mood concerning these shares.
Erie hrst preferred ts being bought in ar
tlcipatton OF an increased dividend and the
Junior issues are expected to share in the
present prosperity OF the coal trade. The
higher priced coal shares. notably Jersey
Central and Delaware and Hudson were
strong under a demand which came from
houses usually identified with the more
important movements In these issues. The
industrial list was dull but steady under
mixed dealings. The Steel stocks are
strong and gaining In popular favor as a
result Of the exceptional showing of earn
ings.
The advance In the money rate was due
In some measure to a desire to restrict
trading over the first OF the year. Bankers
are OF the opinion that there is plenty of
money In hand to ge< safely over the Ist
of January. provided noNncrease in the de-
mand from Wall street lis recorded
Any attempt to increase loans viii be met
by sharp advances In the rate. in the
hope Of holding the market steady until the
supply OF currency is Increased. With con-
hdence In the future OF the market as great
as it now is there can be no harm in hold
ing back business until monetary conditions
warrant big undertakings.
The buying of Hooking Valley stocks was
feature OF the last hour, the price advanc-
ing easily under limited dealings. Rumors
Of the retirement of the preferred stock
again helped the movement. Money de-
cifned to per cent during this period but
there was no special increase IN the volume
OF business.