The Washington times., 1901-12-23

financial and insurance institutions arc
taking these securities. They are in
position TO buy a bond at a premium. put
IT among their assets at par and lop of
the amount OF the premium from tho
years earnings.
Something of the Sugar situation.
American Sugar was substituted for
Amalgamated Copper as club over the
stock market on Saturday. The reductions
which have been made in the prices OF re-
fined, first by the Arbuckle Brothers, then
by the National Sugar Refinery, and later
by the Sugar Trust itself, has naturally
dampened the enthusiasm of very con-
siderable group of spectators who be-
lievcd that in the present session of Con-
gress a bIll would be passed removing the
duty on imports of raw sugar. 1t only
| demonstrates once more that the man
! who spoculates on what may or may not
| occur in Congress is playing high
stakes Sugar has been used as Con-
| grcssional football too often for veteran
| Wall Street men to fail to take profits
when the price has been marked up in
| anticipation OF favorable Congressional
action on any question affecting the
| trusts.
As usual. there have been expressions
| OF great bitterness between the appar-
| entity competitive rehncrs. in which one
! has charged the other with secret re-
| bates. special discounts. and other viola
! tiOns Of commercial codes. 1t is apparent
! that Arbuckle Brothers could not claim
! that secret cuts were being made. unless
! there was an agreement which was being
violated. As these two alleged opponents
/ have so frequently INDUCED in such an
/ ties. either for the. benefit of Congress,
| the public. or the stock spectators. there
was no excuse for traders being misled.
Rect Sugar Record Broken.
According to adyices from London yes
| terday, beet sugar is now so low in that
market that all records have been broken.
/ The German crop Of raw beet sugar is
the largest on record and there are indi-
cations of another big crop 10 follow.
Signs point TO an unprecedented surplus
Of raw sugars As the Sugar Trust is
seeking 10 abolish the duties on raws
while stili retaining a tariff on the refined
article, it would be natural 10 expect
great benefit to the trust in case Congress
decided the matter in a manner suitable
10 MIR. Havemeyer his associates. and the
Cuban planters. and against the beet
sugar growers in the Wes- and the cane
sugar planters in Louisiana VINO would be
driven out of business by such a change
in the tariff.
Local importers of raw sugars were
quoting lower rates yesterday. The re-
finers simply anticipated this condition of
the trade by making their reductions some
days ago. There we're no further cuts an
nounced fer refined, but rsws are now
quoted so low with a tendency downward.
that it is believed that other concessions
will be made by the refiners very shortly.
Fortunately sugar does not now maintain
its old position of Importance and hence,
while other stocks were influenced slight
ly. the general market advanced despite
the decline in sugar.
Brooklyn Rapid Transit.
1t is generally believed in Wall Street
that the new New York municipal admin
istration Will be urged to bring an action
TO set aside the contract with the Brook
lyn Rapid Transit Company which allows
its cars to use the Brooklyn Bridge. 1t |
is claimed that the present contract is |
against public policy, from the fact that |
the expenses for repairs to the brio ? I
made necessary by the increased burd, !
it has 10 bear are more than the railroads |
pay for the right 10 use the structure.
A Possible Dividend for Locomotive. 1
The American Locomotive Company has /
closed contracts during the past Two days |
for sixty-one locomotives, which, with the /
orders now on hand, will carry their de-
liveries forward to January, 1903. 1t is
understood that the present extensions Of I
the plants al Dunkirk and Schenectady
will be charged TO capital and not taken
from the earnings. This will enable the
payment Of dividends on the common
stock which. according TO report, the di-
IT, raNs
quarterly period. The second dividend of
IA. per cent on the preferred has just
been declared. OF the new orders. fifty
OF heavy type are TO be manu-
factured for the Northern Pacific.
The Freight Rate War.
Reports which have been current IL
Wall Street for some time Of a demOTali-
zation of freight rates in the West. which
we're alleged to have spread to the Trunk
Line territory, were greatly exaggerated.
In fact. the actual condition of affairs on
he transportation lines. caused by the
OF cars and the lack OF motive
power to move freight even when it was
placed on board the cars, should have
been evidence enough OF the impossibility
1f any considerable reduction in freight
'ates.
The condition in the Northwestern dis
riots is proof against indiscriminate cuts.
Darius Miller, as chief of traffic Of the
Burlington. Northern Pacific and Great
Northern. and Mr. Stubbs holding the
iame position with Union Pacific, South 1
,rn Pacific, Oregon Short Line and oregon !
halfway Navigation Company. both taking
riders from the same group OF capitalists. |
{ was more than improbable that there
,ould be any rate cutting on these roads,
which hold the key to the Western situ-
tion. According TO adyices from Chi
ago. what little differences there were
,etween competing lines have now Deen I I
ettled. The executive officials Of the {
Western railroads. after conference eX-
ending over several days, haze signed !
what they regard as the strongest agree
rent FOR the maintenance OF freight rates
hat has ever been considered by repre- {
entatiycs OF Western lines. one feature
viii be the publication Of all through eK-
'ort rates
Same wabash Facts.
There has been a steady absorption Of
Wabash Railroad securities recently. The
,uying has been largely by interests iden-
flied with the property. Surplus earnings
ave been expended on the road. with the
esult that IL has been placed in excellent
hysical condition, and accoriingly. in "A }
oEition to handle its traffic economically. :
treat benefit is expected to De derived
rom its new line TO Fittsburg
plan is under consideration for some !
of it's securities fe I