The Washington herald., 1907-12-15
WALL STREET NOTES
Traders Try TO Put Prices
Down, Then Raise Them.
SUGAR AT A NEW LOW MARK
Many RumOrs rs to source Of Liqui-
dation, but None Is Accepted-Semi-
90 BE Prosperous Most Stocks
Close at Same Prices as Friday.

New York, Dec. 1.-THE traders who af-
tempted on Thursday 10 advance the mar
ket on the reiteration of the President s
promise not 20 accept a third term tried
10 raid it to-day on the very extraordi-
nary statement said TO have been made
by the Chief Executive that if he was re-
sponsible for the money panic he was
glad of it. Both attempts failed.
As the market refused to go down the
traders turned round and tried to put it
up. In this they We're hardly more sue
cessfuI than IN the first operation. Strain
as they would they were unable 70 change
the range OF prices 10 any great extent
in either direction. They could move il
slightly one way or the other. but like
"a huge rocking stone that could be rocked
by a slight touch only great force could
entirely dislodge It. No such force was
anywhere al hand. Not a single large
interest seemed willing 10 lend its aid
TO accomplish an advance or q decline.
At current prices the unfaVOrable fac
tors In the situations were discounted, but
the money situation was such that aggres-
sive operations 70 restore higher quota
lions could not be tolerated. A natural
market was what was wanted. Investors
would continually buy at the prevailing
level, but would become sellers of what
they had bought in the event Of an
advance more rapid than the improve
mcnt in the situation warranted. There
could be no doubt as 10 which course
would lend more TO the restoration Of con-
fidence and an ultimate substantial split
in the stock market
American Sugar Refining made a new
low record FOR the year. but after
ward moved moderately, and closed with
out net change in the day There were
many rumors as 10 the source OF the sup
posed liquidation Of the stock, attribut-
ing II 70 fear Of some unfavorable devel-
Opments at Washington, 10 doubts as 10
whether under new management. the
company would be able 10 hold the strong
position in trade that for years il held
under the direction OF the late II. q.
/ Havemeyer. 10 the fear that investments
in Cuba had not turned out well. and that
the company was no longer the possessoT
Of a large cash surplus. as il had been IN
the past. There was so much in the way
OF unfavorable rumor as To strongly sug-
gest bearish activity, and the closest
observation strengthened the impression
that operations Tor the decline much more
! than selling of long stocks, were re
spOnsible for the decline.
The following in regard TO the Amer.
can Sugar Refining Company came from
d good source. and certainly more reason
able than most OF the rumor relating t.
/ the stock that has been current in Wal
street:
THE American Sugar Refining has not
/ a single dollar invested I'm Cuba II SEM
/ during the period /of money stringency
/ 100000 TO the West 20 help the beef
sugar interests. and several millions e
Louisiana 10 protect the cane sugar in.
terests in that and nrighbOring States
The year Just closing was one Of the
best IN the companys history. and there
/ is absolutely no danger. so far as ans
one can see, that the 7 per cent dividend
/ rate cannot be adhered 10 permanently
| The transfer books now closed give nc
/ evidence Of any liquidation by large hold
! ers Of the stock, but rather Of the con-
/ trary.
THE Ames estate is the largest indi
vidual holder of the stock instead o,
reducing has been increasing It's line. Tn,
/ stock appears TO be as tightly held as 4
/ ever was, and unless conditions hdv,
changed completely since the closing oil
| the books the shorts may meet with q
disagreeable surprise when they try t.
/ cover"