Evening star., 1909-06-15
DROPS SEVEN POINTS
Slump in Sugar Attributed to
Federal Investigation.
BEET SUGAR ALSO FALLS
Both Stocks Subsequently Recover
Part of Their Loss.
REST OF THE LIST INFLUENCED
American Shares Irregular in the
London Market-Large Sales Of
United States Steel.
BEET SUGAR ALSO FALLS
REST OF THE LIST INFLUENCED
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, June 15.-There was de-
cided slump In sugar stocks today. which
was attributed to the investigation insti-
tuted by Attorney General Wickersham
on the disclosures of George H. Earle, Jr.,
receiver of the Pennsylvania Sugar he
fining Company. which was plaintiff In
Sl0OOo,GOO suit against the American Su-
gar Refining Company that was recently
settled out Of court On the New YORK
Stock Exchange this morning, when other
stocks were comparatively steady, the
shares of the American Sugar Refining
Company, which opened at 40, or 17
points lower than yesterdays high price.
broke. and in few minutes the price
dropped seven points. TO 123. or 81. points
from yesterdays highest.
At the same time. American Beet Sugar
sold off from its opening at 42s4 to 40. or
loss of 3h points since yesterdays hlgh
price Both of these stocks subsequently
recovered about half of their first loss.
II would be necessary to go backward
over a long period of years to find
movement in sugar corresponding with
that which took place this morning. The
break in Sugar Refining was plainly
enough attributable to the investigation
by the federal authorities. and these
proceedings were supplemented today by
Ilc punllcdtlOn OF SenSdlioHdl cIdi 8cs
against the management.
Influence on Other Stocks.
1t is plain, at all events. that the sharp
break in Sugar Refining while 1t was in
progress constituted a factor of influence
upon the remainder Of the market. Upon
the temporary elimination Of the de-
cline in that stock the general market in
deed enjoyed a substantial rally. but the
upward movement was soon succeeded by
renewed irregular tendencies.
American shares were irregular in the
London stock market also. and foreign
houses were sellers in the London market
upon a large scale. chiefly of the United
States Steel shares. Their attitude to-
ward those securities was generally ac-
counted for by a repetition Of the reports
of the obstacles that are being encoun-
tered in the listing of the stock upon the
Paris bourse. although these rumors ap-
pear to have been no better grounded
than those in circulation. The general
London stock market was dull but fairly
steady. The United States Steel shares
reflected the foreign liquidation, which
was naturally accompanied by heavy
selling for local account In round de-
clines. and as in the instance Of Sugar
Refining. their course was an influence
upon the market at large.
The industrial and miscellaneous shares
were. In fact. generally heavy, although
Great Northern Ore certificates enjoyed
q great advance. Transactions in that
department were largest in the United
States Steel stock. Sugar Refining, Anal
gamated Copper and American Smelling.
A sharp break in American beet sugar
was commonly described as being In
sympathy with the weakness of Ameri-
can Sugar Refining. The local traction
shares were somewhat more active than
OF late and were firm.
Advance in Gould Stocks.
The railway share list in general
showed highly irregular tendencies also.
All the so-called Gould stocks scored
extensive advances in the early part of
the day, although no definite light was
thrown upon yesterdays particular ami
nation in the Wabash issues. ST. Paul
was heavy, and both Union Pacific and
Southern Pacific showed the effect Of
heavy profit-taking sales. Other sub
stantiai declines In this department of
the market were noted in Ontario and
Western. Great Northern preferred.
Northern Pacific and Baltimore and Ohio
Reading was firm during the greater part
OF the business session on the expectation
of some favorable announcement to fol-
low tomorrOw's meeting of the directors