The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-04

BEET SUGAR IN BAD

NEW YORK. Jan. 5.--The cheer
Yuiness that vas characteristic OF the
market was LACKING al the opening on
Fridsy. foreign houses old not con-
tinue their purchases. and the huddlns
Interest OF our public died before the
cpening.
/ Floor traders, quick to notice
changes. began feeling tor weak spots
ssulneSs breathes pessimisn, ana RS
the day wore on the news was any
thing but reassarlns
A sharp decline ia Western Mary
land earned this stock 20 IS. or -
below the assessment Of $40 per share
paid by the stockh olders Lost ye%
!. Daleials are blamed for gross mig
4 n1anagement in the ordering Of new
e0ufnrnent before bridges had been
. rebuilt. and s{dInes constructed to
carry the traffic. This oversight
caused a heavy increase In operating
expenses, and loss IN the gross ear D.
lngA. The officers have diligently tri"d
10 rectify these mistakes within the
past fe wn1onths. and much money has
been spent IN bringing the property up
4 10 a preper physical condition. IL Will
nc doubt be advisable 10 suspend dtFl-
/ 7Tards Or rF7e preferred efaafes Until
all necessary improvements are com
pleted.
Sugar in Bad Way.
The acton Of the directors Of the
American Beet Sugar company IN
passing tha dividend on the common
stock was not altogether surprise 70
the street. If there Is one schedule
that needs revision In the tArin IL
il sugar. Since the election IN NO.
gember buyers ef this commodity nave
refused to make future contracts az
the old rates being confident that
lower prices will prevail in the next
few months. The natural result o!
this attitude was to cause an accumu-
lation Of the products in the hands oi
the refined, and at what price me
article is to be sold is problem with
cut an immediate answer.
In due time when the tariff is re
4 yfsed the American Beet sugar com
pany will be able to read1ust its ousi'
ness TO the profit of It's stockholders
In the meantime dealings in the eharei
will be hazardous.
The most important news OF the DAY
was the Improvement in the demand
FOR high grade investment bonds
several fairly large sales were made
/. abroad by stock exchange houses, ant
d one of the big outside dealers reports
the best business for months past
Passing of keene.
The passing Of James r.. Reene re
calls vividiy to Wall Street the ooit
and aggressive manipulation that WA
once the fashion. AZ a maker OF mar
ketS the man was without peer, ans
fhe daily meetings Of the governors o
& the stock exchange are mainly Tor tn'
purpose of passing such rules ane
9 s.as4slat4ara that NilI in the future pro
afbSS what custom no longer sanctions
4 the stock brokers opposition TO resu
i fatiou lies in the feature that staoiIit!
OF prices will result In narrow nuc
fuarions hence smaller business TIT
governors at last realize that pubic
opinion demands that stock exchans'
nffciais should come out openly WITH
suggested changes before. the mat
ter il taken out Of their hands, ant
A dealt with by the politicians, wh'
invariably are glad to make poiitica
capital ont Of an attack on wal
Street.
The general tone Of the market wal
steady, prices showing fairy GOOD re
Ristance. After all. the real new
viii come from the action OF TN
money market The known move
rnents of money for the week IN
dicate a highly favorable bank state
rnent tomorrow.
Number OF shares sold today. 2se,
Ole: year age. 376,s8i Par valu'
Of bonds sold today, S2,l3oteoVf
wear ago. se.036, 00e.