Morning journal and courier., 1894-03-07
WALL STREET HxoIrED.

\ Sharp Squeeze of tho Sugar Sellers | Quick Movements from SS to 100 l ana Back tO 01-Royv tho Uashing Interess Has Reen Troated-A Few New Aaveners Were Interested.
 NEW YoRH, March 6.-To day was one of those exciting days on the Stock ex- change which used to be frequent after dealings in Sugar were permitted there. It Is, however, doubtful if 50 much excite ment was ever crowded into ono stock in 90 short period as was shown In the trading in Sugar before noon to-day.
 The stock, which closed yesterday at s9f, opened ct S9 this morning, fell to s8, and then turned sharply. It was worked gradu- ally up to 904. but at that figure four large buying orders seemed to be met. The brokers having them bid frantically against each other. The price quickly jumped to 93, reaching many stop orders to cover shorts, but from 934 the pace was even more rapid. The record of transactions from that point up to 100, as shown on the tape, was as follows: 200 at 934; 300 at 93s; 500 at 94; 200 at 95; 100 at 96; 200 at 97; 100 at 98; 100 at 9s; 100 at 981; 100 at 99; 100 at 994; and 400 at 100. At this point the buying ceased and the price receded even more quickly than 1t had advanced. The next sale was l at 991, then sales were made rapidly at 99, | 9Sa, 9S, 971, 9s. 971, 96, 95, 944, 94, 93, l and 923, without Q sale at the intervening I fractions, and before the decline ended the l stock sold down to 91. It then rallied again to 96, but afterwards fell off again, and
 during the afternoon there was great
 deal of trading between 91 and 92.
 It is needless to say that these move. ments were accompanied with great excite ment. That is an element that sccompa
 nies every extreme advance or decline. But
 1t is highly probable that in addition to the l excitement there was moro bitterness shown
 and more quarrels and disputes over the 1 trading in Sugar during the hour before 1 noon than has ever occurred in any single
 day on the board before.
 Before the sharp advance from 93 to pal | the trading in the stock was enormous. | The sales in the first hour were over 76. COG l shares, and the nnmber of brokers with 1000 share buying orders was so large that orders for less amounts were looked
 on as unimportant.
 squeeze of the shorts. One of tho bear traders said to-day: eve have met ou, Waterloo today" The bears at that time had probably given up the fight, and the belief prevailed that some enormous short interest had made overtures for settle | ment and had agreed to settle at par ii that price should @ reached to-day.
 Later the price receded to 91, about
 which point it was fuctua,ing at 9 p. m. Ever since the opening of Decsmbs, | spectators have been convinced that the price of Sugar certificates was certain te
 have fall of unparalleled violence. Not
 only was this belief encouraged by the
 declarations of the company's managers
 that profits would be impossible under (
 reduced tariff, but a very great number oi
 selling orders have come from Washington
 accompanied by the most fantastic re
 ports, among them the repeated state
 ment that higher duty would bs placed
 on raw sugar than on refined. The Wash
 ington spectators were "cornered" in
 small way a week ago, and are believed t,
 have lost money on the ''deal"-a commo,
 result of congre ssional speculation. Bu
 the local short interest in the stock wa
 exceptionally large, and despite frequen
 assurances that all shorts had beel
 "covered" to-day's operations proved that
 all told, there were outstanding at th opening of the present week short csn
 tracts for not less than 100, 900 shares.