St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-03-07
PRICE FORCED UP ~ POINTS
The Peg Is Pulled and a Drop
From Par to of Is
MADE WITH LIGHTNING SPEED.
hanipulators Engineer One
OF the Neatest Corners
EVER ATTEMPTED IN STOCKS,

NEW YORK, March GA yery sbarn
corner was turned On the stock ey-
change today, and, in getting around it.
several speculative outfits were badly
damaged and narrowly escaped total
disaster. There was nothing in the
quiet orderly opening of business that
presaged the exciting events which oc-
Cured within three-quarters of an bour.
As was to be expected. the first prices
made were below yesterdays figures.
and Sugar, which had made the great
est advance, showed most weakness.
opening at a decline of % per cent.
Some holders Of the stock started to
take profits, and few timorous bears
sold on the falling market, bringing the
price down to SS. Then, by eighths
ana quarters, the price OF Sugar moved
up gradually TO 93 Meanwhile. ths
snort interest was covering eau
tiously, for there was nothing IN the
situation affecting Sugar to account for
this abnormal rise, save the heavy buy
Ing which came from all around the
pool, and II was not unnatural to expect
kbreak at any 6moment. Then il
seemed to dawn on the belated shorts
that squeeze" was in progress, aud
they rushed in to buy on the best terms
they could. Now came the climax. and.
moving per cent al a time, 9s was
touched. $50. SO, 9315 and 100, the ex-
eltement at this time being Intense. Par
seemed 10 be the goal which The manip-
ulatorS Of this corner had set for
themselves, and with equal rapidity the
stock broke 10 81. A rally to 9l14 was
quickly made. All this had been ae-
comDiished before Il O'Clock, and by
noon, when the price had dropped to IS,
all trace of excitement had died out.
During the afternoon the shares
sagged off steadily and in the late deal
ings had receded TO 9O14,- closing a,
9012, decline of 81 per cent from the
pest or the day, leaving only gain of
q per cent on the days trans actions.
Sugar preferred, after an opening de.
cline OF Is per cent to 80, sold up to 90.
reacting to S924. 1t was reported on the
Street that bear short of 5000 shares
OF Sugar common was forced to sertla
at 100, and that other short contracts
were settled at the same figures. Ger
tain II Is that those who were short of
Tue stock were for the moment at the
mercy of the manipulators of the deal
and had TO sue for terms The Keene
Clique is given the credit for the opera
xIyhT nh IS
gIneered on the stock board in some
time. The general market opened a
fraction lower, and in the early dealings
the active list reacted B03l, the latter
III Louisville d Nashville, while Lead
broke per cent, but quickly recovered
half the loss, the other shares which
had receded also making a partial
rally. The experience of the shorts in
Sugar rendered them timid, and they
began to cover their lines generally,
which caused an appreciation in values
all around, the industrials showing
most largely in the advance, notably
Chicago Gas, Distilling and Lead. West
ern Union was also prominent in the
Improvement, which ranged from Il TO
per cent. With the break in Sugar.
the rest of the industrials and the rail-
way list became heavy, and reaction
occurred, in which most of the advance
was wiped out. The speculation during
the afternoon was weak in tone, aud,
except at about o'clock, when an up
ward turn was taken. the tendency was
toward lower range of values. The
dealing were irregular IN the last hour,
but in the main heavy, and the market
closed weak, with majority of the ac-
tive list 55@11l per cent lower than al
the close yesterday, the latter in Lead,
while st. Paul and Rock Island are
down l per cent, and Iowa Central pre-
ferred IL. Some few shares show a
fractional advance on the day. and Lake
Erie & Western preferred and St. Paul
preferred are up IA and per cent re-
spectiyely.