The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-08
A BROKER RUNS AWAY
And Leaves His Firm to Settle for
Losses in Sugar Trust.
The Saccharine Shares Continued to Ad-
vance Observation-Disclosures
Corn and Oats Up.

At New York yesterday money on call
was easy at l per cent.
Prime mercantile paper, 3G51s per cent.
Sterling exchange was dull. with actual
business in bankers bills at S4SSA74 sS15
for demand and at s4SG4s714 for sixty
days; posted rates, s4sSQ4S91A; commercial
bills. s4S5%Q4S6.
Silver certificates, 5S7sG59c. Bar silver
closed at 601zc per ounce; at London. 277sd.
Total sales of stocks amounted to 276.9OO
shares. The announcement of the suspen-
sion on the Stock Exchange of the firm of
Hunter. Clark e. Jacob. made shortly be-
fore the close of business, was somewhat
of surprise. IL was not known to be
involved in any operations on the wrong
side Of the market AS the sequel proves,
the firm was involved by Mr.. Clark, one
of its members, who signed the firms
name to a number of fifteen-day privileges
In Sugar at ST. pocketing the proceeds of
his sale OF privileges, and then, when the
market jumped up on him. leaving the
firm, which knew nothing of his operations,
to redeem their paper. After paying out
some $4,000. the firm made an assignment,
not knowing how many more privileges
were outstanding. Had Clark's little spec
ulation been successful his operations would
not have come TO light, but with a twelve
percent. rise In Sugar there was nothing
for him but to confess or run, and he chose
the latter alternative. Nothing is known
OF his whereabouts, and as the firm refuses
TO make any statement regarding its affairs
before tomorrow, it's liabilities cannot be
ascertained before then. That this should
have been the only casualty of the Sugar
squeeze is matter of congratulation to
the street, but inasmuch as it has devel-
oped a new method of trading for private
profit on the credit of the traders of the
firm there is a dark side to the picture.
Yesterdays share speculation was in
marked contrast to the excited trading of
tuesday. A strong tone pervaded the mar
ket and although there were frequent, and,
In the case of Sugar, wide fluctuations, the
net result OF the trading was the establish
ment of a higher range of values through
out the entire active list and in majority
OF the specialties, while the few declines
Sugar was feverish in the early dealings.
Buying orders were on the board at the
opening, which moved the quotation up
rapidly. the advance. however. being soon
checked by sales to realize profits which
caused a reaction. The late shorts on Tues
day began yesterday to buy at the lower
figures. and the stock responded quickly
TO these purchases, touching 95ia, just 8
per cent. above Tuesday nights closing.
This was the top figure of the day. from
which break of 21e was made during the
afternoon, of which 2 per cent. was sub
seQuently recovered In the later dealings
the quotations were moved back ia, with
recovery of 9. and a final reaction of Y,
leaving gain on the day of sss per cent
London sold St. Paul early in the day,
but without depreciating the value of the
stock, the buying TO cover short contracts
counteracting the selling and advancing the
shares ia per cent, of which only Il was
lost at the close. Burlington q Quincy was
also in brisk demand by the quondam bears,
and scored a gain of rs. The leading
changes were: Advances-Toledo. st. Louis
& Kansas City first trust receipts, 312; To-
ledo. st. Louis & Kansas City first, .: Hook
Ing VALLEY fves, 2la; Louisville, New AL
bany & Chicago firsts and Atchison tours,
each. Ia; Atchison seconds. Ia; Atlantic
& Pacific tours, Wabash debentures, series
Il. each, / per cent. Decentralization
Central fives Of 1902 21a; Louisville, New
Albany & Chicago consol fves. Chesapeake
& Ohio fives. registered, and Northern Pa
cific ffrsts, registered. each, 1 per cent. !;
Reading tours, registered. sold at "A, against
ssh on Dec. Is. Louisville & Nashville
Nashville & Decatur division, frsts sold at
1121e. against 100 on Jan. IL.
The following table. prepared by James
+. Berry. Room To- Board of Trade, shows
the range of quotations: