The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-12-09

day; but = theory was advanced to-day which,
in dcfault Of definite information. appealed 10
tho credulity Of Wall street, and Is given here
for what II Is worth.
II IL in substance that the predominant inter-
est In the management Of the Sugar Refining
Company was a heavy seller OF tho stock on
account Of the attitude of the Administration
toward the refining industry rs expressed in the
Presidents message. That the interest referred
to intended 10 make the most OF the change in
the tarin on refined sugars suggested by the
President. IL indicated by the published utter
ances Of the President Of the American Refining
Company. which were followed by n sharp de-
precision In the price of tho stock. The other
part Of the theory is that capitalists identified
with the Standard Oil Company, who, accord
ing 10 all accounts. have shown an interest in
the affairs OF tho Sugar Refining Company for
some time pnsts Lought as heavily Of the stock
as the insiders sold.
According to the street reports, over a hundred
thousand shares were sold short by operators
identified with tho management II the Sugar
Refining Company in addition to the marketing
Of an unknown quantity Of long stock. The
purchasers Of this enormous amount Of stock
were, II Is claimed. In n position to compel the
declaration of the usual quarterly dividend upon
the common shares OF the company and also
prevent the management of the company from
issuing on the day after the dividend was de-
clared, q statement controverting the suggcs-
ton made in the Presidents message that the
differential tariff on refined sugars should be
reduced.
All this sounds plausible. and certainly the
dealings In Sugar Refining this week indicate
that n contest between speculative giants has
been taking place. The speculation in It has
ovcrshadowed all other dealings. though Chicago
Gas and the Granger stocks have been
moro active than usual of late. The rapid
advance In Sugar Refining the latter part
of the week and n favorable out
look at Washington for conservative financial
and railway legislation has stimulated the COW
ering OF shorts throughout the list. On the
other hand, the Treasury has begun to lose the
gold It accumulated, and exports of specie
have been resumed. The stock market
has, however, ignored these developments.
The dealings to-day were almost entirely in
Sugar Refining. and realizing sales in that and
other stocks resulted in a low er range Of prices
all round. The unusual changes in the bank
reflect the closing up OF the Govern
ment bond sale.
As compared with the final prices of last Sat
urday. the majority of stocks are higher. The
more important net advances are In American
Sugar Refining, 5a z cent; Chicago Gas, o9s;
Tobacco. Burlington and Quincy, and
9 each; National Lead, w; Western
Union. 1A; Delaware and Hudson, General
and Southern Railway preferred, Ia
Distilling and Cattle Feeding and U. $.
Cordage. l each; Rock Island and U. $. Leather
each; n. Y. and New England, n.
Y. Central. and Tennessee Coal and Iron, u
Pacific Mail, ". and Southern Railway,
y cent. The noteworthy declines are In
and Wheeling and Lake Erie. 19s u
cent. each; Erie, Ia, and n. J. Central, u y
cent.
Final sales compare with those Of yesterday
"a follows: