The evening world., 1894-03-06
SUGAR REACHES 100.
Great Excitement for a Time in
the Stock Exchange.
In the Early Opening Hours II Sold
as Low as SO.
The Rise Said to BE Due to an In
experienced Brokers' Blunder.

The Stock Exchange was the scene OF
wild excitement this morning. owing to
the remarkable gyrations of American
Sugar Refining stock. At the opening
the price was damned down 2, to IS, and
good many buyers at the highest fig
ures Of yesterday became alarmed and
sold out.
The stock dropped right into the laps
OF the bulls, who had set a trap for the
bears. Slowly the price crept back to
80, and then by more rapid stages got
up to 90.
At this juncture the bears became
panic-stricken. and rushing to cover, bid
prices up on themselves. In n few mo-
ments the stock reached 100 amid wild
shouts.
Sales were made at all sorts Of figures
simultaneously. and the prices slumped
to 81 almost as rapidly as 1t had gone UP.
Still later there was a rally to IS 3-4.
The dealings were on an enormous
scale. and the bulls were wild with glee
at this, their first really successful move
against the shorts In months.
There were a good many theories as
to the operators who had been caught.
Thst they. include Washington as well
as New York specula tors goes almost
that leading bear had settled privately
at par on line OF $1,000 shares.
Naturally. the, bears In other stocks
chascs as general advance ensued.
Chicago Gas rose 1 3-S to Go 5-S. st. Paul
b.S to 81 7-S, Rock Island 5-S to 10 l-s. Dis
rs to 70 rs, Western Union / IA to 81 id,
Susquehanna Western preferred "a to
46 "a. and Pullman Palace 7-S to 40.
Lead fell to Is. and later recovered its
After the elimination of the excite
ment in Sugar the brokers were dis
posed to sell the list, having regarded
the feverish fluctuations in that stock
Under moderate sales prices reacted
IA to ! S.S per cent, the greatest de-
fln9s lhayinSs h eesa in Chicago Cas-
Sugar moved up and down frequently,
but hte dealings were on a greatly re-
duced sea. scale % ood A prominent Broadway
but the rise to par was mainly due to
the bungling way in which an order for
5000 shares was executed by an mex
perienced broker.
When he started In to bid, several
brokers In the crowd saw at once what
he was after, and with fearful results
to his client, In other words, he got, his
pay 80 up to 100 for his last lots
1t Is claimed by the bulls that the
Sugar Trust has accomplished at Wash
ington all it set out to do and will con-
tinue to- make big dividends at the ex.
pense of the consumers. The early rise
In Chicago Gas to sc was on the an.
nouncement that the Executive Commit
tee had declared the regular dividend OF
| 1-2 per cent. in cash.
Thedate Of payment and closing Of the
books will be determined at a meeting
Of directors Of the individual companies
to be held at Chicago this week.
| Sales OF stocks up to noon were PA,
ono. Of which 10000 were American SUI
gar.
prem: L. & N, 1-12s a 1855: Western
Union, 1855: N. p, pfd., fiat to 1-256; L
s.. N. E. and Sugar fiat. and Erie, Dis
tillers and st. p. fiat to 1 per cent. 70
carrying.
Money lent at per cent. on call.
Foreign exchange was strong at 4SS l.
for demand sterling and 4.87 IA for 6
days. 1t is expected that gold will b.
shipped to Europe by Saturdays steam
ers.
Bar silver in London rose to 81 Id
per ounce. Commercial bar here solt
at 50 L. and Mexican dollars at AZ a.