The morning call., 1894-03-07
TARIFF AND A DEAL.
Exciting Times in the New York
Sugar Market.
Prices of the Sweet Substance ADJ
vanced Rapidly During Period
of Ten Minutes.

NEW YORK. March 6.-Yesterday's ad-
vance in the prices of stocks brought into
market at the opening this morning a
large number of selling orders to realize
profits, with the result of a fractional
lowering of quotations. except in sugar,
which started "a lower, declined L more on
sales of heavy blocks, largely on orders
executed by houses with Washington con-
nections. leading TO the belief that those
who bought for a rise on the Senate's ac-
ton on the tariff bill we're liauidaiiDg their
interests. Meantime grangers retired a TO
q. Shortly after 10 A. NJ. the market be-
came strong and sugar quickly rallied u,
other shares advancing with it.
There followed great excitement in the
sugar crowd on the exchange. Stock adj
vanced l per cent at a time until 1t reached
100, and then started back to 81. The deal
ings were very extensive. Then sugar be-
gan to advance rapidly, and scene of the
greatest excitement ensued, such as has
not been witnessed on the exchange in
many months. Sugar jumped up u per
cent, broke 9 and rallied 3. The movement
to put up prices on shorts in this stock was
very carefully manipulated by brokers for
James r. Keene.
Large buying orders were distributed
throughout the sugar crowd. and as the
price advanced, a mum Der of steep buying
orders were uncovered, which sent figures
up and per cent at a jump till 100 was
reached; then the price receded as rapidly
t. 81, and recovered to 95A. The only ex-
PLANTATION of the rise was that the shorts
were stampeded and were determined to
cover at any price, believing themselves
cornered.
While the deal was in progress all other
business was suspended. The entire trans
action did not occupy over ten minutes.
Then the exchange resumed its wonted
appearance. Sugar preferred was not in
the furry, but sympathized to the extent
of 81. The shorts ran 10 cover in other
lines as well, causing Western Union TO
advance ~ and others fractions Up to
noon the sales of sugar reached the
enormous total of over 10000 shares. and
it is reported a private settlement forced
on $4,000 more al the top figures. on one
contract. by big short. 1t is very likely
several other short con tracts were settled
on par basis. After IL O'Clock this stock
broke 21A to 93b, rallied 60 95h. broke TO
92%, anu recovered to 93. Preferred sold
uUWu 10 QUA. OptCuIdtlUu otoduS iliss Tile
market gradually lost the greater part of
its feverishness.
During the afternoon sugar sagged
steadily. and in the late dealings Teceded
to 9OA, closing at 90h. a decline of 91h
from the best of the day. The general
market opened fraction lower, and in
the early dealings the active list reacted
HGA. The latter. Louisville and Nash
vile, and white lead broke 2 per cent. but
recovered half, the other shares which had
receded also making partial rally. The
market closed weak, with the major
ity Of the active list at %@1h per cent
lower than the close yesterday. The lat
ter lead, while st. Paul and Rock Island
are down l and Iowa Central preferred
IL. Governments firm. Petroleum is
steadier. April option sales 10000. closed
at ~ bid.