New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-07
CLOSING PRICES OF PHILADELPHIA STOCKS
CLOSING PRICES OF CHICAGO STOCKS.
Chicago March $50
WHAT WAS DONE IN STOCKS.

TUESDAY Marcn 6-p. m.
The stock market was disturbed Unexpectedly
to-day by one OF the periodic ebullitions in Amer
lean Sugar Refining to which the market is
always exposed. The Stock Exchange legalizes
this sort Of manipulation. and as the company
Is under no obligations to the board and knows
full we'll that if transactions in its stocks were
forbidden the volume Of business would shrink
materially. 1t is an idle inquiry TO ask the rea-
sons for the erratic movement There were
probably no substantial causes for either ths
rise or the reaction, but tie Stock Exchange
has only one possible relief from these disturb
ances. although its rules about commissions
and fictitious sales are supposed still 10 be in
force and new regulations in regard 10 arbitraGe
business now under careful consideration.
1t Is certain however. that this unrestrained
manipulation Of stock over which no official
control can be exercised is detrimental 10 the
interests OF the Stock Exchange. To the budding
confidence in speculation IL is nothing less than
a killing frost. BY the public on which Wall
Street feeds IL is argued naturally that what IL
possible in one stock may occur in others and
that safety lies only IN complete abstinence or
In purely investment purchases Of securities
about which some information may egitimately
be obtained. What the Stock Exchange may
have gained in business by establishing the 'un-
listed department. it may have lost in other
ways.
In a short time to-day American Sugar Rein-
Ing. after early decline, rose y per cent 10
par, and receicd 3 per cent with almost equal
rapidity. From 90 10 100 the rise WAS abrupt
the transactions being little 5000 shares,
and the reaction to % required sales Of only
1000 shares. This illustration Is selected simply
because the variations between these figures were
the widest and most violent. The excitement was
not prolonged. and after the extraordinary nue.
tuatons he stock closed only PIG per cent ABOVE
It's lowest point and with a comparative gam
from yesterday Of less than per cent IL may
be presumed that large short interest was
detected in the stock and that its position was
found to be exposed. but the whole movement
may have been merely incident OF reckless,
even If at times sklful. manipulation. There was
~ explanation of the manoeuyre in the puolishei
rumors about the action of Congress on tdiln
matters. The transactions in this stock alone
were nearly one-half of the total business Win
one or two exceptions other stocks stood sun IN
view OF the greater movement. Slight attempts
against the short interest were made IN Cncdso
Gas and Western Union Telegraph. ami these
stocks exceptionally recorded fracuohal Sd'.s'
but generally final changes were decllneS ot.
Paul. which was second in point OF actlNit!, pus
In which transactions amounted 10 less 'It'
40 900 shares. lost per cent. ana as group ~;
Granger stocks closed almost heavy al material
losses. 1t Is probable that the depression III
the general market was speculative. but APP
parenty confidence had been somewhat rdaey
shaken.
THE DAY IN THE BOND MARhhI'
Government bonds were nearly neglected. az
the Stock Exchange. the only sale being a sinSie
bond OF the registered 5s issue at ICE: ihe
closing quotations were as follows: