The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-07
CAUGHT IN A CORNER
Bears i'm Sugar Trust Shares
Given an Awful Squeeze.
The Price Work ed from 80 to Par and
Then Back TO 80 1-2-lndianapOlis
Grain Dealers Again Tired.

At New York. yesterday, money on call
was easy at per cent.
Prime mercantile paper. 5g5lz per cent
Sterling exchange was quiet and steady,
with actual business in bankers bills at
$4.sS4G4Ss1z for demand and at s4S7Q4S7A
for sixty days; posted rates. s4.ssQ4s911;
commercial bills s4.S6d+s6A.
Silver certificates, 5S7sQ591zc. Bar silver
closed a: 6Oc per ounce; at London, 271zd.
Total sales Of stocks amounted to 357, 200
shares, of which 1S2,5O0 were American Su-
gar. very sharp corner was turned on
the Stock Exchange, yesterday, and in get
ting around It several speculative outfits
were badly damaged and narrowly escaped
total disaster. There was nothing in the
quiet. orderly opening of business that pre-
saged the exciting events which occurred
within three-quarters OF an hour AS was
to be expected, the first prices made were
below yesterdays figures, and Sugar, which
had made the greatest advance showed
most weakness, opening at a decline of q
per cent. Some holders Of the stock start
ed 10 take profits, and few timorous bears
sold on the falling market, bringing the
price down TO IS. Then, by eighths and
quarters, the price of Sugar moved I'M
gradually TO &c. Meanwhile. the short in
terest was covering cautiously, for there
was nothing in the situation affecting Su-
gar to account for this abnormal rise. save
the heavy buying which came from all
around the pool and II was not unnatural
10 expect break at any moment Blu. the
break came. and buying sion orders v,era
met with which had been executed swell
ing the volume of purchases Then it
seemed to dawn on the belated shorts that
rushed in to buy on the best terms theyy
could- Now came the climax and NOV
lr rSso l per cent; at time. IS was touched.
1nen came 9s1z, SO. 99Ia and 100 the excite
ment at this time being intense par
seemed 10 be the goal which the manipu
Ial9rs OF the corner had set to themselves
ana with equal rapidly the stock broke to
~ rally TO 1914 was quickly made All
e ms h ma neen accomplished before II O'Clock
to SO. all trace of excitement iopbP ed
s She out During the afternoon the
dealings had receded to 9Oil. closina, ar aoiI
a. ueSnne or S1s per cent. from the best Of
on the 6a iesVing only gain of q per cent.
Ox x. tne Jay transactions. Sugar preferred
al aIIer an opening decline of u per cent RI
%. sold up TO 81 reacting to sea- 1t was
reported on the street that a bear short
or 5000 shares of Sugar common was forcaS
70 sell at 100, and that other Short CON
Gsrtayr were settled at the same figures
the STOCK were for the moment AT the
mercy or the manipulators of the deal and
is sv ~ sue Ior terms; The Keene clique
was one OF the neatest engineered on the
STOCK BOARD In some time.
Inc general market opened q fraction
lower, and in the early dealings the active
list reacted hGA. the latter IonjsviIIe e
Nashville, while Lead broke 2 per cent
put recovered half the loss, the other shares
Wnlch had receded also making a martial
ra!ly. Inc experience of the shorts in Su-
gar rendered them timid, and they BEGAN
10 cover their lines generally, which cansad
an appreciation in values all round the in
dustrlalS showing most largely I'm the adj
vance notably Chicago Gas, Distillinp and
Lead. Western Union was also pronfnanf
IN the Improvement, which ranged from Y
10 l per cent With the break in Sugar the
rest OF the industrials and the railway list
become heavy and a reaction occurred in
winch most OF the advance was wiped ont
Inc speculation during the afternoon was
weak In tone, and except at about / O'clock
When an upward turn was taken. the ten.
Qency was toward a lower range of values
the dealings were irregular in the last
hour, but in the main heavy, and the mar
ket closed weak, with a majority of the
active list 2sGl111 per cent lower than at
the close Monday. Some few shares show
fractional advance on the day, and Lake
Erie q Western preferred and St Paul
preferred are up ia and l per cent, re-
spectively.
The railway and miscellaneous bond mar
ket was strong all day on a large volume
or business. The most important changes
In prices are. Advances-Erie seconds p:
Chicago & Erie frsts, Louisville q Nash
VILE general skies, Noble & Ohio new sixes
each per cent. Declines-Peoria & East,
ern frstS, Detroit & Chicago extension
nrsts, each l per cent; Peoria, Decatur e.
Evansville seconds sold at %. against % on
Feb. IS.
Government bonds were firm State bonds
were dull.
The following table prepared by James
Z. Berry, Room 16, Board of Trade shows
the range OF quotations: