The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-03-17
HOT DAY FOR SUGAR
Stock Went BaIlooning and Dropped
With Thud.
THIRTY POINTS ADVANCE
ONE SHORT DEAL MELTED A
BROKER So, 900.
The Stock Reached ITO. and Then
Dropped Ten Points, On Two
Observation-Disclosures of a Trade
War Settlement Caused the Ad-
vance-other Gains Made.

| New York March 16.-The sensational
rise in Sugar was largely responsible for
the elimination of much of the short in
| terest in the rest of the list, material
gains appearing, notably among the spec
ialties, while railways at the high point
| averaged IL up, but there were receSSions
from the best and the market closed I'M
der pressure. 1t was a wild day the
exchange. Sugar figured for over d
quarter of million snares, with the ag-
gregate trading reaching nearly-a million
shares. The market was moving eau
tionsly upward when Sugar burst into
prominence, and touched no. a rise of 1914
points over last night, IL points above the
September boom prices of 1897. The stock
closed at 1872. The fluctuations were err
rattle, an instance in point being the
drop of 10 points on two transactions from
the high point. A trader sold short $40
OF the SEQ shares traded in at no. and
within moment covered at $50, the only
intermediate transactions being 100 shares
at 1853. This broker realized S3,G10 on his
short sale. There were various rumorS
connected with the movement in Sugar,
among them the report that the trade war
had been settled, that an agreement had
been reached with the Glucose Refining
company and the Doescher Arbuckle in
terests. People in the trade generally dis
credited the reports, protesting ignorance
of any deal upon which they would likely
be posted were it in existence. Local in
tereSts identified with the concerns men
toned likewise discredited the reports
except in the case of the president of
the Sugar Refining company, VINO made
no statement before the market closed.
In some quarters the movement was at
tributed to a corner. in the stock and a
punishment of the shorts, while on the
other hand a. house which was active in
the dealings claimed to be ignorant of the
reason for the advance, but thought it
of too great magnitude to have been
merely a maneuver against the shorts.
Tobacco, after yielding 712 points, made
an extreme rise of 101a to ZIG, in sympathy
with the movement of Sugar. Glucose
also rose points to Is. New York Air
Brake touched 200, rise of 10 points;
Metropolitan jumped 81 to 25S1a; Third
Transit, q2ss Consolidated Gas; 61s. and
Burlington Az. The other grangers SYM
pathiZed in a lesser degree in the advance.
-Four per cent was the loaninS rate Tor call
money the greater part of the day, al
though some loans were made at 3la and
3 per cent. The stiffening of the money
rate dampened the ardor of the specula-
tors and caused the recession in the latter
trading. The buoyancy of the general
market caused q resumption of commits
sion house purchases, which were largely
responsible for the rise in the closing
hours
Bonds shared to some extent in the up
ward movement, but there were some
weak spots which gave the trading an 1r-
regular aspect. Total sales. s., 325, 600.
U. S. SIS advanced Is while the new As
registered reacted Is and the new As cou-
pom 4 in the bid price.
The total sales of stocks today were
947 500 shares, including Atchison. 4,140;
Atchison preferred 1870; Central Pacific,
s 030; Burlington. 1,770; Manhattan. IS, $50;
Met. ST. Ry. 1850; Reading LIST preferred.
Il, 20: M. k. & T. preferred, 3,15O; North
American, $3.50: Northern Pacific. 12,94s;
Rock Island, 1920; Union Pacific. $3.50; St.
Paul, 1870; Southern Pacific, ALSO;
Pacific preferred, 1850; Ameri-
can Steel & Wire preferred $500; Tobac-
co. 40: Federal Steel 1886; Federal
Steel preferred, 9,7Z3: Peoples Gas, 40 439;
Gas, 7O,945; BROOKLYN Tran
sit. II AS; Sugar. 277, 551; Tennessee Coal
& Iron. 662S: Leather preferred. $685. ST.
L. 6; S. w. preferred. 6,756