New-York tribune., 1899-03-17
A SQUEEZE IN SUGAR.
FORCED UP FROM 141 TO ITO.
THE SHORTS BADLY CoRNERED-REPoRrED
WORK OF STANDARD OIL INTERESTS.

THE SHORTS BADLY CoRNERED-REPoRrED
WORK OF STANDARD OIL INTERESTS.
A financial thunderbot came out Of the lear
sky yesterday morning and fell In the STOCK Ex-
change striking close to the Sugar post. Similar
phenomena have not been unknown in the past
history of the Exchange, but no occurrence OF
the kind in many day has created more cor
sternaton or caused more havoc among the
shorts. There had been indeed, few predic-
tions among the weatherwise on Wednesday
that something was going to drop yesterday;
but these Wall Street prophets, like their
brethren In the great world were without honor
in their own country.
The stock opened yesterday at l4l. only
per cent above Wednesdays close In the hrst
hour II rose by fractions to HAN and by noon
had climbed to 14SI4 Upward II went, win
ever increasing ~pidlty, the bull pool buying
with steady determination 10 exhaust the snort
interest. and the terrified shorts covering their
contracts all along the line and thus adding TO
the impetus. In few minutes 100 had been
reached and then on lW-share sales lbf ana
166. There was sale of 800 shares at loo' ana
one at 1862 and 800 shares went at 40, the
highest of the day. from which figure the price
gradually eased off to 1542a subsequently rally
ing to 1929 and selling off again TO 1912 az the
close a net advance for the day of 1914 per cent
The rush OF buying orders. and of stop-loss or
ders from the shorts carried the stock in scant
five minutes all the way from 154 to 40
There were all sorts Of rumors accompany
ing the rise in price Of the stock one
was that the American Sugar Rehnhg ColH-
panv and the Arbuckles had entered into
trade agreement. Another was that the sugar
company had bought the Doscher refinery out
hat
pany was about TO he consolidated with ali the
outside companies including the Glucose sugar
Refining Company. the stock OF when adVaicg9I
sympatheticaly with Sugar stock, rising 10 :"
and closing at I1l2 gain Tor the ddy "a ',2
ner cent The only thing wrong about these
stories seemed TO be that they were not true II
being denied positively by many OF the interests
concerned that there was any OdSiH
Many Of the early buying orders YESTERDAY
came from Boston, but it is not believed tha' IN
Squeeze" was engineered there oh tne o.ue ~.
hand there is good ground for the opinion that
the movement was the handwork or Stahudtu
oil interests. which have been quietly apsoio
ing the Sugar certificates FOR SoUu Win Win
Thcse interests are understood to be allied WIN
one of the sugar companys prhclPdI Co.'p H.
tors and TO be not aVerse TO Solhs il'u ~
sugar-refning business themselves III cel 'ai
circurnetance There is no doubt that tne re-
fning of sugar was enormously prohtaoIe oeaot5 aoi
tho Arbuckles and Doscher entered tne HeIu
and nrice-cutting began and there IL equdlI! ~ ~
dn,1ht that II would again be tremendously
1
profitable II harmony could be restored. 49,,
According to Wall Street men yesterday haI
rnonv could be restored by the oustlnS IIoh eoN
troI 81 the present management OF the American
sugar Refining Company and the oustlng couid
he ACCOMPLISHED It was said, by the acqulsitMloh M
nv the Standard Oh men OF a majority Vi tnv nr
sugar company's stock And the Stahuaru vi
resources are large. o-- -.
So many minor operators had sold Sugar short
and were consequently sufferers IN YESTERDAY Tss
campaign that after the price had Deen iorceu
Of ha
into the market again by brokers for tne pui!
pool with the result that the price soon uropPeu
yearly twenty points enabling the little tel-
lows" 10 cover at comparatively small loss ana
preventing failures which might have nad
serious effect on the general market. IL Is , ull
derstoOd that the sugar company lhsiuelS
however did not cover. but put up as ii'uch
margin as was required IL,
one Of the reports yesterday was that the Nlo-
lent auetuation in the price of the stock was d
carefully arranged plot on the part OF certain IN
terests i'm Wall Street TO drive the price d" ay
| nm on soueeze in order TO reach james X:
| Keene who was reported TO have been snort OF
sugar to a. large extent. 1t was SAID aiter @ .he
| Anrrv and when the price had receded tnat MI.
| I[eane had been "nipped' Mr.. keene was up
| town last night in the WaldOrf-Astoria, ana III
a cheerful mood He is not usually lhcliheu "
he talkative and he was not so last ngnt, out out
he did not look like a man VINO haa pseh hule = III u
Tho street II was learned that Mr. keene was
hort of the stock TO a certain extent but, eaten
ing the drift Of things. he was one or the Hls'
80 cover and make good his losses on supse
o,,an, transactions Ii was added that ne dld
not have a big enough interest III the STOCK
however 70 make his losses OF gains d in"''0'
Of great moment.