The San Francisco call., 1899-03-17
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, March I6.-The sensational rise
in Sugar was largely responsible for the elimi-
nation Of much of the short interest in the
rest Of the list. material gains appearing
notably among the specialties while railways
at the high point ranged IL up, but there were
recessions from the best and the market closed
under pressure. 1t was wild day the Ex-
change. Sugar figured for over q quarter of a
million shares, with the aggregate trading
reaching nearly million shares. The market
was moving cautiously upward when Sugar
burst into prominence and touched 49, a rise
Of 29h points over last night, II points above
the highest boom prices of 1897. The stock
closed at 1891 The fluctuations were erratic
an instance in point being the drop of 10 points
on two transactions from the high point. A
trader sold short SEQ Of the 500 shares traded
In at 10. and within a moment covered at 1G0,
the only intermediate transaction being 100
shares at 1G9. Thus the broker realized $4,000
his short sale. There various rumors
connected with the movement in Sugar, among
them the report that the trade had been
settled that agreement had been reached
with the Glucose Refining Company and the
DOescher and Arbuckle interests. People in
the trade generally discredited the reports pro-
Tossing ignorance of any deal upon which they
local interestg identified with the concerns
mentioned likewise discredited the reports ex-
Cept in the of the president of the sugar
refining company, who made no statement be-
fore the market closed. In some quarters the
movement attributed to a corner in the
stock and punishment of the shorts while
In the dealings claimed TO be ignorant of the
reason for the advance. but thought 1t of too
great magnitude TO have been merely ma
neuver against the shorts. Tobacco, after
yielding ~ points, made extreme rise of
i0l2 to 216, in sympathy with the movement in
Sugar. Glucose also rose points to 75 New
York Air Brake touched 200, a rise of 10 points
Metropolitan jumped 54 to 25S1z. Third Avenue
rose I, Manhattan s. Brooklyn Transit 23A
Consolidated Gas 6h and Burlington Az. The
other grangers sympathized in a lesser degree
In the advance. -Four per cent was the loaning
rate for call money the greater part of the
day, although some loans made at 31a05
per cent. The stiffening of the money rate
dampened the ardor of the spectators and
caused the recession in the latter trading. The
bUoyancy of the general market caused q re-
sumption Of commission house purchases, which
was largely responsible for the rise in the clos
Ing hours Bonds shared TO some extent in the
upward movement. but there were some veal k
spots which gave the trading an irregular as
pect. Total sales, s3 325, 900
United States 3's advanced a. while the new
as registered reacted Is and do coupon 4 in
the bid price
The total sales Of stocks to-day were s47. 800
shares, including: Atchison 4140, Atchison pre-
ferred 1850. Central Pacific 6030, Burlington
61750, Manhattan IS, ,460 Metropolitan II $50
Reading first preferred 10 250 Missouri Kan
and Texas preferred 1850. Northern Ameri-
can $3.50. Northern Pacific u. 94S Rock Island
1920. Union Pacific $780, St Paul 81 $40 South
ern Pacific 1880 Southern Pacific preferred H. =
$50. American Steel and Wire preferred $500. To-
preferred 1923. Peoples Gas 40. 49, Consolidated
Gas 1880. Brooklyn Transit II, ,425 Sugar 277
35l. Tennessee Coal and Iron 662S, Leather pre-
ferred 69O5.