The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1899-03-22
oMattSman 4 guurnal.
ARTHUR ROPES, General Editor
A Squeeze in Sugar.


How the necessaries of life, aud in
particular one of the commoneet OF
these, are made the stakes for which
stock gamblers play, is again shown by
the late furry in sugar stocks, the term
by which the consolidated sugar re6n-
ing interest of the country 10 known.
There were limitations early on
Thursday of something to happen in
sugar stocks on that day, and this is
what occurred.
The stock opened at 141, only per cent
above Wednesdays close. In the first hour
it rose by fractions to 144f, and by noon had
climbed to 1881. Upward it went, with
ever-incressing rapidity, the bull pool buy
ing with steady determination to exhaust
the short interest, and the terrified shorts
covering their contracts all along the line
and thus adding to the impetus. In a few
minutes 100 had been reached, and then on
1O0-share sales 164 and 1866. There was
sale OF 300 shares at 1866. and one at 1863, and
800 shares went at ITO, the highest OF the
day, from which figure the price gradually
bd5bu vi w lOt4i bubSSquOhuiJ lhilylbB w
1929 and selling off again to 1891 at the
close, net advance for the day of 1911 per
cent. The rush of buying orders, and OF
stop-loss orders from the shorts, carried the
stock in scant FIVE minutes all the way
from 154 to TO
There were all sorts of stories as to
the origin of the "squeeze," rumors of
trade agreements between the rival
sugar kings, of the purchase by the
America Sugar Refining Company of
other large refining properties, all of
which were positively denied.
The story that received the largest
endorsement was that the upward
movement was the handiwork of the
Standard Oil interests which, it is said
have been for some time quietly alb
sorbing sugar certificates. These have
alliances, it is understood, with an in
fiuential competitor of the great sugar
combine and under certain circum-
stances might go into the sugar REIN
ing business. In this connection the
New York 1ribune'S report of the re-
cent movement says:
According to Wall Street men, harmony
could be restored by the ousting from con-
troll OF the present management OF the
American Sugar Refining Company, and
the ousting could be accomplished, it was
said, by the acquisition by the Standard
Oil men of majority of the sugar compa.
ny's stock. And the Standard Oil resources
are large.
OF the conditions existing before the
disturbance of Thursday, and of the
operations that accompanied the ad-
vance the Iribune's report says:
30 many minor operators had sold sugar
short and were consequently sufferers in
Thursdays campaign that after the price
had been forced to ITO large blocks of the
stock were thrown into the market again
by brokers for the bull pool, with the re.
suit that the price soon dropped nearly
twenty points, enabling the little fellows"
to cover at comparatively small loss, and
preventing failures which might have had
a serious effect on the general market. 1t
is understood that the sugar company Tin
sders" however, did not cover. but put up
as much margin as was required.
Large sums of money were undoubt-
eddy made by persons who were hold
ing lucky numbers in the lottery of
speculation. Into their pockets have
gone the losses of the unfortunates,
who, in the whirlagig of buying and
selling, will seek their opportunity to
prey upon those who have gorged their
bank accounts with the gains of Thurs
days "squeeze."