The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-06
IMMENSE TRANSACTIONS
THE TRADE IN SUGAR SHARES
REACHED A HUGE TOTAL.
Slump I'm Price on the Decreased Div
fdend-RaiIroad List stronghold
Business I'm had shape.

At New York, yesterday, money on call
was steady at 24@3h per cent: last loan.
B per cent.
Prime mercantile paper. 41e@5 per cent.
Sterling Exchange was firm. with &C
tuaI business in bankers bills at 1850
4s61s for demand. and $4.s2%s for sixty days;
posted rates. sS4a4S4lz and s4.Slzq4.SS;
commercial bills. s4s2Q4S21k.
Silver certificates were $50. d6o24c; bar sill
yer. seize: Mexican dollars, 47&c. Bar sill
yer at London was q 7-16d per ounce.
Attention I'm the New York stock market
continued to be largely diverted to the
feverish and excited fluctuations of a small
number Of stocks. Manipulation by the
bears was largely responsible for the
changes. In the case of Sugar. the opera
tions Of the professional traders were in
terrupted by the unexpected action Of the
directors In declaring quarterly dividend
of ~ per cent. on the common stock. This
sudden tearing aside of the veil of mys-
terry rather nonplussed the professional
traders, who had counted on period of
uncertainty until Wednesday. in which to
circulate vague tips and to keep up an
excited fuctuation in the stock with oppor-
tunities for profit-both up and down. The
cutting in half of the dividend was about
what Wall-street sentiment had settled up
on. but. coming suddenly the half-exe-
cuted plans of the speculative contingent.
1t left them all at sea. The stock opened
under pressure, but after falling nearly two
points encountered very vigorous support
and was rallied to 1854 by noon. A two
thousand share lot was taken at that price
when the news became known of the divi-
dend action. Enormous selling for both &C
fr~.r taIx fnII
elumped by wide breaks with occasional
spasmodic rallies to 81. Fluctuations were
very wide on the recovery 10 par. The
Hood Of offerings prevented the rise above
that. but on the reaction to 80 large buying
was In evidence again, which rallied IL to
SSh, where IL closed, at net loss of rs.
In the half hour after midday transactions
IN this single stock reached the enormous
aggregate of 81, 900 shares. The reduction
I'm the dividend rate is the result of the
war between the American Company and
the new refneries built and operated by
Arbuckle Bros. and John Doscher & Sons.
These refneries commenced operations in
October. 1855. and their appearance as re-
fnsrs OF sugar was at once followed by
cuts In prices by the American Company
Tor the purpose of preventing the new COM
petitors from getting any OF its business.
i he cuts were made so radical to pre-
vent any OF these competitors from enter
ing actively in the refining business, but
at the same time. according to trade state
ments, the entire profit on refining was
wiped OUT NO statement was Issued at
the meetings OF directors. although IL was
generally understood in all circles that the
dividend for the current quarter would be
acted on by the directors on Wednesday.
Reports were circulated before noon that
the meeting had been called for noon yes
terday. This was decided surprise. and
made the bear traders in the stock fear
that another surprise might come in the
shape of regular dividend. and In buying.
Induced by this expectation, the stock adj
vanced on large transactions to 1862. after
opening at 80. On the announcement OF
quickly broke TO 81 In the last hour
II had recovered TO 1914. There were
sharp breaks in Tobacco and Tennessee
Coal, at the same time with the slump In
Sugar but the general market not
affected. In fact, the stock market gave
evidence of its relief over the settlement
of this disturbing question by a smart raj
~, many of the railroads rising TO The best
prices of the day. The market was again
unsettled. in the late dealings. by an at
tack on Steel Hoop, Peoples Gas and Con-
solidated Gas. driving them down three 10
four points New York Central reacted one
and a quarter. but otherwise the railroad
list was little affected. and retained fair
sprinkling Of net gains. Third-avenue after
having risen to 5Sh was forced down to 81
I'm the late dealings, and Tennessee Coal
also yielded 10 pressure quotation of
81 per cent. was made for call money in
the course of the late bear raid on stocks
The money market during the day showed
no signs of disturbance. and there was no
evidence of liquidation being forced by the
calling OF loans London was not a factor
fn this market.
The bond market was rather dull and ir-
regular. Total sales. at par values were
81. $4,000. United States bonds were un-
changed in bid quotations.
Following are the days share sales and
oloSfug hid prfcaS.