The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-05
BOOM In SUGAR SHARES
PRICES MANIPULATED on THE NEW
YORK STOCK EXCHANGE.
Forced Up 51-2 Cents on Dividend
Rumors-LocaI Trade Good In
Nearly All Lines.

At New York. yesterday, money on call
closed steady at 1Ad119 per cent
Prime mercantile paper. 4d513 per cent.
Sterling exchange easy, with actual bus
mess i'm bankers bills at s4s77s94s714 for
demand and at s4.s4l4 for sixty days; posted
rates. Sass and s4sSh Commercial bills,
81. ssi4Q4.s3S4.
Bar silver, &c Silver certificates. 61si
as2zcI Mexican dollars. 4ss4c. At London
bar Silver closed firm at Is 9-16d per ounce.
The fever I'm American Sugar Refining
stock. which has been undergoing a pro-
cess of careful nursing for several weeks
past, broke into crisis on the New York
Exchange yesterday. as 1t is not unusual
on the eve of dividend action on this stock.
For several weeks there was ex-
tensive buying of Sugar stock, but
the manipulation to advance the price
which accompanied the buying aroused the
suspicious of the sapient professionals.
When the stock began TO drop the profess
SIGNALS congratulated themselves on their
foresight and became eager operators on
the short side of sugar. The apparent
liquidation of the long stock and the cour-
ageous pressure by the bears continued
even yesterday morning until the direc-
tors went into session, about which time
the stock touched the low point at 1171.
After the adjournment of the directors
a. 1870 o'clock there was a rumor that
the directors had determined to put the
stock on an annual dividend basis of s
per cent. by declaring a quarterly divi-
dend of per cent. to-day. No official
nouncement of the directors action could
be obtained. the meeting having adjourned
TO $50 o'clock, after business had ceased
upon the Stock Exchange. But the unfor-
tunate shorts were evidently well convinced
that the report was well founded and they
ran the stock up 51e points with their eager
demands for LOCO and 1000 share lots. The
price sagged off point. but stiffened again
TO about the best at the close. This bouy-
ant rise in sugar helped some of the other
specialties which had been under pres
sure In the morning, the early declines in
Brooklyn Transit, Manhattan and Metro
politan being more than recovered. Peo-
In point of activity, recovered point of its
2,z point break, but fell away again in
the final dealings. The war of gas rates
in Chicago accounted for its weakness.
american Steel and Wire also got back to
the top at lssc over Fridays price, after
its early movement had apparently proved
abortive. The steel group, as whole,
failed to respond, and in Tennessee Coal
and National Steel there was not a single
sale during the day. The same was true
of Rock Island and the railroad list as a
whole continued much neglected. There
was some frmness here and there in the
railroad list, notably In the Southwest and
Southeastern groups. Great Northern pre-
ferred also was conspicuous for a rise of
Ia and st. Joseph and Grand Island rose
Ia. There was no Indication, however,
OF any general awakening from the re-
Gently prevailing speculative apathy and
the news of the day found no reflection
in the stock market.
Bonds were not active. but were slightly
firmer In tone. Total sales, par value,
S550000. United States fives registered adj
vanced Il in the bid price.
Following are Tuesdays share sales and
the closing bid quotations: