The Washington times., 1909-06-15
BIG BEAR RAID ON SUGAR SHARES
TURNS THE STOCK LIST ON
THE DOWN GRADE.

NEW YORK. June 15.-Tuesday Is
generally the bear day and today
market was no exception 10 the rule
The bears worked hard for reaction
using Sugar as their Joker, and work
ing the rails and steel shares for good
declines. Some inside selling was de-
tected here and there and the fear OF
labor troubles was factor of consid-
cradle Importance in the steel situation,
the fear of a strike in the American
Tin Plate mills. with a probable spread
being the second best news OF the day
for the bear element
Sugar was the club. Jakey Field
gave a fine exhibition of the proper use
Of a club when he swung hard against
American Sugar shares. This stock has
ceased TO be much of a speculative
security. holding very steady, paying
dividends regularly, piling up profits,
Wiping out competitors. and doing bust
ness all OF the time. even at the scales
The Government Is after the Sugar
company. The millions paid for the
little scale Joker" have not bought &
immunity for other sins and the Gov
eminent believes II can put the big
corporation out of bushes because of its
sylvania.
Jakey Field swung his club at the tap
Of the bell. He sold Sugar right and
left and failing to find support he ham
mered II North and South. 1t closed
Monday at 13l, opened this morning at
1884, and plunged down TO i2S, and on
the rebound, when the insiders found
what was going on. II recovered to l21lz.
The break IN Sugar and the pressure
here and there against the list was ef-
fective in a number of stocks other than
Sugar. Beet Sugar dropped from 421z TO
4o24, and recovered to as.
Steel Shares Raided
Steel common was under FIRE for for
gamated Sheet Iron and Tin Plate
Workers employed by the United States
Steel Corporation decided 10 strike July
], because Of refusal to recognize their
union Steel common broke. Moreover
IL was reported that French steel inter-
ests had offered such steady and eff
fective opposition 10 the listing Of the
Steel shares on the Paris bourse that
the plan was actually IN jeopardy The
result of this and the bears labors was
a break Of IL points. with. q recovery Of
"a The common broke from 691A to $50
to 6Sss. The preferred broke TO l247s,
with but 4 betterment- The majority or
the industrisls did not sympathize to
any extent in the weakness, the Cop
per shares being firm, Smelling of =,
and the majority Of the other metals
slightly lower.
Rails Easier
The rail- group was easier, some ma
teriaI declines being esta blished in the
leading rails. The losses were partially
recovered, the bears being satisfied with
their profits and running 10 cover after
they had established = to / point de-
elines. The Hill shares, St. Paul, and
Southern Pacific were the weaklings
Southern Pacific lost q net. Ripper =.
and Union Pacific p
Missouri Pacific was strong in re-
Spouse To the sharp advances in Wa
bash. Gossip has IL that Wabash is to
be sold-to pass from the Gould family
10 Canadian Pacincs 10 the Steel Cor
pcration. and 10 various other possible
purchasers. A party of big people,
financially, IS said 10 have taken the
control with intent 70 sell 1t, 10 hold
81 il necessary until the bargain is con-
sumHated. Missouri Pacific moved up
a net 81 on the Wabash uplift.
Passing into the second hour of the
afternoon Union Pacific continued TO de-
cline. reaching 1925. with a recovery TO
1895, this being net loss of is points.
St. Paul held TO net Missouri
Pacific was back to 1913, Ripper held at
1875. and the secondary list Of rails
about = OF. Reading was the exception
TO the general list It showed strength
With Missouri Pacific and " abash. The
story is that Reading. which has been
operating its mines two days a week
viii commence next week to put in six
DAYS full operation. In tie midst Of
weakness Reading rose good 81
In the fndustrials Steels exactly a net
point OF on beth the common and pre-
feEred with the pressure continuing
Sugar had turned gain from 127 10 f26
Beet Sugar was AS.
There was considerable activity, spec
ulative and investment. The West was
again a big seller of stocks. The mar
ket may be bettered by the establish
nlent Of a larger short interest as a re-
suit OF today's operations.