People's Pilot, Volume 3, Number 38, Rensselaer, Jasper County, 9 March 1894 — SUGAR SHAKEN UP. [ARTICLE]

SUGAR SHAKEN UP.

Millions Made and Lost Through a Rapid Rise in Stocks. New York, March B. —There was a jump in sugar certificates on the stock exchange Tuesday which took the breath out of the oldest patrons of that establishment They sprang upward until twelve points had been registered j in half an hour. The stock of the sugar trust is uot one in which undue sobriety of movement is looked for. Since the debate on the sugar schedules of the Wilson tariff bill began, however, its gyrations have broken all records. I The cause of the remarkable spurt was an inspiration from Washington in the form of a statement that the trust’s j pet product would not be disturbed by ; the senate. For the last few days the J advices received in Wall street from i Washington have indicated, that the | bill, as amended by the senate I finance committee, would provide for i the protection of refined sugar. A : large short interest was created in the stock on the theory that the senate i would pass the bill as it left the lower | house, namely, without duties on either raw or refined sugar. Later advices scared the short interest into covering, and a big bull pool has been buying and advancing the stock. The Evening Post tells of the excitement in sugar stock as follows: “There was evidence on the market of some very remarkable manipulation of the ‘news’ from Washingion about the senate’s intention? with respect to the tax on sugar. Between 19 o'clock, when business opened, and 11:3d about 100,000 shares changed hands, and during these dealings the price of the certificates moved or rather rushed from 88 to 100, turning at par and receding as rapidly as they had advanced to 92. After another upward spurt the price seemed to settle about 93. The excitement attending these extraordinary sales was intense, and the dealings as reflected in the quotations were most irregular. For awhile all other business seemed at a standstill At one time, for instance. the tape recorded eleven different prices for sugar, showing a variation of three points, while fractional lots, sold simultaneously with full lots, were frequently three points a'Jft.o the price of the latter. “After 11 o’clock sugar broke 2% to 93H, rallied to 95J4, sold down to 92% and recovered to 93 The preferred sold off 2 per cent, to 83%. The speculation in the shares is steadying gradually and has lost the greater part of the feverishness which has characterized the first dealings therein. “In the sugar crowd nearly 200 brokers were yelling together and struggling to get to the middle of the pit The sight was a most remarkable one, but it was easily understood when the change in money values, as represented by the quotations, was taken into account. The rise of twelve points that took place in the stock represented an increase in the value of the company’s common stock of 14,500,000. It is worth fighting for to get a slice of thi3.”