Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-03-11
SPECULATIVE
A Sharp Little Corner in Raarr-t,
Feature on Change.
Protest Against a Bill In the New yrrs
lature to Reduce the legal Rate
Of Interest.
Specialize The Gc-n-.n

Specialize the Gazette.
NEW YORK, March IJ.-T-.rsa--a- -s
ing stock this morning completely mon
the stock exchange dealings The s-,.-
porters Of this much abused ss.r-
sweet satisfaction of seeing the NON
down last week badly squeezed. In.
Reading, under a sharp attack. wrss..-
S5ia. Its supporters rallied and SON.
up with a rush, and ON ~r.rr..--
at ISIS. This morning ic Cr.rtE ~
went up to 427s cash. There seemed -~
selling orders. Everyone was q rr..-
blocks OF thousands of shares wa-.
and the shorts sqUcaleG for mercy. -..
only two crowds on the iorr.f -r.-..
the Reading crowd and the loan crowd
stock loaned at - per cent at E-,-. --.- -.
screws were put ON and soon H. MP
per day was bid for the use OF t.. U---.s Nh
had stock he'd on to it closely. W..-. s--.
wanted was immediate delivery Of Gin. s.r-. s-}
while cash stock was selling at r.- -
selling IT 43ls, . difference OF-. points --.F.
the use of the stock for one day. Lrv.gg .-.-
little corner.
The sales Of Reading to noon were --. 4..--os
a total Of lS5, 600 listed and unlisted.
10 be the general opinion that the corner rss
not premeCItated, but was merely an r..s7.--
the party fight Tor Ce-.-u.. Sam.
intimate that the original selling u...ua---.s
started by this party II hCPso UUyiuguga ..g-
amount OF stock cheap This was The ~rs-..
any rate. When the price fell the .r.-g--.f-
party rushed IN and bought mp a large sluu.r.
Among the many reports on the Street ll ON.
nectlOn with the great sensation of The Gar vsl
one to the effect that . wei known house E1sl
has for 8 long time been SO prominently itg---
fled with the auti-COr5jn pool hid transferred
its holdings TO another prominent house. and
fer the discovery was made tia.
the transferring house was not able 20
produce all the shares which stood To- its credit
in other words that it was short of stock. Las
story F0nnI uanarn1 rvnfarul rn HHH.H-..- TL
stock sold for Philadelphia account Oh FrGsr
and Saturday had not arrived to-day. I-issat
that 1t takes a day TO change certificates.
Outside of Reading the market was dan
and rather fe3tureIess. On early dealings
Western Union was weak and sugar trusts
strong. After y O'Clock, however, Their, w-sa
general Improvement throughout the list. Lack
awana developed notable strength and sold upto
$751;
Alfred sully says he is not responsible FOR the
advance in Reading stOCktO-day. He says LeLaS
not bought any for an advance, but tanks that
the bears who have taken unpGrdouaJit liberties
with Reading during the past week have r.
ceived q severe check through the calling mo.
stock by the actual owners.
The people really feel q great deal more apprs-
hedSlve about the condition or the 1GuE--lsl
they express. AS compared with last yesr 6,
this time we hold so, 600, 90 less specie and SD
900 900 less legal tenders than we had then, while
our loans have been contracted only &,yt,t0.
The result is that the reserve Is down to bed
rock, the surplus being less than a qUarterCt
million. Such q condition Of affairs would m
doubtedly have caused a sharp advance OttGs
rate for money were it not for the fact -lata
great many people anticipated a much more act
i've market during the spring. and made arrange
mentS for time loans, and SO have this money IN
hand While they are lending over again ntls
street. Money has been going West and sol.la.
a time when we often anticipate imports OF god
from Europe, simultaneously with the return O-
currency from the West. It is evident. how
ever, that, although the movement OF c~ottondas
been prompt, and although there has been 10
holding back Of grain, people in The West AMI
South have found ample use for Et-ey, ana are
still being carried by New York Cal lt2I-
The clearing house committee met this after
noon, and after considerable discussion, agreed
to present q protest to the Legislature
against the bill of Senator Erwin, Wnen
proposes to reduce the legal rate Of interest IRON
6 to per cent. A list of reasons why the OH
should not become Z law has also been forward
ed to the senate and assembly. Bankers urge
that in no other state Of the Union IS the rate OF
interest less than in New York; taA-
the bill would most sssuredly dlFs
capital away from this state; ma.
interest on deposits in savings banks Uolld %
necessarily reduced and that the very best way
to accomplish the object of the trainers OF ne
bill is by competition between the lenders ot
money ana by due and proper observance o. Ie
laws Of supply and demand