Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-02-25
SPECULATIVE.
Tennessee Coal Continues TO Tumble.
Mr.. 1nman Denies Platt's
Accusation.
Stock Transactions Confined In the Main to q
Few Leading Issues-Ths Bears Keep
the Market Well in Hand.
Special to the Gazette.

Special to the Gazette.
NEW YORK, Feb. 24.-Tennessee coal stock
dropped II points to-day, touching price 50
points below its opening figure OF last Wednes-
day. Selling was moderately heavy and slow
orders to a considerable amount were reached
with every concession in prices. 1t is believed
that there was a pool OF insiders in the stock,
and that they decided suddenly last week that
the conditions of the market for Tennessee coal
stock were not such as TO render advisable any
further accumulation. MI. Platt IS said by ms
friends to be among those heavily hit by the de-
cline.
In reference to Mr.. Platt's accusation of Mr..
Iuman the author of the break made in these
columns on Friday, Mr.. Inman himself, who re-
turned yesterday from his Southern trip. said
to-day: MIR Plat is entirely mistaken. mad
nothing TO do with the decline. I have none OF
the stock to speak Of not more than 100 shares
could not understand the sudden rise
in the stock and took occasion to part
with my holdings some weeks ago when
the price above eighty. have
sold none since, either long or short, nor, far
as know, have any of my friends. The selling
IS certainly mostly loug stock, which IS indi-
Gated by the market. But who is doing the SELL
ing or the reason for it 1 know nothing still
hold large amount of the company s securities,
stock"
1t was currently reported on the street. how
ever, that Mr.. Inman would use the decline to
force compromise in the company's suit
against him, and this belief is shared by many
of Mr.. Platt's friends.
lTanS&CJiODS IllS morning were or cOnSluer-
able volume, but confined in the main to a few
stocks, and especially Chicago, Burlington and
Quincy, Rock Island. Louisville and Nashville,
Reading aud Tennessee. The bears continued
to hold their own, and there were numerous
striking declines. Among these were Colorado
coal 31sc, Louisville and Nashville 134c, New
England &c, New Jersey Central lc, Reading sc.
St. Paul sc, sugar trusts 2$sc, Tennessee coal
72c, Union Pacific sc.
On the other hand there was covering in sew
eral quarters on which advances were won.
Thus Rock Island gained sc in early trading
and Chicago, Burlington and Quincy per cent.
In general the movement of the forenoon might
be described az a panic of small bulls IN the
more speculative stocks, which has been very
much the character OF the market since the
middle of last week.
There was little feature In the early afternoon
market. Tennessee coal dropped ten points
further, then rallied five points. The general
market showed slight change from noon prices
The latter half of the afternoon was character
lied by general rally and an exceptionable
heavy covering of shorts. Most of the leading
stocks touched in the last hour higher prices
than are recorded during the forenoon. In Chi
cago, Burlington and Quincy the buying was
particularly heavy and the gain in price
large.
Tennessee coal rallied materially from its
bottom price of the early afternoon, and the
tone of the market throughout was much i'm
proved. There was a good deal of buying for
rise in important stocks well covering of
short contracts.