Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-09
AN UNEXPECTED FLOP.
Sudden Activity and Advance of the Coal
Stocks : Reading Receivers Lost
Ground md Others Do Better
Sugar Depressed.

NEW YORK, January SIT the stock market
to-day the Coalers, and Reading in particular,
were the pivot upon which the dealings turned
and in them large blocks of stock changed
hands, while the general market was quiet and
moved within narrow limits as usual Large
selling orders were cabled to London last even
ing. with the effect of opening Reading stock
off over per cent at that center, and this de-
cline was partially reflected in the opening here
this morning.
1t soon became evident that there was
mighty effort being made either to cover shorts
or to compel them to cover, and though the
pressure in Reading was sufficient to cause the
decline of q per cent at the opening, the call
ing in of all loaned stock, with the most pro-
nounced support given the stock, soon brought
its price up about ~ per cent The stock
loaned at as high as 1-32 premium, and the
dealings for the first hour were running up 10
5000 shares in the first 10 minutes and over
go 600 for the half hour, and over 80 600 for the
hour After opening at 35M it touched 37A
but this advance was not all held
The other Coal stocks did even better than
this. and Delaware and Hudson was up to $50
against 1471 last evening, and Jersey Central
to 1273 against l25H Lackawanna was also
extremely active, though the dealings did not
reach such high figures as in Reading and the
stock displayed positive strength, rising from
1851 to l3S in the first hour, rise of 30 per
cent from its lowest point of yesterday At
noon there was change in the temper of the
market and the bears returned to the attack
putting out large blocks of Reading, which
lowest price of yesterday.
Lake Shore Union Pacific. Atchison and
Missouri Pacific were paid attention to- though
in Atchison the only marked success was met
with. Sugar Refneries. however, felt the full
force of the bear strength and humorous
stories were circulated about dissensions in the
trust and outside competition which precipi-
tated large blocks OF the stock upon the mar
ket with the result of depressing the price
from 561z to 535A with sales at seller 80 at 81
Lackawanna and the rest of the general list
were held firm, and late in the day a limited
covering movement sent prlces mp Somewhat
the market finally closing quiet and firm. gen.
orally at fractions better than the opening
figures. The final changes are quite Irregular
though declines are rather the more numerous,
and while Delaware and Hudson is mp 2x |
Lackawanna ~ and Jersey Central per cent
Tennessee Coal was particularly weak in the |
last hour, closing down ~, Sugar ~, and |
others generally less than a per cent
Railroad bonds. as a rule were quiet and |
firm, but the activity in the Reading issues ran
the total for the day up to 81, All 600 Reading
frsts contributing SiS6OO0 the seconds slS2 900,
were again pressed for sale. Laclede Gas lost |
21I, at S411< Richmond and West Point trust |
rose ~. to 791z.
The Post says: That the sudden activity and |
advance Of the Coal stocks were the results of |
attempts to cover shorts or attempts to make |
them cover was shown by the sudden cessa- |
tion Of activity at II o'clock. The Goal stocks |
are, Of course. all depressed by the unfortu- |
nate condition OF the coal trade, but for the /
last two days they have been also depressed by |
the general belief that the Reading would de- |
the three classes of the total value Of S5S OOO- |
900 of income bonds. which come ahead Of the |
$50. 400 900 OF the stock.
This question was 70 be settled to-day at the
meeting of Reading directors, and though /
there was nothing known about ft up to / |
O'Clock it is quite well understood that whether |