Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-08
A Squirt IN READING.
The Big COaIer Overshadows In Interest
Everything Else in Wall Street.-The.
cries Accounting for the Rise
0fhar 6frnnU pofuea

Everything Else In Wall Street.-The
cries Accounting for the Rise
Other Strong Points.
NEW YORK, February THE stock market
was dull to-day outside of Reading, which fur
nished nearly one-half of the transactions in
listed stocks for the day, and fully that pro-
portion during the morning hours. The inter-
est in Reading overshadowed completely the
remainder of the list and while there was
firm tone prevalent during most of the day, it
was not until the last hour that any animation
was shown, and all the advances were made at
that time. The trading in Reading, especially
during the forenoon, was enormous, and the
price was rapidly advanced from Az to 43Z
without a break. The movement eliminated
at that figure, and a reaction occurred.
There were several opinions as to the cause Of
the rise, and one theory was that both the sup
porters and the opponents of the company were
buying, which squeezed the shorts, but the
general impression WAS that the bull clique in
the stock was forcing the shorts to cover. The
traders. of course, helped along the rise, and
rumors Of the existence of large stop orders at
42 helped the first advance. When the move
ment eliminated the traders quickly realized,
and the price went back to 421s. At 43A the
stock was for some time above the third in
comes but the latter soon rose to Az, while
the stock afterward went back The theory
that some large operators had been caught
short obtained many believers, and the names
of Mr.. Cammack, Mr.. White and Mr.. Gould
were mentioned as the unfortunate ones, but it
was conjecture only.
In the last hour Lackawanna, helped by the
colder weather and rumors of the prosperity
among its Western lines, with Missouri Pacific
and Lake Shore, moved up sharply the move
ment being accompanied by a marked increase
in the activity. The upward movement at this
time. however, extended to all the list and the
close was strong.
Among the specalties which showed marked
strength was Wheeling and Lake Erie pre-
ferred, which upon advices of the successful
placing of extension bonds of the company in
London soon recovered the dividend. These
bonds, like those of the Norfolk and Western
were subscribed twice over. Outside of the
extraordinary strength in Colorado Coal the
general list presented absolutely no feature of
interest, and the trusts were quiet and stag
Dant. The final changes are almost entirely in
the upward direction Colorado is up 2, Lack
awanna lH and Others fractions.
Railroad bonds again showed q moderate
volume of business, but there were not so many
traded in to-day, and several issues figured for
large amounts. The Kansas and Texas Is con-
tributed Sl53 600; the Reading As Sl4S,OOO and
the Reading frsts Sl0l, 900 to the days total of
81, $4,000. The feature of the day were the
activity and strength in the Kansas and Texas
issues but in the general list, while firm tone
prevailed. it was less pronounced than usual of
late.
The Following table shows the prices OF active
stocks on the New York stock Excnange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY STEPHENSON, Oldest Pittsburg mem
bers of New YORK Stock Exchange. 81 Fourth ave-
nue.;