St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-13
ANOTHER HEAVY DAY.
Large Realizations Followed
elimination Of the Read
ing Combine,
And Slight Declines Were Eff
81 fected in Stocks Of the
~ Coal Roads.
nis -
Rumors Of Injunction Suits
Had No influence on the
Pa Brokers.
Other Stocks Freely Bought
and Sold at Times During
~ the Day.

New YORK, Feb 12.-At the stock exchange
there was another exceptionally heavy day,
although there was no comparison either as to
the amount Of business done or the excite
ment attendant on the trading. The cul
mination of the deal was followed by large
realizations by the followers of the syndicate,
and there was considerable pressure on the
coal stocks from bear sources the nd
vocate of lower figures being spe-
cially anxious to relieve some
of their losses by the recent
rise and rumors were circulated to this end
that legal proceedings would be taken to pre-
vent the contamination of the arrangements
made by the Coal companies. The rumors
however had no special effect, the impress.
sion being that such proceedings, if brought
at all, would be merely for speculative pur-
poses. and today were entirely the effect of
the selling 10 realize by speculative buyers
The coal shares were still the most prumi-
nent group i'll the market, but their pos ton
was not SO overshadowing as yesterday. and
other stocks than those supposed TO be bene-
fitted by the combination were largely traded
in at times London was large seller of
st. Paul and some others. but bought little
Erie. Chicago bought Chicago Cas- but let
il Off in the late trading with the rest of the
list. The Richmond x West Point stocks
were very prominent OH the rumorS that the
reorganization committee to be issued i'll Il
short time would be very favorable. The
bears made considerable capital out of the
position of the foreign exchange market
pointing out that demand bills are now dam
eerously near the gold exporting point. aud
still tending upwards.
The transactions in Reading were, of
course. most striking, and the trading in the
last hour was equal to anything seen yester-
day after the first hour while it fell rapidly
over per cent The early dealings in all the
1-n6 hr-< .,,N.
and while Jersey Central rose 3 per cent and
Lackawanna 4, the improvement was more
than wiped out during the day. sharp
rally In Jersey Central in the last few min
day. New England followed the leaders
very closely, but other stocks were traded in
within narrow limits except Iowa Central
preferred. which was the strong point of the
day, rising per cent TO 80, and closing only
y per cent below its best figure. In the
early dealings, after strong opening. Read
ing fell away rapidly, while jersey and
Lackawanna advanced the general list also
showing great irregularity of movement
without scoring ANY material changes Jersey
afterward gave way, but the strength in Chi
cago Gas prevented any stampede in the mar
ket for some time.
Late in the day Reading again dropped
suddenly and everything followed, the
transactions at the time being extremely
heavy. The market under this influence
eiused active ana weak, Notwithstanding the
rahy IN few shares i'll the last few minutes.
The losses of note comprise only Reading,
5l2; New England Pig; Delaware & Hudson.
.. and Cordage. Us.
Again there was little in the railroad bond
market except the Reading issues, and they
furnished S3,3S0000 out of a total of 81, 927,-
GOO. the proportion being even greater than
yesterday. when over SIS. 0Oo, GOO were traded
III. The bonds naturally followed tho
course of the stock and all are materially
lower this evening though retaining liberal
portion OF their late gain
'Phe Post says: The facts stand out clearly
/ from the puzzles and anomalies of the stock
market. The successful organizers of The
coal deal' have not undertaken q bull cam
palgn OH the general market, and speculative
| outside buyers have not greeted the bull
news by rushing i'll a body down to Wall
street. There are score of theories offered
to-exnlain the absence of these usual phe-
nomena of great stock deals, but the facts are
unmistakable. Optimistic observers still hold
out the hope that the presence and active
operation of these factors is only delayed:
but the market of today reflected no such
feeling The one sentiment most plainly
discerniblein the general movement of prices
was that OF disappointment.
10 Total Sales OF Stocks
today were SO. al shares including:
Atchison. 49,. 13,930l North Pac. pfd %, 125
Chicago Cas-. 40. $50 New England. 42,507
Del, l.. u W.. ca? Reading .2S6 no