Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-07
EXCITEMENT In COALERS.
PRESIDENTS OF THREE BIG COM
PANIEs IN CONFERENCE.
Reading Leads in Activity and Jersey
Central in the Advance - The Even
Tenor and Strength of the General
Share Market Is Not Affected.

Reading Leads in Activity and jersey
| Central in the Advance - The Even
Tenor and Strength of the General
| Share Market Is Not Affected.
| NEW YORK, Feb. Cit was known to-day
| that the presidents of the JERSEY Central,
| Reading and Lehigh Valley were in confer
| ence, and this fact, with the addition that a
large order to buy Reading had been placed
| in Philadelphia, large portion of which
| was executed here and which was believed
| to be buying for control, made the coal
| stocks the one feature of the stock market
| to-day, and their enormous transactions
and extremely rapid rise overshadowed the
entire market without giving any of the
strength manifested by them to the rest Of
the list.
The general market opened strong but
| quiet. and after slight gains in sympathy
with the Coalers, realizations and consider
| able short selling by bears who believe that
| the pace in the Coalers is altogether too
fast, caused a full reaction, and the final
changes in the general list are all for small
fractions and general losses.
The trading in Reading was something un-
precedented: Lackawanna was also ex-
trenlely active, but its transactions were
far behind those of Reading. All the Coal
ers, however, were unusually active and
strong, and Jersey Central took the lead in
to l261l and losing only fraction from its
best prices. Lackawanna rose from I4s15
| to l52 while Delaware and Hudson and Read
| ing were more moderate.
Distillers' at one time showed gain of /
| per cent over last nights price, but failed
| TO hold it, and the other Industrials were
quiet and without feature. Among the rail-
road stocks Atchison and Louisville were
| Inclined to weakness, but while with Erie
| and Western Union they were more active
| their fluctuations were unimportant. The
l,n lvaAr
less, and, while after the first squirt prices
settled down slowly, the final rally closed
the market firm. with great activity at in
significant changes for the day in most
stocks. Jersey Central, however, is up 81
per cent; Lackawanna, 81 Reading, e5s, ana
Delaware and Hudson, ~.
! The total sales of stocks to-day were 356 $40
shares, including Atchison, 17053; Chicago
Gas, 4,l75; d. L. & w, 81, $50; Delaware and
Hudson, 1920; Erie, s, $50: Louisville and Nash
Vile, u, 600; Northwestern, 3,400: New Jersey
Central, 1920; Reading, 1890 Northern
Pacific pref, 2,52o; st. Paul, $500; Union
Pacific, 5745.
Railroad bonds regained their f1rm temper
to-day, and the Reading issues. as was
natural, occupied the first place in the mar
ket, both Tor activity and strength. Out of
totafof 2,Ssl 900. the first furnished 464, 600;
the seconds, $50 600: the thirds, 455OOO. and
the fours, 49,, 000, while the only other active
issue was Atchison incomes, 2l0,e0O.
Forecast for This Week.
John NJ. Oakley & Co. received the follow
ing: "Wall street -dearly loves q mystcrv
and it is willing to pay for 1t. The coal
stocks have been booming in n most sensa-
tional way, and many directors of the COM
panies whose shares have been rising are as
much in the dark regarding the cause as the
smallest trader who reads the news bulle-
tins. Somebody knows and somebody il
doing it, and as the pleasures of anticipation
are greater than those OF participation it is
fair 10 assume tnat as long rs the scheme is
hazy the uncertainty will put prices higher
than they will remain after the facts become
public property.
"The eIazzle-dazzle in the coalers sent bears
in a lot of other things to cover but they got
their stocks without any advance of
consequence The Atchison and Missouri
Pacific stocks were very weak as was also
Union Pacific, the latter partly on fears of a
strike among the employees. The market
next week will probably feel the adverse
effects from the squeeze in the coalers as
such rapid movements is over. The bank
statement was the first for q number of
weeks, showing a loss in its reserves 1t
showed loss of two and a half millions"
Bear Arguments Unsound.
Henry Clews & Co. say: 1.-THE bears ad-
vance as their chief argument against an
upward movement in prices that, the world
over, affairs are in reactionary condition,
which, they say, Us attended with COM
mercial depression which is Incompatible
with a bull market for securities.
There 10 . semblanoe Of truth in this, but
nothing moro. Tho reasoning would be
sound Y the dsprsssion - which II rsSszs