St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-24
FINANCIAL.
New York.

New YORK, Feb. 23.-Although the
full effects Of the Iiquidations in Read
ing has probably been seen in that stock
itself, the after effects are now being
felt by the general market. The Read
ing episode has had chilling effect
upon foreign investors, who were be-
ginning to turn their attention to Amer
lean railroads as the most desirable
field for the placing OF their surplus
funds, and spectators at home, who
have been crippled by the extraordinary
drop, not only in Reading, but
in other stocks of late, find
themselves unable to hold on,
and their holdings are dropping into
stronger hands. In the stock market
the bears are aggressive, and meet with
little opposition in their efforts to take
away the market from the sellers by
necessity. Today their operations eX-
tended to the entire active list, although
the market, especially during the early
part of the day, showed considerable
narroWneSS and some resistance. The
event OF the day was the resignation OF
President Parsons and the directors i'll
sympathy with his management, and Its
effect was Immediately to intensity the
weakness prevailing in the general list.
L TIC ullul COllIlI uIullOli Va IHS COlILO1 Vi
Reading in the New England acted,
that stock, and. after the opening de-
cline. it was we'll held within compare
lively narrow limits. Friends of the
Parsons management, however. were
liberal sellers of New England, and that
stock became one of the weakest on the
list. Reading opened with decline of
Ia. but at the close OF the day had re-
covered a, but New England closed at
its lowest figure, with a loss Of 335 per
cent The other coal stocks were di
rectly affected by the impression that q
tall in coal prices was inevitable. and
LackaWanna closed with loss of 4 per
cent, and Delaware 81 Hudson, notwith-
standing the dividend OF "a, closed ~
lower.
Among railroad stocks the only other
special feature of Importance was the
drop in Northern Pacific preferred
under bear pressure in the last hour.
1t closed at a shade above its lowest
with net loss of AZ per cent. The
sWitchmen's strike in Chicago became
an established fact today and was one
of the most powerful influences in en-
couraging the bears in their drives at
the general list. Naturally the roads
cuntering in Chicago were the most
vulnerable, and Burlington, ST. Paul
and Rock Island all suffered declines Of
over 2 per cent. The most striking
feature of the day, however, was the
renewal of heavy selling in Sugar,
tended with quite as much eXcitemen
as those in Reading and New England
and its price was steadily depressed
until al 1l515 it showed a loss of rs per
cent. The shorts covered, and rally
of per cent followed. which was re-
Elected in higher prices all over the list;
but there was Il marked lack OF support
in the stock, and the last pfice was only
| q per cent better than its lowest, its
net loss of the day reaching ~ per
| cent. The other induStrials followed at
! distance, but were comparatively
| quiet, and moved in sympathy with
| railroad shares. All the lead
! ing stocks showed material declines.
| Union Pacific being the only marked
! exception; but after an advance OF
| nearly per cent in the early trading
| he general weakness was felt and the
entire improvement was lost. its closing
! price showing decline of Is per cent.
| blanhattan yielded up all of its late
! Improvement and closed . per cent
! lower at 15T, after selling at 15614. The
greater part of the losses sustained
were suffered in the last hour. when
! the market became nervous through
out and closed weak and active at about
! the lowest points.
The Post says: "Fhe collapse Of Read
! ing still eXertS Il disturbing influence,
| but it has left ali object lesson IS we'll.
For many months bull cliqucs and pools
! have been powerful factors in the
markets. especially in steadily advanc-
| ing certain stocks, mostly the industri
ais, Of the internal management OF
which the general public had little
| knowledge. 1t may safely be asserted
| that some OF these pools are held il