The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-02-25
BEARS IN READING.
Trying to Scale Down the Whole
Share List.
Unsettled the Market, but on the
Whole the Outside Stocks Held
Up Well.
Special to THE MORNING CALL.

NEW YORK. Feb. PA decidedly bear
ish sentiment existed In Wall street this
morning, but the day developed material
change in this respect, and while resistance
was given 10 the declines in the leading
weak stocks TIE market as whole again
showed a disposition to break away from
the influence OF these stocks, as their move
ments were the result Of a special cause
and not justified by the general situation.
The outgo of gold for tomorrow was re-
duced to merely nominal sum and money
was decidedly easier than for some time
before the holidays. While little attention
was paid to these influences they evidently
had their full effect and weak, feverish
and unsettled situation was changed into a
strong one.
The liquidation in New England is be-
lieved by no means TO be complete, and
there are hints that Reading is in a crippled
condition. and holders will find it heavy
load. There are broad hints OF the ousting
of Mcleod.
There is even talk on Wall street of a
receivership for the Northern Pacific being
near at hand, but there is nothing on which
the company has defauted, and receiver
ship seems out of the question to any one
familiar with the property. unless there be
default on the consols in June. There is
no evidence yet of such contingency.
The market opened excited and very &C.
tive. the selling being largely by shorts.
The losses at the start ranged up to 1%.
Western Union leading. Sugar, whisky.
cordage and lead were subjected to specially
heavy pressure among the inGastgials, and
New England and Northern Pacific among
the railroads. Reading was stubbornly
held. Cordage broke 5K, sugar Az. New
England Az, distillers "a, Northern Pacific
preferred 2. The last named afterward
recovered all its loss and more: distilers
nearly recovered, and others made partial
rallies.
After II o'clock the offerings of stocks be-
came very free, and prices. as a general
thing. retired to about the lowest. Sugar,
especially, was pressed for sale on the be-
lief that sales of the last few days have been
by pool, and the price dropped to 111A.
New England went to 3lA, against 81 last
evening. Coalers were strong, however.
rising 1% TO 2. AT noon the market was
active and firm at slightly above the open
ing prices.
After being driven down to 29A New
England rallied / per cent. The demand
for Reading became urgent and advanced 2
from 295s. Lackawanna gained Az at
147. Delaware and Hudson 3h to 1271h.
The appearance of White in the sugar
crowd reversed the course of the stock and
a rally of per cent to 1145 followed. Cord
age sympathizeG with a like advance to
60, while the strength of the rally dsap-
peared toward 2 p NJ as the covering of
shorts Stacked away and prices again re-
ceded from the highest The market at 10
was active again and heavy. with rail-
roads as rule at close to the best. but with
the leading weak stocks only Slight gains
over the lowest.
Notwithstanding the denial of the rumors
about New England the decline was not
checked and the stock closed weak. Only
one other prominent feature marked the
dealings. which was in sugar. The belief
was general that the liquidatlons in prog
ress were for an account of pool, and the
decline of Dearly to 11h per cent was es-
tablished in the forenoon. This was recov-
cred in the afternoon. and the general list
showed a firm temper and fractional ad-
yances were the rule. Governments are
steady to firm and petroleum strong at 81 bid.
BosToN. Feb. 24-Oficers of the New
York and New England Railroad say they
know nothing of any application for a re-
ceivership and believe the report is false.
They say there is no ground for it., as the
company has no debt it cannot pay.