Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-03-01
ALL STOCKS LOOK UP
Reading Showed Remarkable
Strength and Activity.
SUGAR ADVANCES TO. l24
foreign Houses Feared Erie ard
started a. Unload. bat Changed
Their Minds Money firm.

NEw Yoak. Feb. - Money on call
hnn. ranging fFom g. : per cent; last
loan Al 4nd clozlng offered al ..
Posted rates. ESQ., 70 sssi.
Nosernmcnt tonds have been duh
sad steady.
The stock market Tor the frs time IN
seess developed today a decidedly
strong temper. and material advances
acre scored all over the list, only one
Stock amongst the prominent shares
1Aoslng a net Ices for the day. which
amounted 10 oniy y per cent. The
earier condition II the exchange mar
~ and the practical cessation Il geld
cAfafts we're the underlying cause q
tbs change ia temper But the day
eas marked ~ an absence ~ the late
heavy pressure "a sell and a dearth u
runners q dlsquirting nature. which
led o. the inference that the bears have
covered their shorts and are willing 10
So az least a . ,iefate rally.
Ilcss was heaa a Reading than on
any day Tor the last two weeks. but the
stock vas ssiil the most active in the
market and the transactions were large
enough for any u the late DAYS ~ ex-
citement. The news that the payments
Il wages had been resumed. and tie ut
terance II Judge Paxon Ia the effect
that all obligations would be met, slim
uiated the demand from the shorts and
the buying side II the account was en-
tireiy responsible for the prominence Of
the stock IN the market. Ii rallied 10
above =. after selling down 10 35tS. but
closed 10 II. with a net gain II lis per
cent
There vas 40 news which would indicate
that the report of tho receivers would b.
ssatig any sooner than ANNOUNCED. and until
yesterday no one Nas found that would a.
SRI Y would he Of an uufayoraole nature.
Ine next most prominent point IN the list
Wa- sugar rcfineries which. after selling at
10. VAS lifted j. ~ without excitement of
any kind, the upward movement being
steady throughout the day. The stimulating
cs.g=c for tte bate riss was found in the de
yeiopmcnt Of the fact that Mr. Havemeysr
ha. assured 4 stock holder that while there
peuld be- no extra dividend declared the
common stock would 10 pat upon "a l. per
cent basis. II closed only = lower than its
tsst price. with a net gam Of 81 per cent
Tor The day.
Df-tliiers aud coriage was the weak spots
II The early dealings. and the FIRST named
declined 3it Per cent 10 -. the lowest price
ever touched. hu; later full rally occurred.
and Z closed with small fractional ac-
vance. tortiagc pursued the same coursc.
While Chicago gas. electric and lead were
strong al the way out. the first clos4ng with
q gain of -. aEd the other about per
cent.
Northern Pacific preferred with gain Of
- LacSaHAna with "a. and the gnuEers
With gains extending from ~ TO Ia. were
all prominent ia the dealings. bat Erie was
~'.ld largely hy foreign HOUSES while held
within narrow limits.
The utferances 0f President King 20 the
effect thar the company would De able 10
take up ~ obligations as they fell due vas a
measuring infius nee and nothing more was
heard Of the rcceivership story, though the
buying va< limited. There were rcaiiza-
tions. especially during the afternoon. for
The account 81 the traders who bought early
IA tsIe day. bur the reactions from this cause
were ~lSCht Ia all cssss> and the demand from
Tho -torlS hccauie mOrs urgent toward the
close. which was active anu strong. gener-
ailg ~ the best fgures The sales Of listed
stocks today aggrs gated 3ts 81 shares. and
81 unlisted stock o6.2i1 shart-.