St. Paul daily globe., 1893-02-18
FINANCIAL.
Rev Work..

NEW York, Feb. II. The stock
market today was a remarkable one,
not only for the volume of business
transacted, but for the width of the
fluctuations and the rather neutral re
suit of the days operations. The bears
were out in full force and made one of
the most vigorous drives Of the season
against Reading and the leading INDUS
trial shares, but at the close OF the day
only Reading, New England and Cordage
showed any marked loss, while there
were few important gains, and among
the general railroad list the changes were
about equally divided between gains
and losses of small fractions. No clearer
demonstration of the inherent strength
of the market could be given. and the
general confidence of the holders of
stocks was plain. The adviceS over
night that the president had left to the
discretion OF Secretary Foster the mat
ter of an issuance Of bonds reaSSured
the street. The opening of the market
was therefore generally strong, but this
did not deter the bears from carrying
out their prearranged programme OF a
vigorous drive at the few weak spots in
the list.
There could be no doubt that liQuida-
ton was general i'll both Reading and
New England today, though whether
the material declines effected i'll those
stocks would have been brought about
without the vigorous bearish operations
Of the day is hardly to be maintained.
The movement was much Of a mystery,
but heavy selling orders were executed,
especially during the first hour, when
one broker was credited with having
sold 4 line OF some 10000 shares. The
RI IL tn iNn INpli inf
that large inside interest was liqui-
dated. and and the amount to be sold
was placed lis high as 100000, to
say nothing OF income bonds. At the
same time the belief was general that
Messrs. Kenne 4 kammack were the
source of most Of the selling orders,
while another interest, which has been
known TO be bearish upon Reading for
some time, was credited with the in
auguration of the movement. The
liquidation was attributed to insiders.
who opposed the policy Of President
Mcleod in New England. New En-
gland showed more rallYing power in
the late tradings. Reading opened at
466 and steadily declined TO 4035 and
rallied to IL, failed to hold the improve
ment by closing at 3S, loss of So
points, while the transactions reached
| the enormous total of 100000 shares.
New England opened at 46. and at one
time sold up to 465s, but from that point
retired rapidly to 4l$l, rallying TO 43155
at the close, net loss of 213.
The early efforts of the bears were
directed largely against Sugar and Cor
dage, and the former was driven down
per cent to 12l, while the latter, after
opening at 67, retired to 6l15, the de-
nlInnG fhpSn Stnal-c hninu =:
MED by rumors of disagreement in
the COrdage pool, as to the amount of
stock to be accumulated and of pool liQ-
uidationS in Sugar, while certainly both
were without support Of any kind. The
manipulat0rs of these stocks, however,
took hold of them later III the day. and
Sugar was brought to 125 and Cordage
from 6l15 to 6434. Sugar finally closed
at 12414, with gain of Is per cent,
bat Cordage was % lower. The rest
or the industrialS sympathized on
a scale with these leaders, but
their final changes are in all cases insig-
niticant, with the exception of Tobacco,
which closed With gain of 2B per cent,
which was entirely in the nature of a
rally from its late depression. Rail
road shares were fairly we'll held, but
were compelled to yield to the influence
OF lueSe Sud!p ucCltueS, anu. ueSpll6 the
! support given by London buying of St.
| Paul, Louisville and others Of its favor
ties, the whole list was brought down
from 4 to- per cent. With the appear
ance of support in Sugar and Cordage,
the traders quickly got over to the long
side, and from that they worked dIlI-
gently for rally. In stocks this was
! fully accomplished. though the gains
shown were for small fractions only.
Manhattan was shifted about with it's
usual sharpness, but finally closed per
cent higher at l6Jjts The market re-
mained extremely active right up to the
close which, however, was quite unset
tied and evidently under the influence
| Of the weakness iii Reading.
The Post says: "'rhe vulnerable
nature of the industrials, and the ease
with which they can be raided and de-
| mora!ized, compared with the railway