The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1893-02-25
TRANSACTIONS IN WALL STREET,
Bears Make Another Raid on
Railroad Stocks.
New England the Principal Point of
Attack.
Northern Pacific and IndustriAis Also
Deprsssed--A Receivership for
the New England Road
Hinted At.


New YORK, Feb. PA decidedly
besrish sentiment existed in Wall street
this morning, but the day developed q
material change in this respect, and
while resistance was given to the de-
clines in the leading weak stocks, the
market IS whole showed disposition
TO break away from the influence of
these stocks, az their movements were
the result OF special cause and not
justified by the general situation. The
outeo of gold for tomorrow was reduced
to mere nominal sum, and money was
decidedly easier than for some time be-
fore the holidays. While little attention
was paid to these influences, they evil
IDENTIFY had full effect, and weak, feverish
and unsettled speculation changed into
strong trading.
Feeling at the opening was very un-
easy. The liquidation in New England
was believed to be by no means COM
plete, and hints that the Reading was
In q crippled condition threatened to
make it Q heavy load. There were
broad hints of ousting Mcleod from the
receivership. Even Northern Pacific
wss threatened with q receivership, and
though insiders most emphatically de-
MED the possibility of such thing,
liquidation in its stock continued.
The market opened excited and very
active, selling being largely by shorts.
The losses at the start ranged up to Ia,
Western Union leading. Whisky. su-
gar, cordage and lead were subjected to
specially heavy pressure among indus
trials, and New England and Northern
Pacific among railroads. Reading was
stubbornly held and comparatively
quiet, Cordage broke So, sugar Ala,
New England Az, Distillers %, North
ern Pacific preferred 2. The last-named
afterwards recovered all the loss and
more; distillers nearly recovered; the
others made partial rallies. At IL
O'Clock the market was active and firm
ct rally.
After ii offerings of stocks became
very free, and prices, as a general thing,
retired to about the lowest point. Sugar
was especially pressed for sale in the
belief that the sales o. the Last few days
had been by pool, and the price
dropped to 11134. New England went
to 3114, against 81 last evening. Coalers
were strong, however, rising 134@2. At
noon the market was active and firm |;
bnSntly ABOVE bne opening.
After being driven down to 29A, New
England rallied l per cent. Demand
for Reading became urgent and adj
vanced 2, from 295s. Lackawanna
gained Az, at 147; Delaware and Hud-
son, 81, to 1271a. The appearance of
White in the sugar crowd reversed the
course of the stock and rally of 8 per
cent, to 1141a, followed. Cordage sym
Cd 30
while the strength of the rally disap-
peared toward 2 p. M, as the covering
of shorts Stacked away, and prices again
receded from the highest point. The
market at 2:15 was still active and again
heavy, with railroads az a rule at close
to the best, but with the leading weak
stocks only slight gain over the lowest.
Stocks were active and steady in the
last hour. Sugar advanced l per cent
more. The market closed active and
firm.
Notwithstanding the denial of the ru
mors about New England, the decline
was not checked and the stock CLOSED
weak. The only other prominent fea
ture of the market dealings was sugar
The belief was general that the liquida
ton in progress was for the account o
the pool, and decline of nearly 5 pc
cent to liz was established in the fore
noon. This was recovered in the after
noon. The general list showed a firm
temper and fractional advances were tn
rule.
BosroN, Feb. 24.-The officers of tn
New York and New England railroad "a
they know nothing of any application
for receivership and believe the repor
is false. They say there is no ground 70
it, as the company has no debt it canno
nav.