The Saint Paul globe., 1897-04-14
A RAID on READING
WHOLE LIST DEPRESSED EARLY
BY HEAVY LIQUIDATION In THE
STOCK.
BRISK BUYING AFTER NOON.
THE GENERAL LIST CARRIED TO
THE TOP LEVEL OFF THE
SESSION.
CLOSE SHOWED GOOD NET GAINS.
Even ON the Decline There Were
Indications of Firmness in the
Market Tone.
BRISK BUYING AFTER NOON
CLOSE SHOWED GOOD NET GAIN.

NEW YORK, April 13.-The stock market
today showed dullness and apathy through
the early hours of trading, though there
were indications of hrmness in the general
list. This was the more notable in face Of the
extraordinary heavy liquidation in Reading.
This had It's effect ultimately, in spreading
depression to other properties, the railways,
however, generally holding firm. In the final
hour brisk buying movement, which had
been gathering force since noon, turned the
course of the whole market strongly upwarpd
to the top level Of the day and above last
nights close. The center of interest all day
was Reading, and all the securities of the
company were actively dealt in at declines
The enormous liquidation in this stock was
attributed to the sale of stock, acquired by
the underwriting syndicate on account Of
non payment of assessments, which was un-
loaded in large blocks IN spite OF these
heavy offerings, the decline ceased with a
loss Of rs, and a rally set in. The support
accorded the stock was credited to a leading
interest In anthracite coal. Under this buy
ing the price rose points, with only a slight
reaction at the close Chicago Gas and
Sugar yielded sharp fractions in sympathy
with the persistent selling of Reading. Ten
nessee Coal lost IL.
But by midday the first symptoms of
rally manifested themselves in the improved
tone Of the coa'ers under the influence
OF the news of favorable report on the con-
dition of the Lehigh Valley in connection
with the sale of bonds of the company, which
will result in bringing the control into closer
harmony with the other coalers. The annual
report of the Burlington received a favorable
Interpretation and aided the upward course
of prices. which became very general through
the whole list on very active dealings and a
buoyant tone to the trading. Chicago Gas
gained 212 from the bottom; General Electric
Sugar, Leather pfd and Rubber pfd from
l to IA. Burlington led the grangers with an
advance of ~, New York Central rose 18z
Omaha rs, and c., c., c. & st. L. ia Of
the eoalers, New Jersey Central advanced
rs, Reading 2, Reading first pfd 215 Lack
awanna l, Delaware & Hudson 1% and Sus-
quehanna Western pfd 1%. The closing
was strong and showed net gains for the most
part.
The total sales of stocks here TODAY were
194, 054 shares, including: Burlington 200:
Chlcago Gas, 25,300; n. Y. Central s 200:
Northern Pacific, 4400; Reading 42 500: St
Paul, 5000; Tennessee Coal & Iron, 900; N
j. Central, 10 200
lhe bond market displayed an improved
tone and slight gains were generally regis
tered in the principal issues. Business was
ialrly moderate and more extensive variety
OF mortgages were dealt in, with some of
Lhe gllt-edged liens moving up sharply. Sales
$I,t95OO. Government bonds lacked feat
ure, but held firm on dealings Of $1850O
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by c. H. F. Smith & Co. members New
York stock exchange and Chicago board of
trade.