Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-04-05
IN WALL STREET roDAr.
Reading Stock Goes Up On the Strength Of
McLeod's Resignation.


McLeod's Resignation.
New YoRK. April BLEEDING opened active
and excited. The stock was in better demand
than Of late and rose to 24sl. Al the close yes
terday the stock sold at ISL. The bonds were
also higher. the As rising Il to "a and the Sd
, preferences one to 25. II will be seen from
this that ut the stock exchange McLeod's res
ignation rs president and receiver of the Read
ing was accepted as bull argument The gen.
oral stock market was Irregular. American was
inclined to weakness, falling to 1861 in the few
minutes of business.
The stock market was decidedly weaker after
the opening, owing chiefly to q heavy selling
movement In American sugar refining. which
carried the stock down to 104%,a decline of
~ from last night Pan electric fell off 9 to
1865; national cordage. ~, to 669s; Burling-
ton and Quincy, a. to 95sl: cotton oil, x. to
4slS; Chicago gas, to slA; lead. 4. TO 42l<
and Manhattan, to 1921. Mobile and Ohio
dropped 81 per cent. to "a. on Judge Colman'
decision rendered yesterday in favor of the pres
lower court and puts an end to the litigation.
This ia defeat for the stockholders. Reading
reacted to 1875, but the dealings we're charac-
terized by firm undertone.
Ii is the impression that certain interests
which have been antagonistic to Mr.. Mcleod
will now unite and advance monev to their
company as it Is needed. New England was
affected less than expected, yielding only q to
slss and rallying to s21 At IL am. specala-
ton was firmer at a recovery of x to y per
cent, the latter in Missouri Pacific, which sold
up to so.
The temper Of speculation at the stock ex-
change underwent a complete change soon
after II am. Large buying orders appeared
and buovant tone prevailed. Lake Shore
was the first to start and sold up from 1873 to
1871 on light offerings. Canada Southern fol.
lowed with a rise of tx to 81. Lackawanna
cold up 1$S to 1861. sugar l to 1867. Burling-
ton and Quincy to 81, general electric Ia
| to 1865, Louisville and Nashville / to 5S1s
Manhattan 90 to les. New York Central l to
los, New England l9s to SO. Missouri Pacific
"a to sos. Omaha Is to 545s and Tennessee
coal and iron ia to "a. At noon the marke,
was strong in tone.
Money on call easy at 5. Prime mercantile
paper CAT per cent Sterling exchange is firm
| with actual business in bankers bills at 1861
| a4s6ls for sixty days, and 4S7s4a4SS for de-
mand. Posted rates, 4S7a4s9; commercial bills
| 4S5a4S714. The clearing house statement fol-
today is as follows: Exchanges, $126. s9l .522
balances, 81 1893, 1927. The subtreasury was
debtor at the clearing house today SS76, AL
Bar silver, S2SI. Government bonds have been
firm; state bonds have been dull; railroad
bonds have been quiet and strong.
PHILADELPHIA. April 5.--The resignation OF
President Mcleod from the Reading railroad il
anything, strengthened that stock at the open
| ing of the Philadelphia stock exchange thi,
| morning. The close yesterday was IL 1l-lt
and the first sale today was 100 at L. Follow
ing this 1000 shares were disposed Of a,
IL l1-l6. but then the price went up and in the
next fifteen minutes 600 shares were
sold at 1925. 500 at u 3-16, 200 at IL Lie ant
1900 at - even. The heavy sales did not hav,
| a depressing effect as was expected.