New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-30
READING DOWN AGAIN.
wALI.ST. RECEIVES THE PLAN COLBY.


THE GENERAL MARKET wEAK-G0LD SHIP
MENTS CONTINUE HEAVY
The Reading reorganization plan met wild "e
cidedly cold reception In Wall Street yesterday
Reading stock went tumblng from Il Ia Ut ""''
price only 200 shares found buyers, 10 1" "-o~
Js 7s and the decline was so gradual as TO indicate
that the more the plan considered ana the fio'e
familiar Its details became TO holders oil shreS " 'ne
company the less anxious they were 10 rc'''' '"''
property. Reading bondhoders evdeh"y sh"'eu
the feelings Of the stockholders, the income pohus
In uortcular being thrown the market In large
quantities. Quotations, OF course, Responder 10 ue
cxcessive SUNNY of securities OF this class and
closing prices at near the lowest hgures 1or
the day. The transactions in Reading stock made up
about one-0fth OF the total business nj the Stock
Exchange.
interested I'm Reading TO talk about the plan. Erery
one said that he had not yet had time to digest IT, and
did not feel prepared 10 express any opinion 10
its merits or its shortcomings. The grounds on
which Wall Street generally based the disappr0vdl
reflected In the stock market were however. easily
found without taking Into AT all the merits
Of the plan, II was considered that the consent OF
90 per cent OF the general mortgage bondholders was
a requirement which out of reason. and dimcult
not impossible OF attainment In a big properly
like the Reading the bonds widely scattered. ana
10 secure the ccpsent OF 90 per cent Of the holders
TO any plan, however good. would require much time
mously looked upon the best one possible. and the
time In which consent must b. obtained Is limited TO
June 81. Under these circumstances the assumption
found much favor that the present plan was fore
doomed 10 failure.
when the merits Of the reorganization plan were
considered public opinion less unanimous. 0ut
there were several points which the fault finders
were agreed One that there was nothing In
the statement which showed any disposition to hold
Mr. Mcleod accountable for the losses that his
lures had shouldercd on the property; on the con-
trary, his alleged misdongs seemed to have been
COndoncd Another the opinion that the pro-
posed voting trust which is TO have control Of the
property for years. would not prove acceptable
10 the stockholders. still a third the belief
that consent the funding until 1o9S OF the con
pons on the general mortgage bonds would not easily
be obtained. Further than this little. analysis OF
the plan attempted. Closer study may bring
out attractive features which will effect reversal
of public sentiment but for the present the verdict is
an unfavOrable one
For a day coming between half holiday one sid,
and whole holiday the other, business Oh the Stock
Exchange yesterday fairly brisk, and although
the market not strong it by means
weak as might have been expected under all
the circumstances The slump III Reading naturally
exerted an unfavorable influence on other stocks
and the Withdrawals of gold for export with pre-
dicons Of still larger shipments later In the week.
we're strong bear arguments. There also I'M
certainty as to the developments that might be eX
pected In the London market when the fornighly
'' oG 9 are am %a1s o was withdrawn
from the Sub. Treasury YESTERDAY OF this 81 900.
600 will be shipped on the Aller to-day by Lanard
Freres. The rest was to complete Il fund of SOD
600 gold for Canadian
General Electric stock, which developed remark
able activity and weakness on saturday. was SIN
active yesterday. but prices were stronger though
s 90 6 %ns a%n The , nH
at an advance of 1-e per cent over saturday.