Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-05-18
FINANCE AND TRADE
Sugar Falls Below 100 on Senate's
Action.
MANHATTAN DEPRESSED BY A RUMOR
Decline Throughout tho Railway
List.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
| NEW YORK. May 1s.-The union Of such
recognized opposites as Manhattan and gu
| gar by the bear forces this morning had q
depressing effect on speculation, and re-
suited in an active and general substitution
Of reduced values. Beyond some small
show Of resistance at the opening, there
were no sustaining forces at work, prices
crumbling at every point Of attack. In
Manhattan there was no effort to disguise
the fact that the liquidation of long hold.
ings precipitated the decline. The reason
for such action was the reported signing
Of the underground rapid-transit bill by the
governor. thus giving legislative sanction
to new and powerful rival The falling
of in earnings as shown by the company's
latest statement naturally contributed to
the decline Opening at 121, the stock was
literally traded in on a descending scale
until there was q discrepancy Of 1-2 per
| cent between the opening and the noon
quotations. .:
The entire railway list was freely sold
during this time and reflected declines rang
ing from l-2 to per cent. The selling Of
the Changers by prominent bear operators
continued throughout the day, and was con-
Quoted in a manner indicative Of confidence.
There was nothing in the days business
| to encourage the belief in better prices ex-
| cept the fact that more than a score Of
active stocks are on the premium list. This
will force rally on every effort to cover.
| but there IL little likelihood Of its being sus-
tained. The stocks Of roads now in the
hands Of reorganization committees show
strang tendency to sell OF whenever ac-
| tive. t.. -.f
Sugar opened at a discount Of s-s per cent
and sold down 8 3-s per cent to 80 IA. the
unoovering of a line Of stop orders faeilitat-
| ing the movement.
The Senate Investigation having taken
definite shape it is likely that lower prices
are in store for this property. Today's
trading was for large amounts. and contin-
ued uninterrupted UP to the close.
National Lead was advanced 1 per cent
| on early trading, but sold down for a net
decline Of "a per cent on later trading.
| gaining IS per cent to 81 1-2, but sold
down per cent below these figures.
Tomorrow's outflow Of gold will probably
| be between two and three millions The
little improved by the purchases OF stock
| for London account.
The interior currency movement for the
week will show a balance in favor Of the
banks of something over 81. 900 900. Money
has been coming into the local banks pref
| ty freely all week, as the result of the
| scarcity Of, and higher premium rates for.
New York funds. both east and west The
banks have lost about 100000 In legal
| tenders paid to customers to be exchanged
| for gold.
The last hour witnessed the lowest prices
| OF the day. the entire list being active and
without visible support. Western Union de-
veloped sudden weakness and sold down /
per cent to 50. The railroad list was weak
and hard to rally.
The industrials were unable to Improve
their position and gave way under con-
| tinued selling. Sentiment has changed com.
pletely and profits are likely to be sought for
| on the short side for the present The clos
| ing was fairly active and weak.