The daily morning journal and courier., 1894-12-01
F tuanctal.
sugar stock Went Down With Rush
 When the Gong Sounded.

New York, Nov. 30.-The published statement of President Havemeyer Of the American Sugar Refining company announcing that owing to lack of orders the rehneries would be closed led to grand rush to sell the certif- cates at the opening of business to-day. An impression also prevailed that the directors will cut the January dividend at their meeting early next week, and this accelerated the downward move- ment. There was tremendous crowd of brokers around the Sugar post at the opening. and nearly every one of them appeared to have selling order. At the sound of the gong fully 5000 share were offered down to S4. against Ss% at the close on Wednesday last. Further sales depressed the price to 83M, after which, under purchases to cover short contracts, a recovery to S4ss@S3T ensued. In some quarters there was a disposition to critlcise President Havemeyer, and it was stat ed that his action at this time was due mainly to desire to influence con- gress and head off the movement to place sugar on the free list. Independ- ent refiners, however, assert that the business has been anything but profita- ble of late, and that Havemeyer was Justified by the trade condition in clos ing up the refineries.
 Distillers was another weak spot in the early trading and on the announce ment of the proposed reorganization the price dropped from to 7A. Chi cago Gas was next taken in hand. and under pressure of long stock fell to 69A. Tobacco broke to 90 and later rallied to 9O%@h. The heaviness of the industrial group was due in great measure to rumor that there had been dedication in one of the trusts. American Tobacco was said to have been the sufferer, but this was official ly denied. It is intimated that there has been a dedication, but that the securities of the concern involved are not dealt in at the stock exchange.
 The railway list was weak at the start, but then improved 4 to B per cent. Subsequently the selling of the grangers was resumed on a large scale. The October statement of the Burling- ton and Quincy was considered favora- ble at, first, but when analysed 1t was discovered that the road had been op- erated for 1928 per cent, and this ere ated a more bearish feeling. The sell ing which followed the publication of the statement, carried the stock down 1A to 6SX, St. Paul ss to 57k, North west % to 97, Rock Island E to 603s, and St. Paul and Omaha % to 32B. New Jersey Central was heavy and fell about 2 per cent. to 92h. Manhattan sold down 1A to 1O4A, Western Union 1A to S6A, Southern Railway preferred 1% to 35%, Panhandle preferred 3A to 42N, Oregon Improvement to 1O1a, and Toledo, Ann Arbor and North Michigan 1k to 2N. The weakness or the last named was due to the claim that the road will be reorganized entirely in the interest of the bond-holders.
 The sterling exchange market contin- ues strong, with rates dangerously near the gold exporting point. It is said that some of the shippers expect to forward gold next week. Money was more active, however, and this may prevent shipments of the yellow metal notwithstanding present indications Stocks iclosed steady at net declines ranging from M to 2B per cent. To- bacco lost 4%: Lake Shore gained $. The bond market was weak. Sales were $902,000.
 Following are the closing prices re- ported by Prince 6 Whitely, bankers and brokers, 46 Broadway, New York, and 15 Center street, New Haven: