The Washington times., 1894-05-03
DUE TO GOLD SHIPMENTS.
New York Stock Market Weak Owing to
Anticipation of Them.

New York Stock Market Weak Owing Il
Anticipation Of Them.
NEW YoRK, May e.-Anticipation Of large golt
shipments by to-morrow's and Saturdays 8 steam
srs had . depressing influence on the stool
exchange markets to-day. Tho action Of tn,
other bondholders' committee in Reading, look
ing 70 foreclosure to general mortgage and tn,
formation Of . new committee for the sam,
purpose, was another disturbing element Of tn,
speculative situation, inasmuch IS it postpone,
Indefinitely the reorganization Of the company
and may possibly result in the disintegration d
the Reading system. Another unsettling factoi
was the uncertainty which prevails as to whether
the Erie reorganization plan Is to be modified
conferences being IN progress between the re.
spective counsel for the Hartman COMMITTEES
which opposes the plan, and for the Drexel-Mor-
gan committee, which prepared IT.
Tho bulk Of the dealings was In the tndustri
ala, and OF these sugar, lead, chicago Gas, dis
tilling, general electric, tobacco and cordage
led In the transactions In the order named
while on the railroad list Reading, Chicago
and Quincy, St Paul and Missouri Pacific were
the only stocks which showed any degree of ac-
tivity At the opening fairly hrm tone pre-
vailed generally, sugar being an exception,
opening ss lower and quickly losing an addi-
The rest Of the market became heavy In SYM
pathy, and q general break took place ranging
up to ~, later Cordage preferred, DO common,
LOUISVILLE anu NdSnvllle, heauiilS dnu itucru
Pacific preferred being also prominent in the
decline. The lower futures induced covering
of short contracts on the industrials, causing
these shares to take an upward turn, but bring
ing no improvement in the railway list
After midday the last named stocks advanced
fractionally but the rise was checked by attacks
on Lead and General Electric, which endeavor-
ing to liQuidate on the strength displayed by
this group Of stocks. Lead sold down and Gen.
eral Electric fell of ~ in the face OF a report
that Il had won an important patent suit which
would ordinarily have been good for substan-
tial advance. The denial Of reports in circula-
tion for the past few days that dividend in Lead
would be declared on Saturday helped to de-
press that stock The market was dull and with
out important feature during the middle of the
afternoon, but after delivery hour Sugar, which
had been steadily gaining since morning, came
into heavy demand and rose sharply to l061s, an
advance Of 21S from the lowest point touched in
the early earnings, closing within 11s of the top
figure and l Per cent higher on the day, the
preferred also gaining per cent
The rest Of the market scared on the improve
ment to q greater or less extent, and the market
closed strong, but In the main at prices below
yesterdays Chicago Gas and Manhattan
showed an advance of u; Missouri Pacific, H;
Tennessee Coal and Iron, ", and st Paul. Min
nesota, and Manitoba, 2. The rest OF the list all
showed returns, those of per cent. and over be
ing Reading and Denver and Rio Grande, /;
Louisville and Nashville and General Electric,
III: Cordage preferred and Consolidated Ges,
III. and Tennessee Coal and Iron preferred, S16.
The bond market was weak during the greater
part Of the day.