The Washington times., 1894-05-04
WEAKNESS IN STOCKS.
Gold Exports. Decreased Earnings. and Re
orpauixafiou EutauRlements the Cause.

Gold Exports. Decreased Earnings, and Re-
organization Entanglements the Cause.
NRw YORK, May a-The speculation on the
Stock Exchange yesterday was quite active, but
the prevailing tone was weak, the depression be-
ing largely due to the gold export movement,
but the dificulties which beset the recognising
committees Of the leading railroads In the hands
Of receivers also had an unfavorable effect on
other granger shares were heavy on the large
decrease In the April earnings OF the st. Paul
road Atchison was exceptionally heavy In the
pressing for sale of 1000 shares, said to be for
an estate which is being divided among the heirs
Reading was again weak on the threatened
foreclosure proceedings 1t Is pretty well SET
tied that the stop taken by the general bond
holders committee, of which Gen. Fitzgerald is
chairman, was forced upon them by the action
Of the Olcott committee. The Fitzgerald COM
receivers and Drexel Morgan & Co. in the
effort to arrange the affairs OF the company
without resorting to compulsory foreclosure,
and was especially anxious to do nothing In this
connection while Mr.. Morgan was in Europe en-
deavoring TO arrive at an understanding with
the foreign security holders The Olcott COM
70 proceed summarily, the original bondhOlders
committee concluded to take immediate action
1t is reported that deposits Of bonds have already
been made with the Mercantile Trust Company
on the call of the committee The strength Of
Sugar was due to expectations that the Senate
Finance Committee would report the tariff bill
with the sugar amendments
General Electric was sold by Boston In liquida-
tion Of a big block of stock held there for some
time. Boston houses also sold New England on
the belief that no change in the proposed plan
OF reorganization can be effected London was
not very largely in the market, but sold small
lots Of St Paul and Louisville in the early trad
ing, and later bought Reading and Atchison on
the decline. Some orders at a figure below the
current quotation were ca bled from London be-
fore the opening to buy St Paul, but the stock
did not touch the price named.
The market opened generally fraction lower,
and prices declined in the early trading except
for Sugar and Chicago GGs The weakness was
Of brief duration, and under the lead OF Tobacco
the general list moved up Isal per cent, only,
however, to give way quickly under pressure
to sell, which was not checked until alter IL
o'clock The market was steadied somewhat by
purchases to cover short contracts, and after
midday the tone of speculation became tempo
rarily better.
Renewed sales of Northern Pacific preferred
again broke the market, and the trend of prices
for the rest of the day was mostly downward
Sugar was q notable exception, being especially
strong in the final dealings and closing at an ad-
vance of IL per cent on the day, the preferred
gaining *: Chicago Gas, y; New York, Lacka-
gamma and Western, l1s The rest OF the list
traded in show declines, the most prominent be-
ing Burlington and Quincy, ~; ST. Paai, ];
Northwestern, u: Rock Island, S5: Duluth, South
Shore and Atlantic preferred. 2; Atchison, ia;
Missouri, Pacific, Louisville and Nashville. and
New England, IL; Reading, Us, and Northern
Pacific preferred, Union Pacific, New York and
New Haven and Long Island, per cent.