The Washington times., 1894-05-19
TREND OF PRICES DOWNWARD.
Stock Speculation Heavy in Tone and
Sugar Was the Weakest Of All.

Stock Speculation Heavy in Tone and
Sugar Was the Weakest of All.
NEW YORK, May Tho stock speculation to-
day was heavy in tone during the greater part
Of the day and although there were occasional
recoveries, mainly caused by the covering Of
timid shorts, the trend of prices was downward
and the closing figures show material losses
compared with the final quotations OF yesterday.
The active list with the exception Of General
Electric shared in the depreciation In values,
but Sugar was the weakest stock in the market
A very heavy pressure to sell was developed
in this stock at the opening which came prin-
cipally from Washington houses, and which was
believed to be for the account OF those who pur-
chased at lower figures and were endeavorfng to
realize profits of the advance. The bears also
took n hand and largely increased the volume OF
business With some slight rallies the shares
declined gradually, until break oi ~ per cent mt
lowed with n final reaction OF 9s
The heaviness Of the Sugar stock was due to
apprehension that the Senate investigation
would result to the injury of the sugar interests,
and might possibly lead to a less favorable tariff
for sugar.
Manhattan was heavily sold on rumors that
the rapid transit bill was to be signed and
dropped AZ per cent to ll611, rallying "a in the
final trading. The decline In wheat was re-
nected in the depression in the grangers. which
were disposed of Chicago orders, chiefly i'll
st. Paul, and Burlington and Quincy. Rock
Island also came in Tor good share OF the sell
ing and making an early loss OF Is per cent.
st Paul fell of per cent and Burlington and
Quincy, alter an advance OF ss, receced per
cent Northwest common reacted u and the
preferred 2lb, the latter closing ut the lowest
point touched
The others Of the group received " "a 5s per
cent. at the close. In sympathy with sugar, the
1ndustrials were sold down, except General
Electric, which was firmly held, which at no
time was more than II below yesterdays closing
and which gained a ON the day. Tobacco is
down "; Cotton Oil, IA: Rubber, 2l.; do. pre-
ferred, !; Consolidated Gas, l5s, and Chicago
Gas. u
Some of the specialties made heavy losses on
the day, including Oregon Navigation, :; Rich
mond Terminal preferred, 2L.; Wheeling and
declines we're St Paul and Omaha, 2; Louisville
and Nashville, ls9; Erie preferred, "a, and Mis-
souri, Pacific, Louisville, New Albany. Iowa
Central preferred, Cedar Falls and Minn.,,
and Long Island Traction Company. per cent
The other losses were mere fractional, except
that Of Cordage preferred which sold at 81
against 40, the last previous sale.
In the final trading the covering OF short con-
tracts caused a recovery on the general list and
the market closed firmer in tone than II was any
other time in the day. The bond market was
weak all day, in sympathy with the stock mar
ket, the leading changes In prices being:
Declines-Erie second consoi trust receipts
and Wabash debentures, series B, each 3; do
seconds !; Kansas Pacific consols l5s; Louisville
and Nashville IS and Northern Pacific frsts,
each l1S ST Louis and San Francisco seconds,
class G, and Chicago, st Louis and New Orleans
gold 5s, IL; birmingham firsts, St Louis South
western seconds, San Antonio and Aransas faSS
4s, Richmond Tel minal stamped is, Pittsburg
and Western Is, Oregon Short Line collateral
trust IS, Mobile and Ohio Is, Chicago and North
ern Pacific firsts, trust receipts, and Canada
Southern 1rstS, each per cent