The Washington times., 1894-12-11
FOREIGNERS SOLD HEAVILY
As Consequence the Stock Market
Mas Rather Depressed.
BIG BREAK IN ERIE SHARES
nounced by Drexel Morgan & Co-Sugar
Dropped Considerably, Though Heavily
Traded In-Coalers Pretty Heavy Losers

NEW YORK, Dec. 10.-The week opened on
speculation, the market being depressed by
the heaviness OF American securities on the
London Stock Exchange. There was also ac-
tive selling here for the foreign account Of O
majority of the International speciaiities. A
report that Drexel, Morgan & Co., of this
city, and ]. S Morgan & Co., of London,
would issue simultaneously a statement de-
claring that the Erie reorganization plan
would be abandoned and that stock assess
ment would be levied, induced sales of the
common stock in an unusually large amount,
causing decline OF per cent, while the pre-
ferred, on sales of only 400 shares, broke IL
per cent. compared with the last preceding
sale, which was made on November Is.
As the event proved. the circular was is
sued after the close OF business, but it made
no suggestion of a stock assessment, but
merely proposed to lay aside temporarily the
reorganization plan for the reason that the
earnings OF the road are at present unequal
to the payment of the interest in the proposed
new bonds, and that the bondholders, who
have deposited their bonds under the plan
agree to postpone any hostile action unless
another default should occur. The alterna-
tive is the abandonment of the reorganiza-
ton.
Sugar was heavily traded in, but the move
ment of the stock was in the hands OF the
same clique which controlled last weeks
speculation In the shares. At the opening a
decline OF IS was made, followed by an ad-
vance OF 21S, n reaction OF and q gain OF ~
to SO. shortly before noon, that being the
top price OF the day. During the afternoon
the fluctuations We're frequent, and shortly be-
fore the close the stock touched 20 0E the low
figure OF the morning. closing at u recovery
OF -. Compared with Saturday the shares
are down =, and from the best of the day the
decline is 2ez
Bay State Gas was hammered down ~,
with a final rally of per cent. Laclede Gas
preferred, after loss OF l per cent, rose 3
per cent. The coal shares were heavy on
sales, believed by many to be In liquidation of
long stock for the account OF the insiders but
not few credited them 70 bear operators. in
view OF the fact that one OF the group, New
Jersey Central, commanded a premium. The
losses in these shares on the day are: Della
ware, Lackawanna, ~: Delaware and Hud-
son. II; New JERSEY Central, u. and Read
ing. -, all closing at the lowest, except New
Jersey Central which rallied x in the final
trBding on small coverings
In the grangers the trading was light, ex-
cept rs to st. Paul, of which London was
seller, and the fluctuations were confined
within fractional limits, save in Northwest,
which moved within a range of per cent.
The tendency of the stocks was down ward
and the sales show losses from Saturday of q
in st. Paul and Northwest and 4 in Rock
Island, Burlington standing unchanged.
The general market was somewhat irregu-
lar, but was weak in the main, and closed =
ais lower than on Saturday. the latter. Lake
Shore; % Cotton Oil preferred. /; General
Electric and st. Paul and Omaha, and
Southern preferred, e. Some few of the spe-
cialties show gains on the day, including
Consolidated Gas, per cent; st. Paul pre-
ferred, ~; LacIede Gas preferred, 2; do.
common, q Rubber preferred, u and Al
ton and Terre Haute and National Starch, l
per cent. The market closed about steady.