The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-12-20
TIMID SHYLOCKS IN WALL ST.
GOLD EXPORTS AND LIrELT INDUS
TRIALS INDUCE GREAT CiUTION.

Hut There Seems 10 he Money Enough 10
60 Around at n Price-Chicago Gas and
Disabling and Cattle Feeding Tumble
Without Demorsii,inE the Market.
A combination OF circumstances impaired a
good deal OF animation to the dealings on the
stock Exchange Yesterday One Is the timid-
ity that has made good many people lose
their heads because gold is being shipped to
Europe at an unusual season OF the year. An
other is the aversion that many lenders Of
money have to the so-called industrial stocks
as collateral while the third cause. and the
one that precipitated = sharp break in the In
dustrial group was the dissolution OF = bull
pool that has been working for some time In
Chicago Gas It is understood that this pool
included Mr.. James Il. keene. +. c. Bsnedct&
Co.. ]. 4 S. Wormser. and a number OF other
influential houses. Whether tho pool expired
by Limitation or not Is not stated. However
that may he. the members have been called
upon to take UP their pro rata share OF the
stock remaining In the pool.
The indications are that good many opera
tsrs have boon banking upon the pool. that Is.
relying upon 1t to mako market. and that.
becoming convinced OF its dissolution. they
rushed to sell their holdings. For time the
scramble TO get out Of the stock was exceed
ingly lively. and as any number OF stop
orders were encountered. the price broke
sharply from 9Oi at tho opening to 81. From
tho lowest price there was q quick recovery OF
couple OF points. and after that the trad ding be-
came more rational and the price rallied still
further. 80 that at the close It was only -; Per
cent lower than on Saturday. Officers Of the
company described tho movement as entirely
unwarranted bv the condition OF the corpora
ton. which they say is In q strong position
financially and Is constantly increasing its
strength.
Although Distilling and Cattle Feeding SUI
fsred u considerable decline the latter part Of
last week. the weakness in Chicago Gas
started fresh liquidation in that stock. and on
a smaller scale In all industrials. The deal
ings in Distilling were on an enormous scale.
footing UP approximately $4,000 shares. It
was moro than twice as active as Chicago Gas.
but the fluctuations In 1t were no wider nor
was the net loss much greater. 1t struck bot
tom ut 81, and at the close had rallied to 59ii.
II is generally believed that very powerful
combination OF capitalists and operators are
interested in this stock. and they evidently
came to its support.
Minor movements in the industrial group
were in American Sugar Refining. National
Lead. General Electric. and National Cordage.
None OF these. however, suffered losses half
MS great as those in the two stocks that led tho
movement. Tho market for railway stocks
was affected only sympathetically and very
few of them lost more than fractions OF l =
cent. Reading was an exception. because
when tho industrals began to rally. toward
tho close OF business the bears turned their
attention to 1t and hammered 1t with great
vigor In the opinion OF tho street. the rail-
way list did not suffer more than It did be-
cause there has been very little speculation In
that class Of stocks for some time past. and
besides. they are better known to money
lenders. hence moro readily available as col
lateral.
Institutions and individuals that are large
lenders Of money were generally held no.
countabls for the slump. since they have ro-
Gently begun to regard tho industrial stocks
with disfavor. although when money was easy
they were willing to accept them as collateral
TO almost any extent. As the banks are In n
fririy strong position. and as the money
shipped abroad last week and this has been
nearly Offset by receipts OF funds from the in
terror. it is hard to believe that the strinGcncy
OF the last fow days Is owing to an actual
scarcity Of loanable funds. The conclusion is
inevitable that the money market has been
manipulated. and that tho abnormally high
rates quoted last Thursday and Friday. and
again to-day. are to m extent artificial.
Tho aversion which u certain element in
Wall street has to the industrial stocks is not
due entirely to their comparative newness. but
because the speculation in them has over
shadoWeh the market Tor railway securities.
in s nsM ar.
Jealous Of those who have. and they have
therefore spared no effort e discredts class
deriv. no proit. The Hon. Russell 81 Sage. fer
example. has for some time past been preach:
saecRs and Is Gaf the
OF number Of large financial institutions. IL
is fair assumption that he has not inveiehed
will be $4,000 0o. Of WHICH all but $215.000.
out Of the Sub, Treasury. and the bulk Of it
was obtained upon the presentation OF lega!
snr snd s o9
eign bankers consider 1t doubtful whether any
moro will BE- shipped this week. as the high
The bills thus ob'tainea is giving tn: market
that there is 70 longer any profit ip shipping
gold even ut IN: which It L undSr
abrosi seaar%s
!. The most unfortunate ASPECT Of the situa-
tion isthe persistency vi which bank officials
that gold is leaving tho country solely be-
cause q the onerations Of the present Silver
time BEEN against this e country. and now wat at
tho end Of tho year considerable remittancss
have to DO made ABROAD 70 meet interest pay
mcnts due there on Jan. |. As Europe is still
very cautious about credits. not having fully
recovered from the lesson it received in the
Barring failure. this country has to pay lis In
This condition. together with tho constant in
centivs that the Austrian Government gives
to certain bankers to ship gold. account for
the present exports:
As to the claim that Europe 10 taking gold
from US BY selling securities. and that It sells
securities because it fears tho ultimate effect
OF the Sherman Silver law. foreign bankers
agree that Europe is not selling any securities,
London was q buyer OF stocks to-day. and
bought also the latter part OF last week. No
considerable buying movement 10 expected.
however until ne Sherman law Is repealed; ~
Monetary Conference on Saturday did not
have the effect upon the silver market which
some Of the foreign representatives at that
Conference had predicted should tn. C LsI
The market for silver was iirm., and carly In
tho day it sold a little higher than ON shtur-
day. It,, :.
Though the money market was actlv: It
cause the activity did not result from the
kn THAR indiSpOSifion to do EXCEPT