New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-20
INDUSTRIAL STOCKS TUMBLE
OTHER SECURITIES WE'LL SUSTAINED.
HEAVY GOLD ENGAGEMENTS GIVE THE BEARS

HEAVY GOLD ENGAGEMENTS GIVE THE BEARS
CHANCE TO ATTACK THE MARKET.
Wall Street suffered again yesterday from tho
effects of the decentralization caused by the out
wgrd movement of gold The engagements at tho
Sub Treasury were larger than had been eNpcctea'
amounting 10 $685., 900, and the feeling OF IN
security aroused in the minds Of the timid was
quickly taken advantage OF by the snort inter-
est 10 pound prices down to profitable cover
ing" basis. When this had been accomplished
the market reacted, and closing prices showed
fam recovery in almost every instance lhe
industrial stocks bore the brunt of the losses, tho
downward movement in Chicago Cas- and Dis
filters and Cattle Feeders amounting almost 10
panic. but the whole list suffered, and iinal quo
tatons were generally lower than those of Sat-
urday.
Tie heavy gold shipments which were the i'm
mediate cause of all the trouble viii be made on
thc Elbe to-day as follows: BY IIeidelbach, lck-
clheimcr g. Co.. 81 200, 900; Lazard Freres, ST.
600 600: Iadenburg, Tlalmann Il Co., S5OOOO0;
Barinr Maqonn X Co., 100000, and Kuhn u
Co. S1OO 900 OF this amount 81, $4,000 was
withdrawn from the Sub-Tcasury. and S2lo,ooo
was taken from tie banks IL Is thought that
81 OO0. 900 or 81 5000 more will be shipped on
tho French steamer tomorrow and that this will
practically end the unseasonablc drain that has
been made on the gold supply of the country.
A. soon as the knowledge of the Unexpectedly
large engagements of the yellow metal pecame
pnbic. the bears started an attack on the IN
dustrial group of stocks AMI money lenders az the
same time began to call in loans made on those
securities The result that holders oil IN
dustral securities who were also borrowers wero
forced into liquidation, which served 10 puo
down prices and at the same time TO make the
Il, sn,lt nn
scored the heaviest loss. dropping from 90 3-4 20
So but heavy buying orders toward the close
brought the final figures up to 80 1-s, a net ioss
from Saturday of 4 3-S per cent. The sales
amounted TO $3.50 shares. The net loss in Dis
filters and Cattle Feeders was also 4 3-s points,
while the sales were l32, ,40j shares In" vari-
alton in prices was from GA to - AMI then back 70
80 1-2 National CorCage showed large huctua-
tions but closed with gain OF Ia per cent over
Saturday. having sold from / 33 IA at the open
ing down to l34 ga and then up TO los 81.
Tho dealings amounted 10 9.s63 shares The
NET losses on others were: Western Union IL
per cent General Electric, , IA per cent; Lin
seed Oil, 3 3-4 per cent; United States Rubber,
II per cent National Lead, 5-o per cent, ana
National Starch, "a per cent
In view of the quasi-panic in the industini
,rouD. railroad stocks were fairly strong and the
only c,scept in the case of Reading. which closed
I i-S pcr cent below Saturdays quotations. The
attack on Reading was made late IN the afternoon
and prices dropped quickly from 81 t. 5l l-2,
with 4 final recovery to - Is The total sales
were 9S. 90 shares.
Money loans on call commanded nigh interest,
LARGO amounts being taken at ) per cent to ID
per cent while one loan of $4,000 was made at
the extremely high rate of 80 per cent Late
in the dav rates became much easier. and Jusc
hofor. tbe close Of business Drexcl. Morgan & Co.
,,o,n renorted 10 have put out 100000 at per
conf Morton. Bliss & Co., Drexel Morgan d Co.,
lTcorv Clews & Co. and Lazard Freres were the
principal lenders While the gold shipments are
held directly responsible for the strnGency, there
ca, hc no donbt that the higll rates demanded
for morcV and the consequent drop IN lndistrlai
snc,ritics were largely the result or dlscrihiili-
tion on the plt of money lenders against SuJI Ji
collateral The industrial shares haye pecn ,' he.u
.n much in blocks" and By pools that banks
and Others who have money 70 le'n nave ntile
faith in .he rccuperatng powers oi me sccuri.Eies E
if liquidation be once begun. furtneriore' L ,n'
r,rLnt for such securities Is more limited tnan
that for railroad collateral. and several OF tl'
pools that have been h and h9ia
inc rp prcns for the industrlals nave reaiih"o
on their transactions and withdrawn their sup
mort. which, Of COURSE has tendency to let pricrs
down. These things all worked together ycs;er;;
dav for the advantage of the snnrts. who seiHeu
,Lc onnor,rnitv and covered their options ,
The. general opinion in Wall Street Is that me
coll shipments are about over; but c2nserVall.e
b,nkers say that, even if sGcl j. not the c3S,,
there is no causc for alarm. They feel c0nIiden.
thot fine Government can easily keep the gold
reserve high enough 10 preserve parity between
The two precious metals. IL necessary, tr S%eci'n %
tary OF the Treasury can las he has said he WI.
do sell bonds or. as a last resort. he couli; 'ney
,av. call on the banks with their large golu sup
niy, cor os.isancr They characterize IA non.;ans',
howcvcr. any suggestion that such action VIII 10
necessary