The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-21
SHARP Break IN GENERAL ELECTRIC,
hut Stocks Were in the Msin strong and
Wall Street was Easier. .

But Stocks Were In the Msin strong and
Wall Street was Easier.
Tho only excitement on tho Stock Exchange
yesterday was In the market for General Elec-
| trio The remainder OF tho list was strong
| throughout. The FIRST prices recorded were
materially higher than the final ones on We'd
nesday. for the reason that the London market
had advanced sharply before business was re-
sumed on the Stock Exchange here Cable adj
vices described the London market for Ameri-
can shares as active and conveyed the addi-
tionnl information that the Continent was a
free buyer. Foreign arbitrage houses had
their hands full Of buying orders until q later
hour than usual and estimated their pur-
chases for London account ut fully 25.O0O
shares.
These developments naturally encouraged
the bulls and correspondipRly alarmed the
bears. In addition. the smaller and less expe-
rienced operators for short account were dis
turbed by excellent evidence that their leader
had covered the bulk OF his ventures. There
was in consequence. competitive buying for
both accounts which made moro evenly bal
anced market than the Street has seen for
many day. The transactions. however were
not nearly rs large as they were on Wednesday
or the day before
Soon after the opening. and In the faco OF tho
strength OF the remainder OF the list. General
Electric. which had jumped up to Box. began
to decline. The bears were at once attracted
by its weakness. and devoted their energies to
lowering the price the remainder OF the day.
Liquidation was unmistakable and all the
time the sellers OF long stock had the market
cut out from under them by the professional
destroyers OF values. In the afternoon the
price broke badly to 46!s. making an extreme
decline OF o. points. During the last hour
there was a rally to 4SA. at which figure the
last sale was made. The net loss for the day
was 5A per cent. 80
No rews was obtainable either from the
officers Of the company or from other sources
explanatory OF this movement The decline
in the price OF General Electric from ia dur
ing the last six months. has been accompanied
from time to time by reports rejecting upon
have been persistently denied by it's officers
and directors. which include number q tho
rep a were revived yesterday and were again
denied. but the denials hnd no perceptible
effect upon the market. Ihs lusd tsant as
accent the stock tape as an almost infallible
guide; consequently the fact that an per
value without attracting suh cient, good buy.
ing to check the decline. outweighs all that
sh se or BY ls1ds ct IF as
market for s 5et5 The nsm.s IL he
directors Of the company. They are as fol-
lows: II. Nick. Twombly. Chairman: y. l.
Gooiiige. Thomas l. Edison. F. S: Hastings.
II. L. Higginson. Eugene Grimm. ID. 9. Mills.
and ]. Pierpont Morgan. Among other re-
ports circulated yesterday was one relating TO
a decision regarding one OF the Important
patents controlled or owned by the company;
This decision was not handed down until
late in the day, and concerning 1t the following
official statement was made.
AN important decision was filed to-day IN
Milwaukee by Judge Seamans Of tho nited
States Circuit Court for the district OF Wiscon.
sin in the suit brought by the Edison General
Electric Com pany Eainst the EectricManuiac-
turing Company OF Oconto. Wis, upon the now
well-known Edison incandescent lamp patent
The suit in which the decision was rendered
was brought against tho Oconto Company for
infringement Of the Edison patent by manu-
featuring and selling incandescent electric
lamps. and the decision filed to-day grants an
Injunction against the Oconto Company. re-
straining 1t from any further manufacture or
sale OF such lamps. The decision OF Judge
Seamans is in line with the dec isions OF Judges
Wallace. Shipman. and Lacomb be OF the Second
Circuit and OF Judge Colt OF the Massachusetts
Circuit, and acquires especial significance ana
Importance in view Of the fact that the validity
PENDANT through what has bscome know ;n.H as
Of the. injunction is . finding by the Court
the m otion consumed An entire week In Mil
waukee. and the vast interests at stake have
caused the decision to be awaited with unus-.
nal ipfAraetb