The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-20

concert The Oldest and shreWdtst operator
was evidently bent upon securing his profits.
whereas younger and less experienced specu-
Iators did not relax their efforts to depress
prices Tho attacks upon Rock Island were
most persistent and carried the price down to
58.. from which there was q recovery ut the
| close to $751;. making the net decline nearly
| cent.
The early liquidation In Distllling and Cattle
Feeding uncovered number Of stop orders.
| one OF which was for 5000 shares. This stock
has stood UP very we'll until to-day. whom its
| supporters In the market abandoned their
| position. In consequence 1t closed points
| lower than yesterday. Northern Pacific pre-
| ferred. on transactions OF less than 10000
| shares. closed 81 y cent. lower. at 21S
after selling at 10. All OF tho Northern
Pacific bonds. especially the junior Is
sues. were exceptionally heavy. The con-
| solidated SIS sold down to 49H as against 55 at
| the close yesterday. These declines encour-
aged some one to start report that the COM
pany is likely to go into the hands OF receiver.
The absurdty OF such an intimation was APP
parently ignored by whoever il responsible for
It The company. it will be remembered has
sold to a syndicate sufficient number OF its
recently authorized collateral trust bonds to
fund It's floating debt and provide for its moro
imperative requirements for some time to
come II ia almost unnecessary to add that
the signature OF every member OF that syndi-
cate Is as good as his certified check.
From trustworthy source IL is learned that
the weakness In Northern Pacific securities to-
day was due chiefly to the closing out OF q loan
secured principally by consolidated 5 2 cent.
bonds and preferred stock. The company
published to-day the ngures OF its gross earn
inRs for June. They compare unfavorably
with those OF the same month Of last year. but
hal ook 10 y,nNo lakr ,No1N 70
and its security holders as the Withholding Of
the figures would have been.
Net losses other than those already noted
were sustained by General Electric. Manhattan
Railway Union Pacific. and Pacific Mail. They
averaged about la cent. and. except In the
case Of General Electric. were brought about
by light transactions. The great majority
Of stocks closed higher than yesterday.
and in many cases the improvement was
pronounced St Paul. which continues to
hold the first place In point Of activity. scored
q net gain OF a cent. c.. B. and Quincy.
which ranked second. closed IL 2 cent
higher. Sugar Refining and Chicago Gas re-
covered sharply from the lowest prices. yet
left of only fractonaly higher than last night
The greatest net improvement was In Louis
Vile and Nashville. namely. az cent In
other stocks that have not been named the
rally extended from fractions 10 TX a cont for
New York Central
Tho borrowing demand for stocks after the
close Of business indicated that there had
been no appreciable dminution in the short |
interest. Stocks which certain brokers re- |
turned were eagerly sought for by othera |
Western Union and Rock Island commanded |
slight premiums for use. while all other active |
shares loaned fiat or at 263 = cent. The most |
incidents to-day were found in |
the foreign situation. Not only was London q
liberal buyer OF stocks both on its own account
and for the Continent, but for the first time
a considerable number OF buying orders were
received here direct from the Continent The
sterling exchange market was weak through
out and closed at the lowest figures. which.
for sight exchange. were only q shade above
the rate at which sovereigns can be mported
at profit. provided. Of course tho rate for
money here does not exceed p cent The re-
ceipt Of a number OF orders from abroad for
good bonds are reported by dealers in invest
ment securities. One order for nearly half o
million OF bonds. including 100000 Govern
ment 49, was partly filled to-day.
Tho aggregate dealings In stocks were lit
Ito larger than yesterday. and the transactions
were somewhat better distributed. The Street
was interested to learn to-day Of some Of the
tactics which professional operators are now
resorting to with view Of forcing further
decline in prices. These are described in an
other column OF The Sun. The value of tho
exposures from a speculative point OF view Is
that certain Of the bears are no longer con.
tent to rely upon the merits OF the situation
'or success. and this is evidence of weakness
Or overconhdence which is frequently fully as
atal as weakness. Tho closing was Irregular.
out in the main firm.
Final sales compare with those OF yesterday
70 follows: