New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-05
CLOSING PRICES OF BOSTON STOCKS.
WHAT WAS DONE IN STOCKS.


1t was day Of enforced liquidation at tho
Stock Exchange. The market excited from
the very start and although the opening was gen
eral'y firm the industrial shares were weak and
lower. In National Cordage particularly the open
ing was fcve"ishly excited. and the first trans
actions were at widely diverse prices between -
and -. II required only few thousand shares.
however. to establish Oh" decline but until the
afternoon the price hung stubborEly around -,
and although the trading was exceedingly heavy.
the fluctuations within a range Of about
Per cent. Tie early announcement Of the failure
Of Henry Allen a Co. was followed in a short time
ly the failure Of two less important concerns. but
il was not generally known. at first. that the three
failures were caused by the financial embarrasS
mcnt of the principal officers Of the Cordage Com
pany. Toward the close the stock again broke
lady, and in spite of a rally of over per cent
from its lowest point. its final loss at 90 was :
per cent. The decline in two DAYS has been 80
per cent. The depreciation is even greater than
that because it is less than three months that
the common stock was doubled 10 give 10 the
shareholders assets which had been acquired by
the company since its formation. The old stock
sold above a.. and the first sales Of the new GER
tifcates were above -. In three months. there
fore. the stock has fallen from - TO 90. or. on
the basis Of the old stock. from l44 TO 40. That
enormous losses have been suffered the simple fig
urcs afford abundant proof. The declirc in Cord
age of course affected the general market. but
without it the other industrial shares would prob
ALLY have declined. sharp discrimination
was exercised by lenders Of money and
these stocks were generally thrown ont Of loans
or il they accepted they taken at
about one-half their market values. Who're the !
security waa not ample several banks did not |
hesitate 10 put the collateral on the market The |
effect rates for money was immediate and plain /
While loans on mixed collateral were being made |
~ ) and 90 per cent, there plenty of money |
to he had at per cent on dividend paying rail |
way stocks
the industrial stocks but Missouri Pacific and |
st. Paul finally lost about and Chicago. Burins-
ton and Quincy 2 3-S per cent. As rule, the
fairly firm, ard Erie was virtually unchanged,
while Louisville and Nashville and Northern
Pacific preferred closed only 80 per cent lower,
vance. Rock Island also closed exceptionally
strong, with fractional gain. In many cases
prices rallied snartlv near the end. but the clos
ing was, nevertheless. feverish and ny no means
confident. The object lesson in finance, which
the present Administration seems bound 10 inflict
on the country. has not been finished School
will be held daily without regard 10 consequences
until some ONE learns In" fundamental principles
of financial and economic polty
TIE DAY IN THE BOND MARKET
Government bonds remained neglected. Bids
lowered further l-2 per cent, but otherwise
quotations were unchanged:
Bid Asked. nd Asked
L. S. AIS. 1891. l =. cur o.. 1s951o5
continued At I =. cur S. 1S90101
per cent reg. ...... IS curtis 1897 IO9'2
L SIS 1907. i"g1I3c l13, Us. curgs. 1-9S lI2i2
I SIS, 1907, cou. ll2s lI3. Us. Gs ISJ91lj
DIS Co. g. j. lSf.1lIAs IL
There Transactions IN State bonds.
small sale of st. Louis City Is Of 1913 made
at los IA. There were sales OF city bank
stocks.
The general bond market more active, but
the increase in business was at the expense OF
values In the absence Of either speculative or
investment demand realizing sales resulted in
material declines. Philadelphia and Reading
issues pressed for sale, and general Is de-
cncd "a per cent to - Ia. while first incomes
fell - TO As, seconds . 3D. to DI-2 and
20 "a, and thirds J.? per cent to 80 - These
were the lowest points On small transactions
Terminal collateral trust IS fell -
per cent to "a Erie second consols were dull and
steady, but Chicago and Erie first declined further
per cent to %. and incomes II to rs. Chicago
and Northern Pacific hrsfs fell per cent to
GO i2, and Northern Pacific consol js uttered the
same loss ut Gj. General Electric debcnture is
dropped per cent TO 81 l2 and ~. Many other
issues lost from 10 per cent. The movement
was nearly uniform, and generally the closing
was without rally. Reference is made 70 our
full report Of bond sales.
Money lenders exercised the most vigilant dis
elimination in making loans. Early in the
day call loans ruled at and Z. but
afterward the rate was raised TO 5 per cent, and
private transactions were made as high US 20 per
'ent At the same time loans on dividend-paying