The sun., 1893-07-12

/
| was In the simutan eous selling OF Northwest
Lake Shore. and General Electric. Tho de-
cline In tnose stocks naturally stimulated
selling for both accounts. which extended
| throughout tho list The most distressing
| feature OF the market was the very Indifferent
| character OF the demand. showing that those
| who have money to invest have not yet been
| attracted to the Stock Exchange
The downward movement was accelerated by
the execution OF stop orders. as is usually the
cnses A moro insldious devise for lowering
prices than stop order cannot be imagined.
This was demonstrated anew to-day and at the
Same time the absence OF . legitimate demand
for stocks was shown by the execution OF a
stop order In Chicago Gas Just before tho
close Of buslnoss That stock had declined
during the last hour from 81 to C8H
around which figure q stop order for n
round amount OF stock was uncovered. An
effort to execute Il did not encounter buyer
nbove 61h. Tho next salo was at GIN. and
tho next and final transaction was at 81. On
the deoline from 04A to tho final prlco only
300 shares Of stock were sold. The drop was
80 sudden that at first the Street was inclined
to believe that tho stock had been instructed
on the tape for General Electric. which had
been selling between el and G2.
The immediate cause for to-day's liquidation
not especially active. and tho character OF the
stocks that were pressed for sale is such az to
preclude the idea that the holder or holders
had experienced dtffloulty In using them as
collateral. These circumstances encouraged
the view that 'the principal seller was apprs-
hensive OF some i'm pending disaster or else had
become too widely extended in various entor-
prises. The decline In General Electric.
which within tho last few months has
nearly cut the prico Of tho stock
In two. naturally tends to corroborate
reports that have been current for some timo
relative to the business and financial condition
Of the company These rcports have elicited
from time to time official denials. and also re-
assuring statements as to the AFFAIRS OF the
company. but they have not checked the ten
denoy OF the stock toward lower prices. Tho
professional element gave out that it's sales OF
the Granger stocks wore based upon tho Gov
ernment crop report issued yesterday. indi-
eating comparatively small yields Of both
spring and winter wheat The price OF that
cereal shows. however, that the supply both
on hand and prospective. is largely in excess
Of the present demand although Europe is be-
ginning to take unusually large quantities Of
breadstufs from this country.
There were no special Developments at the
Clearing House to day. except that the banks
checks on the sub-Treasury, instead Of pre-
senting them direct for cash. The amount OF
certificates outstanding remains unchanged.
though according to the Chairman Of tho
Clearing House Loan Committee. considerably
less than half the certificates taken out have
been actually used. This ELECTED crlticism
from the Street that II moro OF them
had been used money would be easier.
The answer is that the only way In which they
can be put in circulation among tho banks Is
BY turning them into the Clearing House In
settlement OF balances. and as all balances
have been settled in certificates practically
ever since tho Clearing House began to issue
hem. 1t Is impossible to accomplish more by |
heir use than at present. 1t appears from tho |
statement OF the Chairman OF the Loan Com |
nittee that the bulk OF tho certificates have |
oeen taken out as a precautionary measure.
Until the last hour the market was not par |
loularly active. and the crumbline away Of |
'alues was pot attended by any manifestations
" excitement. To say. however. that the
street did not realize keenly tho effect OF the
lays losses would be misleading. An en-
incident was tho announcement
hat small amount Of gold was shipped from
london to-day consigned to q banking house
,sre. The amount 10 $325.OOO. Another an
louncemen from which the Street derived en-
came from tho Reorganization
Committee Of the National CordaRe Company.
t was that 1o0 900 shares. or 80 q cent OF the
ommon stock Of the company. and nearly
1000 shares. or rs p cent Of the preferred
took. had assented to the plan OF reorganiza-
lon. Tho committee has therefore declared
he plan effective. although tho time for de-
ositin2 the remaining shares has been OK
ended to July 25. The work of completing
no reorganization will now be pushed with
he utmost vigor The closing Of tho stock
market was weak at tho lowest prices
Final sales compare with those OF yesterday
~ follows: