The herald., 1893-07-21
UNEAS|NESS IN WALL STREET.
Disquieting Rumors Kept in
Circulation.
The Credit of Several Big Corpora
ti0ns Attacked.
A Bear Raid on General Electrical
Favorable Reaction in Most
Stocks-Philadelphia Banks
Hard Pressed.
By the Associated Press.

BY the Associated Press
NEW YORK, July 20.-The nervous
feeling in Wall street, 80 noticeable to-
day, was said to be due largely to the
uncertainty regarding the identity oi
some corporation on behalf Of which an
application was made yesterday in the
United States circuit court for the ap-
pointment Of receiver without disclos-
ing the name of the applicant. By di-
rection of Judge Brown, the papers, in
accordance with the request of counsel
on both sides, were kept private, so the
name of the embarrassed company
would not be divulged. This action of
Judge Brown was vigorously condemned
in financial circles today. 1t resulted in
the names OF several prominent compa-
MES being suggested as the one con-
cerned, and in at least one case a seri-
GUS decline in the price OF the stock of
one of those companies resulted there
from.
The financial situation in Philadelphia
was said by New York bankers today to
be worse. Applications were received
from there for cash in order that this
weeks psyrolls might be supplied. The
banks which received the applications
fowarded the necessary currency. 1t is
probable that some banks in this city
will adopt some method this week to
avail themselves of their credit balances
in Philadelphia. They may charge q
commission of per cent after today on
all Philadelphia checks received for col
lection.
Stocks opened buoyant, l to IL
higher.
Movements after the opening were ir-
regular, but in the main upwards.
Subsequent raid on General Electric
broke it from 5534 to IL. The general
list was not much affected. The bears,
finding that the raid on General Electric
did not break others, started to cover,
causing strength. Electric rallied to
5315; Northean Pacific, Western Union
and some others sold at the highest
prices of the morning. The market
showed more rallying power than for
some days.
After noon General Electric slumped
to 4612. Debentures were "a, against 70
yesterday. The stock had no support
whatever, and the bears did as they
liked with it. The break caused heavy
liquidations. All sorts of stories were
afoat about the property, one that the
company lost suit in the west, involv-
ing the incandescent light patent. This
was doubtless perversion of the decis-
ion in the United States court in Mil
waukee today, in which the rights of
Edison in the patent were fully sus-
tanned, as had previously been done in
similar cases in the east. There were
other rumors OF a highly sensational
character in relation to the property, but
they could not be traced to any authen-
tic source. The rest of the market held
remarkably we'll in the face of this
break.
One reason for the strength of the
market in the face of the slump in Gem
eral Electric, was the fact of heavy pur-
chases for London, that city taking
250,000 shares of dividend payers, be-
sides that a leading bear covered shorts
tosthe amount of 500, 900 shares, mostly
Burlington and st. Paul.
The final quotations in the majority
of instances were above those of yester-
day, the net gains varying from ID to
"a per cent. Among the spscialties,
Pullman jumped 80 to 156, and Ameri-
can Tobacco, to SO, but the latter after
wards broke to 5315.
The weakness of Sterling exchange,
with heavy exports of produce, is re-
viving talk of imports.