New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-11
LIQUIDATION IN STOCKS.
rI.NCES OF TROUBLE UNvERIFlED.
PRICES STILL DEcLINE-DENIALS OF REFoRio
on GENERAL ELECTRIC.

| ,io
INIT mi, is deemed preferable 70 open suspe"''om'
rtsoh might acgravate the unfortunate state ~ us
| ru.t prevailing In Wall street The motto "'op''
hv the financial community Is conaerva'is"'' '''"
mi, sion house, are dlsc0uaginS purchases U" "i
| nr th. present although men of wealth continue
| to pick up good stocks and pay for them u no.u
| ,hcm until conditions improve. Where accounts
NAV be nquidatcd with losses that customers va,
bear advantage is taken Of every temporary p''''u
NJ ,teadnc,, to make sales. but there Is "i'o
c.rnin amount Of realizing going on WITHOUT 'e''"
10 values. By pursuing this policy OF coh'a."'' "'
uondalon the great Interests VI capital III uc 'uc''
| hone to avert further acute CONGRATULATIONS
The call loan market ruled easy at 3"f per ec"'
but with no change In outside monetary con-
dtions. The foreign markets are being whtchea WI"
particular interest Another advance In the discount
| rate of the Bank OF England Is Dreaded Ou' 'ne'e
was "A conflict OF opinion on the Wo'pec'' ,'
day Private advices said that discounts III I'""""
were made at IA per cent. although 'ne D''"
rate /, per cent. This wa, accepted BY some pr
son. "a an indication OF du advance "-u"'' '
| Others he'd that the higher rate In th" OPP"
| market Wight simply imply The use ct collateral
security which salisfactor to the m''"se'H
of the Bank Of gland. The situation aofo'" i -
critical That the Bank # England Is "xp'c'eu W "e'
most consevavcy In the matter OF ihhaehe'"s tue
money market
There have been no arrangements made to snip
gold ON SATURDAY. aud 1t Is doubtful if any yellow
metal will 20 ont until next week. II Is learcl
that higher money rates abroad may cIhp'i sup
ments, and the foreign exchanges are eAMoi'ihs III
creased strength. Demand bills were hsher a'
~ 20 the { sterling. bnt no change was mace
In posted quo ations. sales Of American securities
for foreign account coupled with c.niinn'd ocirV''
" commercial drafts. impart strength To Inc ca
chan 20 market The sub Treasury. however II gan
Ing In gold. having taken Ia yesterday TJ"o'oo' Vi
prcciou, metal from Canadian bInls The Boston
banks have gwen about Ti.Doooo Soid 10 'he
Treasury but this probably completes their trans
i.rS.
Discussion in the street yesterday after the close
Of the stock Exchange centred largey Oh the
Government crop report. which was sent over INC
iicker,' about o'clock. The report indi ale' FOR
The whole country average condition %; WINTER
wheat on May oi 7j3 per cent. against "a pr
cent on Api !. and "a per cent on May |,
lsa.. The average condition for the last two
months In last four years was f lows:
$500. 1871. ioS:. 1898
Ap"' SO SO 90 Se, SO 81; So S.;
The average condition reported for the 'ix largest
winter wheat surplus states was as follows; ONO
- Michisnn Il Indiana 20: Illinois o. Missouri
- and Kansas 81 per cent. The average Tor the
,h states Co3 per cent against ~ per cent
April /. The report says that spring wheat
puus Mug MAY l Averaged "a per cent against
an average Of - per cent FOR a series Of years.
rhc report ON the whole not unnvorablc as
Lad be-, predicted BIZ Ia" learsT stocks and the
bulls" wheat. The report OF course. represents
tie result OF compilation, Of Investigations which
rarely extend later than about April %. some
brokers largu,-i that the severest damage by Hood,
and bad weather felt by the crop subsequent to
the date OF the data supplied to the Washington
Department nj Agriculture. ON the other hand, the
weather West IN the last few days has been more
favorable TO the growing cereals and som" person,
c0ncnd,d that the actual condition OF the crop was
no worse even If It were not better. than rep
resented ia the Government figures.
There was a larger record of business In stocks at
the stock Exchange yesterday than on Tuesday or
Monday the total sales amounting to +2i9l' shares.
Isut tn" activity largely confined TO the first and
the last hour. through the mdilc Of the day fire. Icnt
periods OF dulness being noted The feature OF the
carly dealings renewed weakness In Northern
hchc preferred. The price declined from "a "a 70
- 81 bat stock then rallied slightly. closing at
- =. against % l. an Tuesday night. The weak
ncs, wa, a,cribcd liquidation started by Phla-
dcphia house. The consolidated ) per cent bonds
were active and weak. opening sales were at 10 H.
against ~ Tuesdays close but transactions were
instantly made at D.. \ rally followed 10 III IL.
but On. price broke below 81 ana finally closed
81 -. "A net loss oi 1 "a per cent. Chicago and
Northern Pacific first morguc" bonds fell Il per
cent to 90. Officers Of the Northern Pacific ON
pany prompt In declaring that the finances of
the road IN immediate rmbarrn ,sment. II
was officially said that there would be- no default
upon the Interest due on Jun. |, the money being
In hand. II Is supposed that the company has
strengthened It's margins on some oG it, loans and
danger from that source Is now apprehended.
The general marle, showed increased weaknes, IN
the late trading the bear" factions a,saillng prices
because they thought they detected signs OF new
compuI. Dry liquidation. Philadelphia and Reading
broke from "A 30 30 the decline being assisted
by disappointment NJ the delay n announcing the
reorganization plan. A meeting OF the directors in
Philadelphia adjourned with no public statement. and
rumors wer, instantly circulated that the plan had
met with fresh obstacles. Other net losse,
were 3 ;-s per cent In Delaware. LackawaDna and
Western. la In Rock Island. in Manhattan. -
In Missouri Pacific. In st. Panl and Omaha. > Is In
Western Union, - IN Louisville and Nashville. l 5-S
In New York and New England. and per cent
over In other prominent shares
The weakness OF the Industrial group was pro
nounccd American sugar Refining fell "a per
cent. Chicago Gas -. American Cotton Oh IA.
and United States Rubber per cent. General Elcc-
,rc continued depressed. opening down "a at 10 80
aud selling TO 7odTO IL. Bearsh rumors lib
erIy circulated, and utter the close Drcxe. Morgan
CO. made public the following Official statement
from President Coffin Of the General Electric Com.
pany
The announcement that this company Is going To
bc rcorgunzcd need, any reorganization, is abso
iul"lv false.
The announcement that II has "A heavy and pressing
floating debt. l. going 10 issue. Is contemplating
issuing any additional Securities Is likewise absolutely
false.
The announcement that the company guarantees
any bondI on has made ,ai.' payable IN stocks or
or the contracts IL books. 20 per cent
for cash. and the remainder than 20 per
for we'll secured notes.
The company has been and Is In perfectly sound
aud easy tnlncinl condition and both as 10 lis