New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-29
ANOTHER DROP IN STOCKS.
GENERAL ELECTRIC SUFFERS
A PROTRACTED MEETING OF THE BOARD OF
DIRECTORS HELD.
THEY DECIDE TO SELL TREASURY sEcURIrIEs-
DECLINES IN OTHER sECURITIEs-MoRE
CLEARINGHOUSE CERTIFICATES is.
SUPPLEMENTED TALK OF GOLD
IMPORTS - HEAVY DEMAND
FOR CURRENCY

SUED-RENEwED TALK OF GOLD
IMPORTS HEAVY DEMAND
FOR CURRENCY.
The stock market was extremely irregular yester.
day. Unexpected success attended an onslaught
by the bears on several stocks, notably General
Electric, which suffered the astonishing decline
OF IA l-2 points, with only a partial recovery.
Other securities suffered more less, the buoy
ancy which developed Thursday not being
sufficient to keep up prices in Yesterdays Dealings
The close was comparatively firm, with material
recoveries of lost ground
INTEREST CENTRES IN GENERAL ELECTRIC
The interest of the day centred in General
Electric Rumors affecting the company were in
dustriousy circulated, and the stock which closed
at A 3-4 on Thursday, hammered down to
81 IA before o'clock After the recent heavy
Declines so tremendous fall was utterly un-
looked for The stock was well up in the list In
the amount of trading donc the shares dealt in
making total OF 81 $40. In the last hour the
price advanced on a marked reaction, closing at
35 1-2.
Naturally the reports started by the extreme
low prices touched included that Of a receiver
Ship The rumor also current that heavy
loans Of the stock had been called in and another
that the per cent quarterly dividend which
nau DePn declared, WOuU De pdlu III scrip lilo
fact that the directors of the company We're in
session at the office in the Edison Building
throughout the afternoon undoubtedly added to
the general uncertainty. At o'clock the direc-
tors gave out this statement
At meeting OF the Board OF Directors Of the General
Electric Company It decided to offer TO the stock
holders securities In the treasury sufficient to pay
the entire Heating debt OF about si,0oo0Oo OF tho
amount necessary und rwrte the above 10 per cent
have already been subscribed.
THE DIVIDEND WILL DE PAID.
An inquiry sent into the Board room as to
the payment of the dividend brought out the re-
| ply that the per cent dividend had been pro-
vided for. and wonld be paid on Tuesday next
| in cash. Several directors who were seen said
| that the rumors Of possible receivership were
absolutely grOundless and that such possibility
| had not even been considered by the directors
The determination to sell the treasury securities
is in line with the action taken by the General
Electric Company in May last, when it disposed
! Of $4,000 shares of the stock Of the Edison
Electric Illuminating Company Of New-York at
little above par and 5000 shares of the Edison
Electric Illuminating Company of Boston for
S625,000, making a total of almost $2.500,000
realized At that time this statement was pub
lished in Wall Street coming from an officer Of
| the company:
The company has realized that determined attack 70
being apparently its credit and to place itself
therefore on basis financially beyond possibilities q
harm, -sdrcd the policy Of increasing fts Cash
sale Of such portion OF the securities 1
local companies in It's treasury can be easily end
prontably made. So far the company has sold about
so 100000 OF these and. stated In its annual
report proposes sell others from time time through
OF the many channels open to 1t. II has in IL
treasury at very valuation about ~ 900 600
OF good local company securities Negotiations for
sale of many Of prices abose inventory value
progressing
The company sold during year 1892 more than
S. OOOO OF The acquisition and sale Of
ROYALTY and bonds and securities have always formed
and profitable part Of its business The com.
pany hand besides the proceeds Of the sales
just made. sl,5ooooo in cash. The company has CON-
parativcy small OF outstanding debts The entire
such obligations during the next sixty days 10
100000. Tho entire outstanding obligations
Of the company including long time paper which cannot
be disturbed until maturity hut slightly in excess Of
the cash hand plus the amount to be received from
the various securities recently negotiated
BUYING FOR FOREIiN ACCOUNT.
The buying for London account continued yes
terday, and it was estimated that the shipment OF
shares TO London to-day would reach an aggre-
gate of ~, 900 The cables brought higher quo
tations for American securities, indicating do
cided movement for the taking Of stocks, now
at apparently bottom prices, to European markets.
Interest in the Street largely directed too to
the unmistakablc promises Of gold importations.
A shipment Of 100000 the Cmbria to-day
was announced \ cable dispatch from London
said that 81 100000 Of gold had been sold fof
Ameri. a, and there were unconiirmed reports OF
other orders The steamer Columbia yesterday
brought in S247,j00 in gold.
MORE CLEARING HOUSE CERTIFICATES.
The Clearing House Commttc, issued 81, 900
in loan certificates, making the total outstanding
SO, 400, 900. 1t was authoritatiyely stated that
at least "a portion of the new certificates was
issued with the purpose of facilitating gold ship
mcnts IN the way outlined in The Tribune yes
ter,lay The tardy determination of Chicago
bankers to authorize the Use OF Clearing House
certificates was welcomed a factor whereby
Ncw-lork may be in part relieved OF the great
burden of calls for currency shipments.
HEAVY CURRENCY MOVEMENT.
It was estimated that the shipments OF cur
rency by the New-lorli banks yesterday was IN
the neshborhood of Se.OOO,oOO very sud-
s,antial portion of this-probably one-hai-"e's
70 Boston The rest went 10 Philadelpma anu
the West. The Sub-Treasury's debit balance at the
Clearing House was S472,3s2, of which $4lo'ooo
wos Maid in gold BY exchanges over the counter
the banks secured 100000 in currency .vg
IN cold and $50 900 III silver dollars. u. Hnhs shss
of the latter was an interesting i,ciInSno nod the
money movement yesterday, which shower .,s
nxtrcmitv 70 (which banks and business nonsnn n
had been nut to secure sufficient money OF snia'i
The total dealings at the Stock Exchange yeS
terday were 800 1876 shas Ihe greaS ;e dealings in
Of trading was in Chicago Cas- 1ie ne ",nc soid
DOWN from to H. %n% on s1s% r%@Sr' at H. ch
Gag q and Ss4 ssn CLOSING theas: Bur
nston and Quincy also :utEsh cscaso ne Milwaukee pss
per cent closing get t' loss Of IS per cent closing at
ana 81 s.s 81 Delaware Lackawannn and " western,
LAX" Shore Scr san, snS Sss eSsns at Manhattan
CO. SSoonsoaei ne. loss of per cent &C sloslss at
dom, closing az 81 rs, and Western Union, net