The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-30
STOCKS DULL AND LOWER.
GENERAL ELEC7RIC SELLS At 80
AND AT 50 SIMUL TANEOESLH.

l
AND AT 80 SIMULTANEOUSLH
NI Looked Like . Bear Trick to Make n Low
Opening frtce-ChIengo Gas Hau,r,ered-
Cold Imports - Foreign Buyers Take
eo0,ooo Bushels OF wheat for Export
Wall street took favorable view OF the
recommendation OF the Executive Committee
OF tho Savings Bank Association that the saw
ings banks Of the State should tako advan.
tage OF the time limit in paying deposltors.
The street argued that runs would be impossi-
BILE ~ the recomme ndation wero acted upon.
| AT the same time 1t was understood. presum-
ably through the Informal uttcrances OF saw
ings bank officials. that no depositor who ac-
tually needed his money or wished to Invest
II Mt bctter advantage than savings banks
rates would experience any difficulty In doing
80. Tho view OF the Street caused the officials
OF Clearing House banks. who opposed action
py the savings banks to revise their opinions.
Tho stock market yesterday was in the main
| dull and generally lower. The only active
stocks were General Electric. Chicago Gas.
| and sugar Refining. The bears apparently
endeavored to open General Electric as low as
| possible. The moment the Chairman's Gavel
Tell Tor the first time Broker Frank Savin bid
80 for 800 shares OF General Electric and
was instantaneously supplied with the stock
by Broker Z. n. Sproule. Another 500 shares
were Immediately sold to Mr.. d. T. Worden by
Broker McMickeu. At the same time the
stock sold at 80 on the other side OF the excited
group dealing in II. and at various prices, rang
ing from SO TO Sa
The transaction between Messrs. Savin and
sproule provoked q good deal OF discussion
among mombers of tho Board and tho ma
jority were dlsincined to accept the price
mado Us the opening quotation. 1t was argued
that the developments ut the close OF business
on Friday were favorable to the market for
n" stock. and that consequently the transact
tion mentioned appeared to I've part OF a
scheme TO make the opening price as low ns
1t is possible that the transaction will be in
yestigated by the Governors of the Exchange.
Tho bulk OF the subsequent transactions were
general efforts to derress prices. General Flee
trio closed at 81. showing an advance Of pa
The most extensive dealings during the two
hours that the Stock Exchange was opened
Yesterday morning were in Chicago Gas Trust
to deal in them ut the opening was unusually
large and ~ they coId at variety Of prices
etai Electric the bulk of the tran 81" lions was
t noarsr the higher than the lower figure. but
the an sale made on f Mis per cent 0o'0"
hr SasSf n bs. IN
per cent. and Rock Island and Lackawanna at
net declines Of y, per, cent Throughout the
recorded. The .henrs took advantage Of the
semi-holiday character Of the day and tho
to ham mer prices They had in their favor the
G n ths Gamttsd Of reduction
to to tho ran
The bank hdan wHs not as
set to an extent by heavy disburse s Ht by By
Was sfon The loans in
contracted s.. 100000 and these two changes
The net result was decrease s in the reserve
Of S3O45.O0O leaving the banks $4322. 900 +!
t helGW Legal which was about
the enhancement q 81 $50: 900 gold in London
other railroads to contest the stitutionnty |
law attemrts to fix the rates that the railroads |
shall charge In that state. and. on the ground
that i is an interstate n ;rorporation the Chi
tanned an Injunction restraining the State
from enforcing those rates until tho case can
point Of view Of Wall street was the decline In
affected all the markets for that cereal and
tempted foreign buyers TO secure 100000
and securities Yesterday were unusually heavy
and q were largely re'ronsble for IN unusual
market.
The interior movement of currency yester-
day was comparatively light. although Chicago
made demands uron number of hanks in
this city for cash. In some cases it was sent
to them but in others it was not sent. on tho
ground that it has never been the custom Of
the ChicnGo banks to remit cash for items sent
cngo banks was also called to the fact that
they had declined to give accom- NJ odat ions to
their country correspondents and thus had
compelled provincial banks to depend entirely
- The refusal Of the Chicago banks to take out
Clearing House certificates when the New
York banks did is beginning to have its effect
upon that centre. aud It's reluctance to issue
those certificates now that they have been
authorized is In keeping with the short
sighted and narrow views entertained by Chi
cago bank officials.
The investment demand for securities yes-
fercay WAS on about the same scale as on Fri
day. The only. falling off was from foreign
buyers. The dealers in fractional lots were
arGe and tho continuation or these small pur-
'hnses is genera lily regarded BY the Street as
evidence that the downward movement has |
very nearly exhausted Itself. They Certainly
prove that people who arc careful in making
heir investments have come to the conclusion |
hat many stocks are not dear Mt current |