The Indianapolis journal., 1893-07-30
Dishonorable Method Employed by Brokers
on New York Change to Make q Low
Figure in Opening Quotations.
Gotham Savings Banks All Agree to
Insist on the Sixty-Day Notice.
Three Well-Backed Institutions In Oregon
Forced to Suspend-List of Smaller Fall
ures Throughout the West
EXCITING DAY ON 'CHANGE.

Little Scheme by Which Professionals Cause
Slum In stocks.
NEW YORK, July 29.-There was very
exciting scene at the opening of business
on the Stock Exchange this morning
There was no less than three Important
overnight developments. no inkling of any
of which was known when business closed
last night. These were the actions of the
directors of the General Electric at their
meeting which lasted until 4:30 O'Clock last
evening. the news that Chicago Gas
directors were discussing bond issue
and a reduction of dividend and the con-
templated action of the savings banks of
the city In enforcing the rule that thirty
and sixty days notice must be given by de-
p0sitors who might wish to withdraw their
balances. All of these were important
factors In the speculation and carried with
them areadjustmeutof values that brought
the brokers down early to take advantage
Of. The biggest crowd in the room
wes around the Chicago Gas and
General Electric posts. Right at the OPEN
ing an event occurred In the General Elec-
demnatiOn, and of which the chief actors
are likely to hear more. The stock closed
last night at 35l5, having rallied to that
point from 31s4, the lowest point. The de-
cision of the directors was considered q
turning point In the cOmpanys affairs, and
most persons looked for better market for
the stock. Among those in the crowd were
brokers Sproule and Savin. Savln
was bidding for the stock away
below the closing price, and
other brokers wers also as usual
bidding in the same way. There was, fOw-
ever. no stock offered until just as the
chairman's gavel dropped. when Savin bid
30 for five hundred shares. Sproule. to the
smazemenJ of every one in the crowd,
cried sold" before any higher bids could
be made. The crowd was aghast at this
transaction and threats were made to TAX
the case before the governing committee.
Doubts were also heard as to the genuine
ness OF the transaction, which was regarded
as bear move to fix q low opening rate
for the stock. The next sale after
this extraordinary transaction was at 50
or points from the opening. such huctua-
rion being almost unhesrd OF on Change
and emphasized the queer nature of the
hrst transaction. The stock then sold at
86637lR OBS. Chicago Gas opened without
any incident as the above, but was very
weak. Ii closed last night ct Al, opened at
A, sold down to 40 and back to ABA
The money market was merely nominal
to-day, call loans being quoted at4 per
cent. Bankers report the outward move
ment of currency as lighter to-day than on
ally uhy III TWO Weeks. Only ClOU,UUU III
currency and gold was Withdrawn from
the subtreasury to-day for shipment out of
town, and the local shipments Will not az.
gregate over S3OO.O00 The estimate of the
shipment of currency To the interior for
the week is SS,000,000. The banks. how
ever. received S3.OO0.O0O from the in
terror and Sl.75O.0O0 specie was
imported. making net loss of money about
$3.50. 600 for the week. Silver was dull
and neglected. The closing quotation was
1850 bid. Commercial bar silver declined
TO 6994c and Mexican dollars to 5Sc. Sterl-
ing exchange was irregular. The supply of
bills was moderately large. and bankers
were looking for an increase in the impor-
tant movement of gold next week. Rates
posted remain Si.S1 and S4.s312. Actual
rates unchanged.
Laroyd Freeres will ship 81. 900, 600 in gold
from Liverpool next Wednesday on the
steamship Majestic.
The exports of specie from the port of
New York for the week were 1901. $40. all
of which was silver. OF this amount $685.
040 went to Europe and $500 went to
South America. The imports of specie at
the port of New YORK for the week were
81, 752, ,Se5. all of which was gold.