New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-06
PRICE THREE CENTS.

pressure against the market. The decline. how-
ever. began almost instantly. The most active
stock was American Sugar Refining. which was
dealt in to the amount OF about 10000 slaret.
The first price 3d. gain over night Of peg
cent. The next few sales at s? l-2. SO,
SO I-2. s5 3-4 Then the price plunged downward
on wide and violent fluctuations to 62. General
Electric opened unchanged at 80. and went down
with differences of 2a3 per cent between sales
until 50 was struck. Chicago Gas started
4 points higher at "A; touched "a 3-4 ana
quickly and violently plunged to 80. National
Lead was swept from 33 TO 26, American Cotton
Oil from 3. l-2 to so, United States Rubber from
45 to 3d. National Cordage from l9a2l to Is IL,
and Distilling and Cattle Feeding from % 1-4a2S
to 201-o It was at the wild downward gallop
in the leading ndustrials that the men on tho
floor Of the Exchange and brokers and customers
watching the tckers in Offices stood aghast, wonder
ing when the crash would end.
STANDARD SHARES ALSO BREAK
Even in some Of the standard shares the food
Of selling orders broke prices to per cent in
a few minutes Chicago, Burlington and Quincy.
opening up / l-s per cent at 81 -, plunged
rapdly to s31-2 Rock Island started l-2 pee
cent higher at u "a, and fell to 73 l-2. Vest
ern Union sold at s3as4 when the gavel first
fell and then was swept away to 30 IA. Della
ware. Lackawanna and Western dropped from
l-2al4I "a to 1873 1-2. New-YOrk and News
England showed gain Of - per cent at the
opening at 2s, but quickly declined to 20. Nam
haitian Elevated, on unusually large sales, plunged
from l26a1271-4 to 49, Chicago and Nortn'
western fell from 10a l-2 to 1O5; Clevelanhs
Columbus Chicago and st. Louis from 40 IL 70
So: Lake Shore from 125 IA to l23; central
Of New-Jersey from lOS 3-s to l04 1-2, and Della
ware and Hudson from 1913 IA to l2l. 1t was
ONLY few stocks that failed to show an early
decline of from l to per cent.
But the recoveries were almost equally sharp
General Electric rushed rapidly, when once the
tide turned, from SO TO s4, although the iaso
price was 7s H. Sugar bounded from s2 to
~ 3-4, National Lead from 26 to SO, and Chi
caco Gas from 50 to ~ IS. The latest price
Of Sugar showed net loss Of 3 rer cent, OK
Chicago Gas net gain of IS, General Ele"tric
Il net loss OF -. and National Cordage d heS
gain of - per cent Ihe market sasas'1fa ia tSa
feverish and violent fluctuations for most oi the
afternoon, hut near the close the rise became
more marked ard vigorous, so that in the Leading
railway shares the recovery was sufficient to leaye
them i TO over per cent higher than at Thurs
The "bareain-huniers' helped TO effect the
rally, and heavy purchases were made BY wealthy
men who pay outright for their stocks and take
them away to repose in tin boxes until the whlri,
iglg Of time carries values again 70 booming
plane The foreign houses We're liberal puyers OF
Stocks at the lower prices. The purchases for
London account yesterday were estimated at oo,-
900 shares and these total purchases for the week
it is thought will exceed 100000 shares. lhers
foreign exchange market. Bills drawn against tho
purchase Of American securities were freely onered,
and the high rates for money eXcTed tnsir In. IN.
flucnce in depressing quotations. lle exchanges
were virtually dcmoralized, and rates declined
sharply for thrcc-day bills. Sixty-day bills were
almost unquotabe. All idea of gold shipments
I,,. b.o brop nd nv bankers.
The prospect of gold exports is said now to ne
indefinitely postponed Money on call rose TO
hiah sus. in tn" str; al the aTmte,, sn moPns hsins
eAi\tcd on collateEal that has fallen under dis
credit. Many loans were made at 8 per cent,
however, where the security offered represented
sound dividerd-payinG stocks.
THE FALL OF GENERAL ELECTRIC.
The tremendous fall in General Electric stock.
coming after the heavy decline Of previous days.
naturally excited inquiries to the position OF
the company. The Tribune yesterday printed a
stateuent from John :. Wise. counsel of the COM
pany enlphatically reassuring TO tho companys
financial condition. The board of directors IN
cudes j. Plcrpont Morgan and Charles IL. Coster.
Of DreXe. Morgan X Co. AZ the olilcc OF that
firm il said positively that the company WIS
perfectly sound and nothing in II, finances or
prospects justified the fal in the stock. Bankers
generally expressed confidence in the properi..
TIE company is not "A borrower of money in the
Street and is in no wise exposed 10 the embarrass-
mcnt which monetary stringency brought upon the
Nationa Cordaec COMPANY
The attention of II. Il. lIonS. of II. b. 1fol-
lin, X Co.. was called Yesterday 10 the Street
Gossip that asserted that the firm had received
financial aid from Wi liam X. Vanderbilt. Mr..
lIollnS said "Yon may officially deny for me
i'm the most emphatic manner that there Is anv
truth in thes. stories. We have received no
-i>tance from Mr.. Vanderbilt or any one else. nor
did we need any assistance. We have done very
iitte in the market for tho last few months be-
cause We did not like the situation. and we have
made no new ventures outside OF the Stock En-
change Our cours. has been most conservative,
and there is no foundation whatever for these
bear reports. We have been lenders of money
to-day"