The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-29
short sales iniudicious for the reasons noted,

while others will proceed with great caution.
Tie two-sided character OF the market 10
securities was shown to-day by tho compare
tive firmness of the majority OF stocks In tn
face OF sharp break In General Electric an
a savage attack upon Chicago Gas. Tho trans
actions in these two stocks were the promi
nent features OF the market. In the earl
dealings they advanced sharply with the re
mainder OF tho list. but after the buy
ing orders which had accumulated owe
night had been executed and bankini
houses with close foreign connections haC
| done the bulk OF their buying for tho day. tn,
| leading bear operators concentrated their en-
| ergies upon the two stocks mentioned. Ii
both. hut particularly in General Electric. thel
succeeded in forcing liquidation. That stocl
sold at 45a at the opening. which was the
highest price recorded for 1t. In the early
afternoon it sold at 3lia. Subsequently the
price rallied to 3d.. and the final sale was al
35ls. making the net decline ga q cent.
The spectacle OF an y cent. stock selling at
, less than one-thrd OF its par value was In
congruous that Wall street may lie pardoned
for listening without protest to the reports that
were current rejecting upon tho financial
condition of the General Electric Company.
These reports finally became so definite and
positive that counsel to the company saw fit
to state that. 80 far as they were informed. no
application had been nor was likely to DO
mndo for receiver for the corporation. The
directors were in session the greater part OF
the day. and after tho close OF business It was
officially announced that the company had
decided to offer to its shareholders GER
tain OF its treasury assets at prices sum-
cient to realize $4,000. 600. the amount OF Its
floating Indebtedness 1t was stated further
that already 10 a cent. of the securities to be
11l
derwritten by bankers and capitalists In
terestcd in the company: and also that the
quarterly dividend of . Y cent. recently de-
clarcd will be paid next Tuesday. in accord
ance with the formal notice issued by the
Treasurer.
1t would appear from these statements that
the worst about General Electric is now
known. This may +, true rs to its future but
not as to its past. According to ex-
cellept information. tho company has
not derived the fullest benefits that
it might from its dealings with SUBJ
sidiary corporations. No definite informa-
tlon was made public regarding Chicago Gas.
as q cent stock which sold to-day at less
than half OF it's par value: but 1t Is understood
that the management is discussing the advisa
hility Of issuing bonds ut 80 q cent. OF their
face value to pny for.the extensions OF its sys-
rate o! dividend.
Chicago Gas and General Electric supplied
nearly one-third OF the total transactions
The only other really active stocks were st.
Paul. Western Union. Sugar Refining. and C..
il. and Quincy. The remainder OF the list was
comparatively quiet. 1t is significant. how
ever. that although the dealings in the ag-
GreGate were smaller than yesterday. tho
tran sactons in fractional lots were larger
than on any day in the history OF the Exchange.
footing up over $4,000 shares. They were
probably larger than that since not all Of them
are reported. This branch of the stock En-
change business has become SO large that
one or two OF the firms that make
specially Of it were obliged to decline
orders to-day until their clerical forces
and the transfer offices OF number Of
corporations can dispose OF tho business in
hand. 1t is q subject OF remark that very
large number OF the purchasers OF small
amounts of stocks are paying for them in cash.
The bulk of this money. 1t is understood.
comes from savings banks. The officers of
those institutions do not. apparently. relish
OF deposits on this account. |
Hence the decision OF the Presidents Of the |
savings banks OF this city and Brooklyn to |
take advantage OF the time clause In their
charters may reduce the absorption Of securi- |
les.
Four unimportant failures on the London |
Stock Exchange did not impair the confident
one OF the market for American securities ut |
hat centre. Still. the foreign buying Of securi-
les here was not as extensive as it was yester-
lay. The net purchases for arbitrage account
we're estim ated at a bout 20. 600 shares and in
'estment orders for about half that amount
we're executed. Shipments ofsecurties to Lon
tn ypil IA hnnt
hares. Against this movement n con siderable
mount Of gold would be shipped from Lon
ION tomorrow except for the difficulty in
occurring coin or bullion. The Bank OF
England sold to-day 100000 gold in
ars for shipment to this country.
ut subsequently raised it's price to
Is lid. The banks here or at least some OF
hem. have shown a willingness to mako salts
lctory arrangements as to money.with for
ign banking houses that wish to engage In
no business OF importing specie SO far as
an be learned. the total am cunt to be shipped
rom the other side tomorrow and In transit
$2.OO0.OOO but it is possible that other
mounts have not been reported.
Shipments OF silver from this side continue
eavy. and dealers mako no effort to sell to
he Government. rs they find q better market
broad. Clearing House loan certificates to
he amount OF S2,150.00O were issued to-day.
II OF them TO mercantile banks and princi-
ally to facilitate purchases and extensions OF
paper. The total amount Of these
erthcates now outstanding is $25. 100000.
Though tho banks have gained this week
yer Sl.25OOO0 from tho Sub Treasury. 1t is
Expected that to-morrow's statement will
how decrease In cash owing to the heavy
hipmcnts OF currency to tho interior.
The noteworthy net Declines other than
nose that have been mentioned. were 3 q
ent. in Manhattan. pa e cent. in Western
Mon and Lackawanna. 2 4 cent in Sugar
elining. pa q cent in New England. l r cent.
/ Northwest and c.. C.. c. and St. Louis,
d 4 cent. in Distilling and Cattle Feeding,
nd Il. cent in Lake Shore. Exceptional
reng'h was shown by St. Paul, c.. b. and
uincy. Louisville and Nashville, Missouri
aci0 Jersey Central. and National Lead. All
these closed higher than yesterday. .
throughout tho rest OF the list the net luctua- +,
ons were important and favored both ac-
cunts. The closing was steady ut recovery
ON lowest prices. 4
Final salCS com pare with those of yesterdav