New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-28
SELLING GENERAL ELECTRIC.
TRANSACTIONS IN TIE STOCK REACH
NEARLY THIRTY THOU SAND SHARES.
FRIENDS or TIE COMPANY At A LOSS TO IN
PLAIN THE WEAKNEs>-NoRE GOLD
To III, SIrIppIp To Fr-ROpE
TO BE SHIPPED TO EUROPE.

FRIENDS or TIE COMPANY At loss TO IN
PLAIN THE wEAKNE,,-NoEE GOLD
TO BE SHIPPED TO EUROPE.
The feature Of the Wall Street markets yesterday
WAS the continued selling OF General Electric. Ia"
transactions IN the stock reached nearly |"""
shares about onequartcr Of III" total business g"
the day The price rallied from 20 Il TO ~ H.
but then declined to Gjo G6 -. the lowest point
reached since the extreme depression I'm the crash OF
Nav D. when the stock sold at -. Friends Of tn"
company at loss To explain this weakness, III
view OF the Of easy financial condition
given by the officer. ON" explanation was ual
there was large loan with prominent downtown
trust company with General Electric n the collateral
security. 1t was the theory that knowledge OF THIS
fact having been gained 10y the bears. Vigorous
effort was being made dcprcss the market value
sufficiently 10 force the closing ont Of the Loan either
voluntarily or from necessity How the Information
could have leaked out may not be explained without
impuling bad faith 10 the lender Of the money. The
rumors were OF IA character which prevented their
veriication.
The weakness I'm General Electric unfavorahy
affected the re-, Of the stock market. although the
declines in the arbtrage shares were attributed 10
selling for London account inspired by fears that ia"
settlement which begins tomorrow At that centre may
not BE- completed smoothly. The net losses In III"
international stock. were per cent fl Louisville
and Nashville IS In II. Paul. 10 in Union Pacific,
IS In New Ork Central. IS In Atkinson. ana !
per cent In Reading. \ fresh pressure against
Chicago Burlington and Quincy resulted IN fall Of
Ia per cent and Rock Island fell from - - 10
720 - IL New ork and New England wa weak al
A net loss of ! IS per cent. Among the industrials
Disiilling and Cattle Feeding Doomed" up II
per 10 10 81 Ln the price subsequently rcc"d"d
10 Is I-4c1 80. American sugar Refining declined
%. and Chicago Ga> - per cent. The market
closed weak, with general losses. Manhattan W.,
an exception, with II rally from l23" rs 10 13l u
1870 IA.
Definite arrangements. II + understood. have been
made for the shipment OF al l"nSt 81 OOoOoO Ia
gold ~ Europe early this week There Is a general
IMPRESSION in banking circles that there viii BE- large
exports during IL" week. Yesterday there Wa
~ 20 900 in gold withdrawn from ia" Snb-1rcasury
By the Canadian Bank Of Commerce for shipment 10
Canada, making n total Of 100000 last week, The
largest amount sent to The Dominion Ia any week since
the Aprl currency "-4aTr." The weekly bank stat o.
mcnt was another puzzle 10 Wall street II showed loss
in specie Of rj73OOO. but gain I'm legal tenders 81
~ 1902 100 net Increase In cash Of 500. 100. which
WIS contrary 10 the estimates Of experts on Tie
weeks movements Of money between New lork and
the Interior But The discrepancy I'm the separate
items was remarkable The reduction Of 81 .O191O0
In loans called for similar decrease In deposits, les
the gain legal MONEY which should haV" increased
deposits BY ordinary rules az figuring III" deposits
should have decreased ONLY r13l 500, wherein, dc
crease T. reported Of Tl.9j-.GOJ. "A discrepancy Of
81 427 900 l}ut the Street f. becoming accustomed
to curiou, bank exhibits. and yesterdays statement
had effect.