New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-26
PRICES LIFTED BY POLITICS.
EXTRA SESSION EuMORS IN WALL STREhl'
IRREGULARITIES ~ THE Ixpr'rRAL STOCKS

IRREGULARITIES ~ THE lNDr'TRIAL STOCKS
MORE GOLD EXPORTS FOR TOMORROW.
Wall street was treated TO something Of poli'icai
.boo,-r yes erday The published reports mat
PRESIDENT Cleveland contemplated calling an eA'raoi
binary session of Congress early In July LED inc o
TO argue oil hand that the sherman silver i"'
law would bc repealed. and all The existins n""''
MS cured. Th.s view was sent by cable 10 io"uo''
with the effect Of ralyine American securities !" ''
centr. and bringing In higher quotations TO open .n
<ew.YorA sock market. Tie object OF this 'ahS'
however was exposed by the acvices when canc "o,
,Iondop 10 tie effect that Newiork orners WERE d"
that market ,,. A.. o,o
The stock market here. while fairly acuve IN son'e
.,,.c,,ons vas NOT without irregularity. The bears
made an earlv drive against General Electric ana the
mice ien from 70 2973S4 to Oo 80 covering
Of shorts was free at the decline ana the price raieo
IL 70 ID closing at - Ia, net loss VI Ia Per
rent The excuse for the selling was the assumption
that the sale Of the General h'eo'ric ComPan.
Io,aiues OF Edison Illuminating stock was Tor the
,u,nos Of providng ready cash for the former cor
,o,a,iop The officers OF the General Electric
emphatically deny that this was the case the SAFE
lle,nc made IN accordance with the oompanys usual
pocy in regard TO Its assets, and because the price
,recely,d gave a handsome profit on the stock Inc
larger bear traders in Wall street say that they are
nat selling General Electric stock short nj prevailing
crces because the promiscuous short interest Is TOO
extensive The transactions IN the stock yesterday
smouuted 10 about a. 900 shares. and II ranked secohu
nm the lst In point OF activity. Heavy sales "oo
pade through a house often prominent IN oeir oP'
s,ions and the stock was borrowed for delivery
This however, Is not an absolutely certain ihoioa"on
OF short selling rs holders who wish 10 cohec.i
A,auidston often employ brokers and Temporarily
borrow stock until ready TO deliver their own WHO"
has been sold. A.
Other Industrial stocks were prominent In 'he
speculation. The heaviest dealings were III Ds'
tIling and Cattle Feeding. Mt an advance from 10 10
173sa17 shrevd Observers said that enormous
.o,,,s ~ short contracts had been covered In the
LIT fev DAYS for the account II Is believed OF some
nj the Western directors of the company Anszemeh'
a. EXPRESSED al the moderate extent OF the rally III
the circumstances. Bull "pointS' were Ireeiy '.rou
lated on American Sugar Refining. when rose from
81 70 oI4ass "a. against Sc Ia on wednesday
The manipulation OF n new pool was easily recognih"
Ns,ionaI Coreage fell over per cent, because OIL
d,sappoiu'ment at the long delay II the issuancc
=, ,he renor OF the receivers although hints OF It's
favorable character. are fed daily TO the e'ree'
New.york ana New England was weak from - IL 10
esaa and the Richmond Terminal secnnues con-
ro,.d "a decline The railway list, however. was
rallied on shorts covering the Changers leading ,nc
,urrovcment with net gains Of Ia IL Per cent Inc
,oarkct however. closed with concessions from 'he
Ton prices owing TO some cessation OF lear purch'
The attempt 10 make speculative capital out m ,ne
r.ports OF an early session OF Congress Is rucu''"
by most bankers. The hpancial ana business com
,nuni,v recognizes that IL shy no means certain tat
the National Legislature will repeal the SILVER fur-
chase law, unless an obnoxious substitute Is aoop'u'
The silver men. too. It s. believed. VIII make s'rOns
fight against repeal. and no change IN The law u
considered likely 10 take place except after wranse
Of months Some bankers. TOO. doubt that SESSION
Of Congress would be helpful 10 the situation, as u
wouId certainly invite long ard unseitng contest
over tariff changes with assurance that ANYTHING
definite would be accomplished IN the end. Fears are
general also that the Democratic party might discuss
and even carry through Congress laws on banning
nnA tax questions which would disturb and alarm the
business community.
The financial situation presents few fentnres 10 en-
courage the speculative buying Of stocks which oc-
CURED yesterday. A favorable incident was the re-
iusal Of the Bank OF England 30 advance itS discount
rate above 4 per cent The Bank gained moderately
IN reserve IN the week. but percentage TO liability
was raised only $50 to $3.50 per cent, against
ARA per cent at this time last year. But private
c.scoun,s IN London were reported frmer at 4ofl
Per cent, and discounts in Berlin advanced TO 3lf
per cent. Owing 20 the latter advance and 10 n dc"
cline in Paris OF sght exchange on London. Continen
tai foreign exchange here higher while sterling
hills were firm. II l. considered practically certain
that the shipments Of gold by tomorrows steamers
will amount TO 100000 which viii make - ooo
coo fr the week. There was talk yesterday
about this shipment being likely 10 end the gold cN
ports for the present. This rests on the prediction
that the supply Of bills drawn against exports Of
grain and produce will increase largely from now
out. but bankers call 20 mind the fact that there +
heav, adverse mercantile balance 10 overcome
while the drlft Of American securities continues 10 be
from Europe 20 these shores Another element which
should prevent too sangIne view Of the future Of
the gold movement. II Is pointed out, Il the hardness
q money abroad. which, II II Increases In parallel
lines With the extreme Of call loans In New York
win draw foreign capital from the tinted states 60
European centres.
No unfavorable developments were reported IN The
hank situation. except from, Denver WHERE according
~ DISPATCHES from Chicago the Clearing House As
soeation decided that the savings banks which
talned yesterday and Wednesday should re-
qurr notice Of 30 and 90 days from deposltOrS wish
Ing t0 withdraw their money. IL said also
however. tbnt the Denver banks had agreed 10
guarantee all the del osltS Of the savings banks Of
The city. run on a savings bank AT lca,enworth.
Kan. was reported.
The recent rumors OF an agreement between the
Pacific Mi, steamship Company and tho Panama
Railroad treated Yesterday by General John
Newton. president OF the Panama. as being largely
Of "sicck johilng~ nature. General Newton de-
cared that there 90 he pooling arrangements
absorption OF the Columbian line ~ steamers and
no sale 90 the Panama Railroads stock. a PROPOSE
ton was under discussion for the Panama Railroad
10 charter the steamers ~ the Pacific Mail plying
between New York and Colon. with The further cond
ton that the Pacific Mail VIII operate no steamers
during the period ~ the charter between Eastern
American ports and the Eastern terminals OF any
Transatlantic routes. The Panama Railroad" said
General Newton. intends Ia fulfil its contract with
the North American Navigation COMPANY during the
whole period of Ito existence thereof and the prop0
siton Tor the charter ~ III" Pacific Mail steamers
engaged In the Atlantic service IN nowlse inter.
The Panama Railroad and the North American Nav-
Cation Company for the service on the Pacific
Ocean