New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-30
FLUCTUATIONS IN STOCKS.
NET LOSSES AGAIN SCORED IN WALL
STREET.
CENTRES OF INTEREST-EFTECT OF THE
SAVINGS HANK pEEsInENTS, ACTION--
GOLD AND CURRENCY MOVEMENTS.

CENTRES w lNIEktSI-EFIECT OF The
SAVINGS BANK PRESIDENTS ACTION
GOLD AND CURRENCY MOVEMENTS.
! That the two hours trading the Stock EX-
change yesterday showed a net loss in prices was
only the result of the actual news developments
OF the day 1t was an indication of the markets
power of resistance that the decline not
/ greater than 1t Dealings were fairly active,
but operators were divided in their opinions as to
the probable results OF the features of the
day. This had ii tempering effect on the market
! in general.
! There were three developments, hint of which
had been received before the close of business on
Friday. The most important of these was the
action of the savings bank presidents in recon-
mendng the enforcement Of the time limit against
the withdrawal OF deposits. This step vari-
ousy interpreted. The bears, quick to take hold OF
any contributor to depression, seized upon it, and
attempted to wiring out of 1t signs of danger. 1t
did take much thought to see. however, that
/ If the recommendation were indicative of pressing
danger, 1t carried its remedy with It, in pre-
! venting the heavy Withdrawals from which alone
that danger could come. The step COM
plete surprise. and its wisdom doubted by
some of the principal bankers Some of them,
however openly commended it, and others said
they would wait to its effect before giving an
expression of opinion. 1t was known that the
Withdrawals Of money from the savings banks had
been unusually heavy OF late and that the bulk
OF this money had not returned to the vaults OF
the institutions. 1t also known that portion
OF the money withdrawn had been used in the
purchase Of fractional lots of shares. When money
from savings banks goes into Wall Street there Is
little Indication of the unreasoning panic that
usually leads 20 runs
The determination OF the General Electric Com
pany sell sufficient amount Of the securities
In its treasuryMo pay its floating debt Of $iW-
0(0 was eihcaclous in alaying the worst OF the
rumors under which the stock took its phcnome-
nal drop Friday. although not altogether re-
assuring. Its opening price adventurous. ami
unexplained other than n professional bear
operation As the chalrmans gavel dropped at
the opening Of business. there an acceptance OF
a bid OF 30 for General Electric. which had closed
the night before at 81 - The transaction was
amazing and Irregular, and the principals In 1t
will probably have an opportunity to make an ex-
PLANTATION before the Governing Committee of the
Exchange. The next sale was made at 80. hue
tuation that showed the queer character
OF the opening sale. About 1900 shares of the
stock dealt in the closing price being 49,
The officers of the General Electric Company
added nothing yesterday to the brief statement
given out after their long meeting Friday The
securities which To be sold were not enumer-
atod. and no details to the underwriting Of
, the securities were made known. other than the
statement already published that 70 per cent OF the
amount necessary had been provided for. This
typewriter statement given out at the offices
OF the company:
The General Electric Company Yesterday secured re-
strlnlng order, Judge Kicks Of tn" United States
Cu Northern District Of ohio AGAINST the
ruckeye Ecc;rc Company and the Packard Electric Lamp
Company u. Ohio. Manufacturer, Of lncrnie-ce;. lamps
Ihi, /, further AID very important victory for the
Edison lamp patent; The orcr. the cour: co-e these
Infringing aciorr-. The INN edat' effect will BE- large
increase Of lamp orders tho Gcncr Conf any. nearly
all Of the Infringing factories cicl by the
Islt.c pf pllE uf Ertslt
Importance Company but al-o t. the Edison
E!cctc Illuminating Company o. Nc".lorA CITY, and all
ether Edison licensees.
Another raid was made Chicago Gas. and the
stock suffered heavily under the announcement that
the directors would lind it necessary TO pass the
fall dividend. The only statement obtanable from
those Interested in the management or the COM
pany WAS that the question Of declaring the divi-
d.nd would not bc considered for month or So
Unfortunately this looked upon a coniirma-
ton Of the rumor and the stock. which opened at
a. three points below Fridays closing, sold down
to 49, with a nna rally To u IS The stock headed
the list In the amount Of business done, the shares
dealt In aggregatirg 5000. The rurnors current
about Chicago Gas on Friday included that OF the
issuance of a larger amount of bonds, probably
SlO0peo for construction purposes f.. {. Bene-
dict had this TO say on the matter:
There aioiutey iounditon for rumo;. that Chi-
cago Ga- j. IN troubo reduction Of $4,000 in tie
price ~ gas voluntarily made by th" company but
than 1t dad y,a That Will De- s2O0O0O0 after pay
Ing All Interest charges than per cent on In"
Fd.lhy Company certificate. Business this year h''
ncca-li pc cent and account Of this gr'"th the
plan; VIII have - b" Increased at AN eNleF p'rai7 oil
sl,5,0coO
/, would De- ob.urd ,r boni' Mt present prizes. and
the management would exercise bad JUDGMENT >houlu II
create a floating dM Tn" r2.0oOOJO net earnings VIII
not Iay a. 800 900 u DIVIDEND, and F1OOOoo Tor ne"
construction does not mea" b' Shouli be sold
~ fr the dividend, which rumor has 1t VIII he cnt
down the question Will not b. decided Tor over month";
,hen the MANAGE, consider IT, Their decision
Will depend upon prevailing conditions at that time
The bank statement made Il more favorable show
,r, than had been expected, but there was dis |
position to credit the banks with hardly so good
a condition as the statement made out. 1t showed
q 2DI ~, in specie and 81 $3.50 in legal tender
ance OF gold importatons Lazard freres received |
word that S.OOOo0O in the precious metal had been
purchased for them In London; , ana S |ouSd re
have $1,000 coming on the Saae. August Belmont |
4 CO. received $4,000 on the Campania. and |
The shipments OF currency were again estimated
Yesterday to have reached the million mark for |
The day II the estimates made are approximately |
for the week reached 100000. The Sub.Treasury |
gold and slSo.oo in currency exchanges $4,000 |
was received by Geographic transfer from San
Francisco. The Sub-Trcasury was a creditor or |
the Clearing House TO the amount OF $1,000
The Clearing House Committee issued $4,000 in |
loan certificates to an uptown bank. making the |
total outstanding $4,000. y member or the /
committee said that this amount would un- |
doubiedly be increased.
The total dealings on the Stock Exchange yes
terday were $1,000 shares. Closing quotations on /
some of the most active stocks with the net |
change from the closing price of Friday, are here
given:
American Sugar Refining Company 81 Is. net |
loss Is Chicago and Northwestern 80 l.? net !
loss IL. Chicago. Burlington and Quincy IL. net
loss l-2 Chicago. Milwaukee and ST. Paul 50 Ia,
net loss / Is: Delaware, Lackawanna ana West
ern ~, net loss -; Erie ia. net loss !;
Lake shore and Michigan Southern lG net loss
rs: Missouri Pacific is is, net loss | IS; Man
haitian Consolidated l0i. net loss . New York
Central 90 "a. net loss l-S; western mon
6S 81 net loss | IL.
The Sheriff yesterday received attachment
against the Distilling and Cattle Feeding Com
"r'''"' ,.t..,,, - a. In f,vor of Nathan