New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-19
STOCK PRICES MELT AWAY.
a BREAK OF FROM TO PER CENT ON
LIGHT SALES
DEMoR.LIzATIoN CAUSED BY LONDON SELLING
-RUMoRs OF TROUBLE IN THE BRITISH
CAPITAL-wHY CONFIDENCE Il
AT A LOW EBB.

-RUNoRs OF TROUBLE IN THE BRITISH
cAPITAL-wHY CONFIDENCE
AT LOW EBB.
The stock market was more demornized yesterday
than IT has been for long time. Prices fell steadily and
the best classes Of dyldendpay lost pa per cent.
singular feature OF the movement the moderate
yonmc of trans actions recorded a
break and the absence Of local failures Of
emharrns,men,s The selling for London account was
the moving cause Of the depression. and all ad
vices from that c.Dtrc agreed In pctnring critical
state OF affairs. But the remarkable phase OF The
New-York market Was the almost complete absence Of
buying power except from operators who covered
"short7 contracts. ant the apparent h"'pes'n"SS oil
prices under the pressure Of liquidation.
This condition Of speculation tells how seriously has
ss., n. disturbance OF conhdenc. since tie Demo
| cratic Administration came mo power ShreNo
Observers are not surprised At the situation consider
ing the course of events since last November Iha
futile struggle TO repeal the Silver Purchase law Mt
| N, ,os, ssss,,n ~ Congress was followed by the
refusal Of President Cleveland to ca All extra session
of Congress or take any stops 10 check the growth
OF dIstr,Is such unfortunate steps as the threat o
Secretary Carlisle 10 redeem Treasury notes IN goio
| and The suggestion OF making new Issue OF green
hocks together with the hostile attitude maintained
| for . long time nv Mr.. Carlisle toward the banking
community OF Ncw-York. tended to aggravate ds'rus
! bcre and abroad Wall Street men are begin ling t.
racocnize that beyond the evil e"ccts OF silver III
| faton lie other important causes that rrpress con
fdencc The OF disturbance TO tae Industries
Of the country by an attack on The 'nr1n mas oTe'
little discussed In the camor over the repeal Of me
Sherman law but tho increased number oil MUS sho
| factories closing and shrlnkage of general bust
n.ss arc beginning to force the thrift question upon
the attention OF the community. The calling Of t'
extra session OF Congress failed 10 revive cohhuehce
because Of the doubt To the conduct or the peho
cratic majority and the fenr TINT r"m'dls leeSia
ton an silver would BE- succeeded by equally nm
wise tamperinc With th- currency ana finances Inc
Administration created an rnfAvorsMe Impression AZ
the sr nv It's unsettled and uncertain Treasury poh
~ and TO ay even President Cleveland falls TO enjoy
all the confidence that vas repossd IN nm "neh Nv
| took the Presidential chair. Men bave struggled 10
keep up hope that some escape would Ne had from
| tho Increasing disturbances In financial crciS' w,
II must unhappily be admitted that the prosper OF
p.mocrat, legislation and admins raion IS couded
with Doubt and uncertainty that the outlook Is con
front4d With fear and questioning.
| To this state Of sentiment must be ascriped inc
| unfortunate lack Of rallying power shown by IN"
security markets spite OF declines which have pee
| continuous and severe. The llquidations compelled
| BY the unsettled conditions In London hnd no OH
setting Influences IN the position here. Yesterdays
cable advioes spoke Of many runners IN London OF
| financial troubles. The name OF Crews. Lchuns'hd'
| e. Co. WIS mentioned that Of firm which had
required assistance. The embarrassment was que 10
nnusiihabe speculstons OF the authorized clerk oil
| the house who dropped from tho firm some lime
ago Tho rumors however, related 10 other concerns
ono Of these il a private banking house with con
siderable interests In international securities ana
sp.ri, interests I'm Spanish and Mexican mining com
NAMES Another firm affected by tho rumors Is
stock Exchange honse DUNG large arbrage business
in international foreign stocks between London farS'
Frankfort and Berlin. It's Berlin connections are re-
Tln Enncn NJ A.
time Was the hacker OF James McIIenry In his heavy
operatons I'm Erie and Atlantic and Great Western.
TWO large foreign houses tclegraphed TO learn
the cause OF the weakness In LONDON. one received
the reply "Smpy liquidation" The other was
answered thus: Disturbing rImors; no buyers
A Wall street news agency received the following
cable dispatch: Nobody decarabe until the settle
ment next week. Improper therefore TO give any OF
the names mentioned. Rich mans panic In full
swing" The London correspondents OF August Bel
mont & co. and Ladenbnrg. Thalman 60. tele
graphed that complication Of any large house was
known. But whatever was the cause the cable ds
patches from abroad showed that depression was
ruling In all departments OF the London markets.
The stock market here opened weak. under the In
nnence o; the adverse news from London. The sell
Ing for foreign account was continued and gradually
forced liquidation locally. Prices went down through
the five business hours without important rally ami
ever, pause In activity followed by renewed offer
ings, which caused fresh melting away OF values
The closing about bottom figures, in the midst
Of renewed decentralization. Chicago Milwaukee and
t. Paul was traded the extent OF nearly 10000
shares. The price fell ~ 6| lisa 3-s, against
- - AZ Monday close The sales OF Chicago. Bur
lington and Quincy exceeded $1,000 shares and the
price dropped - 2d76. against 30 IL on Monday.
American Sugar Refining was the next most active
stock, falling 10 - 1-ad75 - from 30 "a on Mon
day. Given In the order Of their activity. the rest OF
ed these losses. Chicago Gas
declined from ~ Is at Mondays close to 80 10.
Western Union from II "a 10 70 "A - -. Chicago.
Rock Island and racfc from G3 :Io to go "a General
Electric from - to - la 80 81, Louisville and Nash
VILE from % TO 80 | "a 81, Philadelphia and Read
Ing from - 35 to I3d 10 IA. Chicago and North
western from IS 10 95 L. AtchSon, Topeka and
santa Fe from 1911 TO Il 3-sd17 10; Delaware,
I.ackawanna and Western from 143 to 1870 L. Erie
from 10 3s TO II -. Newlork Central rom % 4
10 o. Missouri Pacific from - 80 to 25d25 Is. Lake
shore from IA to il3d il3 Is. Manhattan Ele
waited from l2O TO III. Northern Pacific preferred
from - "a TO "a Stars National Lead from % IL
TO 24a2j Tev-YorlS and New England from - IS to
20 H. Pacific Mail from 10 - TO IA Il IL. |
Chesapeake and Ohio rom - IA 70 10 l-9dl4 Ia
Cleveland. Cincinnati, Chicago and 81 Louis lrolu
- , 81 - and Tennessee Coal and Iron from
II - 10 l.. The total transactions Tor the day Were
only 367 100 shares. Wall Street Is accustomed on
such severe breaks as that OF Yesterday to Sc"
record Of 6cO.OO 10 100000 shares.
The bond market was equally weak and ceicncclrSS
against the selling movement. Northern Pacific con
~oldatcd IS fell per cent to %, ana fle N'colu>
4 per cent 10 -. AtclIS0n As fell Il. ana me |
second, :, per cent Chicago and Northern laclnc |
dr,ts fell pr cent Union Pacific, Denver ana
Gulf rstS fell per cent and numerous other issues
lost per cent and over.
Through the Generalization money on call con |
tinued easy. with rates at jd6 per cent No chang, |
reported In other monetary conditions, ana |
considerable currency received from the Interior
The Clearing House Loan Committee cnncell"dtTJoo'- |
coo loan certificates. but Issued SjOO,OOo new ones
No issues were made In Boston. The foreign en- |
changes advanced further. owing 10 easier money |
cutting off the supply Of loan bills to decreasing
offerings OF commercial bills. and TO an Increased DE-
mand for remittance account Of sales Of American
securities BY Europe. But word was received or ile
shipment Of $4,000 gold from t.rmnny making |
eij 600 consigned to ono house since last >aturuiS
The >ub!Trcasury debtor to the Clearing House |
a6cJO0O. II paid $500 900 Of this bannce IN GOA
colin 4 bnnk which inInircd II Il could otnln cur |