New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
FRESH STOCK DEPRESSIONS.


developments In the affairs Of the companies anC
firms which have been In the public eye Of late The
receivers Of the National CoTdaee Company no new
TO import but the impression grows that The finances
Of the combination H. "A tangled shape" Inc
failure Of the Chemical National Bank. Of Chicago, Is
not considered important In lts bearing upon New
York. but 1t served to give rise to rumorS Ct other
trouble In the Exhibition CITY, none of which. how
ever. could be verified :. V. White. who failed here
last Friday yesterday paid instalment of % per
Of all Indebtedness. both b stock Exchange
brokers' and TO outside interests. He has made a
settlement with holders of his puts on American
sugar Refining stock. and tie terms were eehcgaIiy
considered TO be liberal
The local situation marked by easy money rates
on call at the Stock Exchange the ruling quotations
being 3a4 per cent The recent liquidation In stocks
has released a large supply Of funds but money at
the banks continues " stiff" and In the open market
the same stagnaton prevails in mercantile paper. The
foreign exchanges strong Some concessions
made In sixty day bills. but demand drafts
firm a slight advance. Bankers say that II the
strength OF exchange is maintained for two days
hngcr there viii doubtless be shipments OF gold OH
saturday. The decline In money rates here and the
rising tendency foreign centres are increa sing the
prospects OF exports OF tho precious metal The rate
OF discount IN the open market IN London advanced
10 IL per cent. IL per above the Bank Of
England rate and discounts In Paris are harder. The
sales OF stocks by London add TO the demand for
nlittances abroad.
In view OF the prospect OF an early resumption Of
gold exports bankers pleased 20 hear yesterday
that the nb-'kreasury had gained 100000 gold in
small lots gwen in exchange for currency. Included
In this sum was 100000 received from Canada. ill.,
dicating subsistence of the mSrust of the American
currency system that htey prevailed IN the Dominion.
1t also announced that the Treasury had arranged
10 receive S2,0O0OO0 gold frcm the S. Louis banks.
for which Treasury notes 10 be issued.
The news Of the failure of the Victoria Bank OF
Australia unfavorably affected Wall Streets temper
The bank on December 81 1892. held deposits OF
G710G,401. and th, ninth largest OF the Aus
tralian banks respects deposits. In regard to
funds IL stood twelfth the list. The reserve
fund G235,OOO and the capital 5000 600.
The bank paid 10 per in dividends last YEAR 1t
is feared In banking circles that this suspension
will react upon American affairs by Increasing the
foreign current OF securities toward this country
London houses sellers OF the market here YES.
terday. realizing upon the stocks purchased last
Thursday and Friday on the severe declines In prices
The stock market suffered general shrinkage In
values. The good feeling respecting the Industrial
shares disappeared. American sugar Refining de- |
oned from 80 1891 TO 95 1-4as6 So In spite OF !
rumors that the Havemeyers buying heavily |
and the strength OF the sugar market reports OF
damage TO the Cuban and the European beet-sugar
crops. Chicago Gas fell from as IA 10 - 1919 ?
and National Lead lost per cent at 81 .. General
Electric opened at so, decline Of per cent. and
receded to 20 34a76 Ii. Rumors circulated |
that the company might resort 10 a reorganization In
order fully TO cash resources The reports
promptly denied at the Office OF Drexel. Morgan
d Co. The company is fully supplied with funds. and
has no present intention Of securing any securi-
ties IN the treasury
break In American Cotton Oil from 80 IL 10
80 1896 revived talk of competition.
dispatch from Chicago TO Counselman & Day said that
cotton oil mills had been established by OF the
most influential packers and dealers in Iard under
the name of the Consumers Cotton Oil Company
The mills said to be established at Montgomery
IL. liant and (,a |
West Point and Vicksburg Miss. and Sherman Green
vile, COrsicana, NavosOta, Caldwell and Brennan, |
Texas. 1t asserted that mills building at
Little Rock, Ark. and Waco and Houston, Texas.
Distlling and Cattle Feeding stock fell from 81 "a
TO Is 1870 LIZ, and gossip had 1t that the
panys managers contemplated receiyership proceed
fngs. President Greenhut, OF the company. tee-
graphed from Peoria emphatic denial of the ru-
mors National Cordage stock opened al 16 Is. a
decline Of 10 per cent, and fell to II IA - IS
The general list showed depression-the Changers. |
Vanderbilt and Gould stocks and al-and few stocks
failed to close 1a2 per cent below Mondays final fig
In explanation Of the selling OF Chicago, Milwaukee
and ST. Paul, one of the agencies said that 1t
had been traced 10 the liquidation OF large time
loan which will mature soon. Some of the stock has
been borrowed until 1t can be released from the loan
The bulk of the collateral in the loan was ST. Paul
common stock. The liquidation from thi, source IS
said to have ceased.
The most sudden break in the railway list however |
took place In Northern Pacific preferred. The price
has been rgidly held around through the recent de
pTcsson selling at 80 IL last Thursday and falling
10 ial below 80 "a even in the acute weakness OF
the general market Friday Yesterday It opened
- IA and fell 10 80 IL before The price
rallied 10 80 Ia but in the last half hour it broke
rapidly to "a IS, closing at 80 Is, loss for the
day Of ? 3s per cent. The company's consolidated 3
per cent bonds pressed for sale, and after ad
vaudng l2 per cent 10 50 IL. the price in the late
dealings DROPPED on small sales 10 CO. That is the
lowest quota these bonds sold at
No explanation for The weakness could be found In
any new development in the company's afars. The
money l. said TO be bond to meet the July interest
ul about 81 900 900 Of the floating debt it is under
stood. natures along through July. and since the re-
lection of the plan Of the Ives syndicate funding
the debt for ave years, nothing definite has been
learned 10 what provision will be- made for meeting
maturing loans. Henry Willard Is said 10 be conduct
Ing negotiations for floating collateral trust loan Of
si5CoO0OO, 10 take OF the company's unfunded
obligations. No announcement has been published Of
the progress which he may have made. and 1t IS known
that when the offer OF Brayton Ives In behalf Of n
powerful syndicate ignored by the Willard :
agement the support of several influential banking :
houses alienated. The Ives plan the 4
Northern Pacific directors about the middle OF March,
but coupled with the offer the condition that a
majority OF the directors resign to make for rep
resenatives OF the syndicate and antvillard stock
holders. This condition may have prevented the ac
cptance OF the plan, but at that time S70OooOo had
been pledged to aid the company. The condition OF O
the money market at present Is much more adverse
10 the financing OF railroad corporations than 1t was
On March. After the formal withdrawal OF his offer a
by Mr.. Ives on May the stockholders committee r
abandoned all efforts TO the company On that
day the Northern Pacific consolidated bonds sold Mt
%. The steady shrinkage in the value since them Is
reported. Is bringing the price OF the bonds within
close range OF the figure at which the bonds are held
a. collateral In some OF the company's loans. ,
Wall Street is becoming impatient at the pauciiy :
Of Information obisnabie from the receivers OF the
National Cordage Company. No preliminary state y
ment OF its condition be secured, although
the most unfavorable rumors in circulation Vague
that the plans OF reorganization max
ing progress not definite enough for the persons