New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-17
ELECTRIC HURTS THE BULLS.
A BREAK THAT CHECKED A RALLY.
NO NEW DEVELOPMENTS IN THE PROPERTY
FOREIGN EXCHANGE ADVANCING. But
TIE BANKS GAINING MORE MONEY.


THE BANKS GAINING MORE MONEY.
The temper Of Wall Street more hopeful
Yesterday. and the stock market started out prom
ising substantial rally until the recovery was
checked by a sharp break in General Electric Inc
good feeling was stimulated by reports that the
Administration contemplated an issue OF GOVERN
ment bonds, and that the Assistant lreasuie',
Mr. Jordan. had gone to Europe to feel the hnahcai
pulse there Even when Mr. Jordans friehus NC
MED the story, and bank presidents cast discreui'
on the idea. the bulls did not entirely SURRENDER
the notion The rumors of irregularities In the
methods of the former cashier of the BANK VI
England had sentimental effect, because Vi
the unmpeachable strength of that INSTITUTION
Sterling exchange however advanced all DAY anu
closed strong at a rise of 12Gs4 cent 10 'ne
There was a pronounced demand from bankers
which has been the feature of the weeks lore'sh
exchange market, and IL may be explained OH!
on the ground of expected calls for remi.'ahceS
abroad The London money market was "is"e''
but rates were not materially advanced anu Wv
Bank of England left its discount rate unchahseu
Preparations for the new Indian loan may can
for some concentration of funds, ana the uen'a'''
for gold from the continent of Europe IS strong
in the London market.
The Ncw-York banks are receiving fresh sup
plies OF money from the interior. There is no
ticeabe increase here in the balances OF their cou
Try correspondents 1t is also expected py SOM
reflect the development of A little new business
through an expansion Of loans. Bond houses az
reporting an excellent inquiry for hrst-ciass ram
way bonds and investors are sad TO nave dii.Ost
swept the market bare of desirable SECURITIES
None but unimpeachable issues, however are Ia
Iored. , -. ..or,,o, ,os
The mos, active stock in the stock market yes
terday was General Electric in which the transac-
tions amounted 10 more than $1,000 shares ne
early prices ii4n t. but a raHid PIunnse LOO
lowed and the price reached 3S me maj nsu, .
was AZ a rally 10 %. net loss OF y. per cent
The usual crop Of rumoTs OF financial tronpie Was
nlanted by the bears. but denals on al points
were sent from Boston No payment OF , dvdeh h,
on the stock are expected for long tme, out
the company's officers assert that they hou tle
funds REQUIRED for tle December interest amount
inc 10 about S2j0CO0 One explanation or the weak
moss of the STOCK was that IL was due 10 recehl
adverse legal decision 1t was also suspected that
progress might have been made in the oreahizalloh
Of the opposition company. which has been threat
ened for some time go -, .,... ,,o,,oroi,,.
rallied from lowest prices and ended WIN NJ
gains as the rule Manhattan Railway fell from
is77. to l25al259. owing TO expected developmg,nrs
in the plans of the Rapid Transit Gommlssle1,h
Western Union telegraph after it rallied TO ~;
sagced gradually TO S6l.. The course OF american
Sugar Refining erratic and after "a fail rom
caeo burlington and Quincy rose rs per cent 10
Siis and then reacted TO SD2nSO$4. The major part
OF the list closed at gains of moderate fractions