The morning call., 1890-11-08
ALMOST A PANIC.
The Action Of the Bank Of England Greatly
Affects Wall Street.

LONDON, Nov. THE Bank of England
has advanced its rate Of discount from s. per
cent to 6 per cent.
The heavy withdrawal of gold from the
Bank of England for the Continent is the
cause. If the withdrawal of gold continues
further advance will probably be made.
AT the Stock Exchange the announcement
at first caused a flatness, but since then the
market has been slowly recovering.
NEW YORK, Nov. THE stock market
to-day, especially during the forenoon and a
portion of the afternoon, was weaker than
at any time since the present decline in
values was started, and it acted as if last
final raid was in progress. The whole
market had serni-panieky appearance. and
the long and short sellers We'd with each
quickly as possible to the lowest level. The
final changes of the day, however, owing to
a material rally in the latter portion of the
afternoon. are not so large as might be ex-
pected, and few Of the stronger shares are
even higher, though only in one is the i'm
pr0vement OF any Importance.
The original cause of the stampede on the
part of holders of long stocks is to be found
in the action of the Governors of the
Bank of England, who AZ special meeting
rate Of discount from to per
cent after leaving it unchanged at the
regular meeting yesterday.
The downward movement continued until
toward 1 o'clock, and its violence may be
measured by the losses sustained in that
ii me, Pullman bearing the banner with
drop of u per cent to 1SS, while Illinois Cen
trail followed with 81 TO Sc; ST. Paul, to
49A; c. c. and st. Louis, AS to 60R; Rock
Island, AZ to 50; New England, 3s4 to 35A,
and others in proportion. In many stocks
the lowest prices to-day were the lowest
reached III years.
Some one bought large lines OF Union
Pacific to-day when the market was weak,
and that stock held up reasonably we'll and
did not follow the rest of the list down,
its opening price, and it is one of the few
stocks which show an advance for the day.
Sugar was also strong and showed evi-
dence of good buying. The reaction was
sharp and material, some of the stocks
actually regaining all of their early losses,
gains in the last hours of trad
ing. The close, however, was weak,
leaving most OF the best at material
losses for the day, the only marked
exception being Lake Shore with gain of l
per cent, but c. G. and St Louis went down
2%; Rock Island, 2A; ST. Paul, az; New
England, 2; Illinois Central, Northern
Pacific preferred. Louisville and Nashville
and Lackawunna, each ~; Pacific Mail,
~;
closed weak. Pennsylvania spot clOsed at
IS. December closed at II.
The Stock Exchange closed very de-
pressed. with Consols at "a. the lowest figure
since the conversion. Rupee paper de-
clined 1b and Argentine securities ~ under
increasing doubts as to the character of
the Governments financial arrangements.
American railroad securities showed slight
recovery after the official close, which was
due to cables quoting the New York market
steady; still there were declines ranging
from " to ~.
CHICAGO, Nov I'm consequence of the
advance in the Bank of England rate and
the break in New York stocks, there was
break in wheat on the Board of Trade this
afternoon. COMPARED with yesterdays
close, the lowest point reached on Decem-
Der option was 9SAc, against 81 O1A at the
close yesterday.