Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1890-11-11
Et11an1taI.

A Rapid and Heavy Decline MT the
Openfng-Gould Stocks Leaders In
the Break-Lake Shore. Wheeling
and Lake Erie and Northwestern
the Only Strong Features.
NEW YORK. Nov. 10.
Railroad bonds were more in demand but the
fluctuations were slight. A few of the leading
bonds, however, showed marked weakness, and
a few material losses were sustained. The Texas
Pacific issues, the Reading issues and the Kansas
and Texas issues were most prominent in the
trading, and were all decidedly weak. Reading
tours lost one and three-quarters to 49, The sales
reached 81 $4,000.
The stock market continued the rapid and
heavy decline of the latter portion of last week,
and for time this morning it looked more like a
panic than at any previous time since the down.
ward movement began. Discouraging advices
from London and heavy selling orders for the
foreign account opened the market from one to
four per cent. lower. These losses caught many
stop orders, and the trading element, which was
bearshly inclined with the aid Of the bears sold
stocks short heavily, and further losses of from
one to four per cent. were scored. The Gould
stocks were the leaders in the break, and Man
haitian at SO was eight per cent. below its final
price of Saturday. After the first break there
was a sharp rally, but it failed to reach any
thing like the proportions of the break The
pressure was renewed again and the liquidation
begun again, the rates for money beginning to
rise During the forenoon there were offerings
of money to loan and fifteen per cent. was bid
for it, but after the business was resumed in the
afternoon the rate went up rapidly, and pre-
MUM for its use was again demanded, one-quar-
ter per cent. and legal interest being the extreme
rate. This advance in the rate caused another
throwing of stocks bought in the first rally,
and in the first half hours business done in the
afternoon the lowest prices Of the day were gen.
orally reached The only strong features were
Lake Shore, Wheeling and Lake Erie and North.
western. The first named was bought by in
siders and the second is held firm on the an
nouncement of the completion of the Steuben-
vile extension. At the low prices reached, how
ever, there was good buying noticed all along the
line, and the effort to pick up good stocks was
most apparent. This changed the room trading
element over to the long side for the time being,
and during the remainder OF the afternoon there
was sharp and vigorous upward movement
which was sufficient to bring prices the
average about half way up to those of Saturday.
Some of the specialties were very prominent in
this rally and Manhattan reached 9S, and several
of the stocks which had been well held again
passed the opening prices. Late in the after
| noon, however, q sharp break in Sugar caused
another rush to realize the profits accrued from
| the afternoons rally, and some stocks, among
| which was St. Paul, went down to the lowest
] figures of the day. The market closed weak
| and active, at or near the lowest point.
Closing prices reported over the private wires
| of BUNNELL s. SCRANTON, Bankers and
| Brokers: