Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-08
NEW YORK STOCKS.
Semi-Panicky Appearance In the Market
Stampede Caused by the Bank of Eng
land Advancing Minimum

Rate of Discount.
NEW YORK, November THE stock market
to-day, especially during the forenoon, and a
portion of the afternoon, was weaker than at
any time during the present decline in values
was started, and it acted as if tie last final raid
was in progress. The whole market had semi
panicky appearance, and long and short sellers
We'd with each other, it seemed. to bring prices
down quickly as possible to the lowest level.
The final changes of the day, however owing to
material rally in the latter portion of the
afternoon, are not so large as might be expected
and few of the stronger shares even
higher, though only in one of them is the i'm
provement of Importance.
The original cause of the stampede on the
part of the holders of long stocks is to be found
in the action of the governors of the Bank of
England. who, at a special meeting held
this morning, advanced their minimum
rate of discount from to 6 per cent
after leaving it unchanged ut the regulation
meeting yesterday. This action was well cal
culated to cause the most serious apprehension
on the part of holders of securities, as it indi-
Gated some sudden emergency. the Importance
of which was augmented by the unexpected
action. The selling by London operators was
very heavy at the opening and domestic opera
tors construed the action OF the Bank as fore
shadowing a greater scarcity of money here
and probable further export of gold to Lon
don, and they joined quickly IN the selling
movement, which soon assumed larger proper
tions than have been seen 3or months in this
market
The city banks at the same time aggravated
the situation by refusing to lend on many
stocks and in some cases not at all, and the
operator had conservatism. resulting in the
bidding up of money to % per cent, though
afterward when the excitement had been
allayed to some degree, The rate went off to
legal figures, thus demonstrating the fact that
there was no real scarcity of funds
The news of the day was of a neutral charac-
ter, but only the increase of the Bank of Eng
land rate had any influence upon values, and
with the outpouring of stocks from London,
opening prices were all from "a to u lower than
last night, while North American and Atchison
were down rs each and Louisville and Nash
vile per cent The selling went on uninter-
ruptedly and with constantly gathering force.
the slight rallies amounting 10 Interruptions of
the downward movement only, while the bears
added their efforts to increase the general de-
mOralzation. There was sort of suppressed
excitement, and, Notwithstanding the enormous
transac lions, there was very little noIse and,
what was more remarkable in the face of the
marked declines of the past three days, no fail
ures to record. The downward IN ovement con-
tinued until toward ! P. M, and its violence
may be measured by the losses sustained in
while Illinois Central followed with
~ to Sc; St: Paul to. 4934, C., C., c. & ST. L.
AZ to 6O19, Rock Island q to 60, New England
81 to S5A and others in proportion. In many
stocks the lowest prices TO-DAY were the lowest
reached in years, and. while Reading lost only
per cent to 81 ~, the decline was accompanied
by renewal OF the old story of a dissolution
of the pool, and the figure has certainly not
been reached for long while before. Mis-
souri, PACIFIC dropped quickly. Some one
bought large lines of Union Pacific to-day when
the market was weak and that stock held up
remarkably well and did not follow the rest of
the list down, never getting more than "A per
cent below its opening price, and it is one of
the few stocks which show an advance for the
day. Sugar was also strong and showed evil
dence OF good buying, although it was let off
with the general list in the early part of the
afternoon, only to recover all of the concession.
One of the features of the day was the strength
exhibited by the Vauderbilts. The reaction
was sharp and material, some stocks actually
regaining all of the early losses while the weak
est stocks made large gains in the last hours
trading. The evidence of inside support was
very marked. The close, however, was weak
leaving most of the list at material losses
for the day. The unlisted depart
III the market, although there was larger trad
ing in Lead, and Sugar showed some of its ac-
customed activity IN the afternoon. The list is
almost invariably lower. the only marked ex-
cepilon being Lake Shore with gain of l per
cent, but c. e. c. & st. L. is down 27s; Rock
Island, "a ST. Paul. ~; New England, ?; Hi
Louisville and Nashville and Lackawanna
each, IA; Pacific Mail, l3s; AtchIson and Worth
American each, II; Jersey Central, Erie, Read
ing and Texas Pacific each, l per cent, and
Pullman per cent. Railroad bonds were
quiet the sales reaching only SllSO0O, but they |
were again in close sympathy with the share
list, and declines are the order of the day. |
Everything traded in is lower and the impor
tant losses are greater in number Than for |
many week. The dealings extended to a
large number of issues among which the
Atchison issues and the Reading incomes were
most conspicuous. Reading seconds lost 2% at
80, and the thirds 2 at c9. Other LOSSES in
cluded Illinois Central 315s, at 80; Richmond
and West Point Trust fiyos % at 50 and Union |
Pacific, Denver and Gulf firsts at 49, Govern |
ment bonds have been dull and heavy. State
bonds have been entirely neglected.
The Post says: The advance in the Bank of
England rate of discount to 6 per cent in
stead of .. this morning, after allowing the
usual day Thursday for continuing its rate.
was a severe blow to the stock market. The |
calling of this extra meeting of the governors |
of the Bank of England Immediately after their |
regular weekly meeting yesterday suggested an
emergency which had developed since yester- |
day, and is explained by the statement that the ]