Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-08
THE MESSAGE IN WALL STREET.
When It Appeared the Bears Began An At
tack on Prices.

When It Appeared the Bears Began An At.
tack on Prices.
Special Dispatch to The Evening Star
NEW YORK, Aug. g.
The almost total suspension Of telegraphic
communication with the west and south toda )
told heavily on the volume of trading on the
stock exchange. London cables reported q
better feeling at that center over the bank holi
day, and prices for Americans were higher
except Louisville and Nashville, which was
depressed, owing to reported large loss in earn
ings.
Our market opened only fractionally changed
from yesterdays final prices. and the trading
was of the same waiting character noted yester-
day.
morning paper printed what purported
to be the substance Of the forthcoming
message Of the President to Congress,
but it was not generally accepted as q
truthful abstract, because there was a rumor
abroad, apparently we'll founded, that
the President wonld forcibly present the neces-
slty for an immediate issue Of bonds. and while
no advances were made prices were held very
steadily around opening figures, though trans
actions were extremely limited.
When the Presidents message finally ap-
signal for combined attack on the market by
the bear crowd, the so-called ''indus-
trials" being made the main targets.
General Electric was the main sufferer,
running off to 42s4 after opening at
Az with scarcely a reaction worth chronicling
Sugar was close second selling down to 70sk
from "a. with Chicago Gas pressing it closely,
both in activity and weakness, and was marked
down from 81 "a to 4S3S.
The Changers" sympathized to some ex-
tent. but the feeling in the room, while much
depressed, was not at all panicky, and the only
pm. appears to be an increase in the out
standing short interest without bringing out
much. if any. long stock.
Chicago dispatches to the news agencies were
Of very bearish nature. The earnings of
Chicago and Northwestern were made a basis
the outlook for the other lines centering in the
worlds fair city.
cable from London announcing the en-
gagement Of over three millions gold bar ex-
port to this country while well received, did
not create any enthusiasm. but yesterdays re-
supply Of call money at q uniform rate Of per
cent.
Stirling was slightly easier except for cables
which were quoted at 4S71S ,a4S8; sixty day,
sl19a4S2, and sight, 4S53-4a4s6. The
actual business for demand sterling bills, at
WHICH gOlQ can be exported 10 London without
loss, is L. 81 for bars and 3.SS for coin, and the
rate for which it can be imported withou. loss
is ASS IA.
By United Press.
NEW YORK, Aug. 8.-Immediately after the
Presidents message had reached the steeet and
considerably before the average operator had
an opportunity to read, not to speak Of digest
ing it, drive was made against the whole
stock market. 1t is an old device with the
bears to sell on piece Of good information in
order to kill the effect. 1t proved successful
once more and some long stock was sold by
holders who had not time to read the message
and concluded from the drop in prices that
the document was disapp ointing.
As a matter Of fact, however. 1t fully met the
expectations Of leading bankers and conserva-
tive Wall street houses. who have been most
DESTROYS that silver legislation should take pre-
cedence of everything else and that Congress
should adjourn As speedily as possible after re-
pealing the Sherman silver law.
Toward o'clock the selling and bearish at
tacks ceased, quieter feeling prevailed and
prices recovered somewhat.
The clearing house loan committee au-
thortzed another issue of $500 900 loan certi-
ficates. Amount now outstanding, $780,
565, 900.
At 2:i5 1t was announced on the floor that
the well-known firm of H. l.. Hotchkiss &
Co. had failed, and renewed selling by the
traders attacked the whole list. NOrthwes,
was this time the principal sufferer, and
sold off to SO as against Sc "a this morning
Market closed heavy at the decline.