Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-10-31
FINANCE AND TRADE,
A Decline Throughout the List Of
Stocks.
WALL STREET DISCOUNTED REPEAL
Continued Hammering Of Prices b,
the Bears.
GENERAL MARKET REPORTS.
Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, Oct 31.-A concerted bear
attack at the beginning of today's session
had a very depressing effect on prices and
mcmentarily demoralized speculation. There
was no news to warrant the attack, but
prices yielded easily to the hammering and
encouraged repeated renewals throughout
the day. Sugar led the decline by opening
off 1-2 per cent from last nights closing
and continuing downward until the discrep-
ancy reached 6 per cent, or a net decline
from the opening Of 8 1-2 per cent The
remainder Of the list responded sympa-
thetically and at noon recorded concessions
varying from l to per cent.
London was fractionally lower in its
market for international securities and con-
tribUted to the general weakness here. A
large short interest Is said to exist in that
center and must soon result in a general
covering movement. All active stocks were
lending at a premium today. indicating the
presence Of an enormous short interest at
home that will eventually result in another
bear panic and the attendant higher prices.
The Bank Of England reduced the price
OF American eagles to 76s. 3D., which will
invite further Withdrawals for our account.
This action is attributed to desire on the
part Of the board of governors to protect
their own sovereigns. The present condi-
ton Of the exchange market Is not favor
able to any considerable Importation Of
gold but 1t Is certain that some shipments
will be made In the near future. The bal
ance Of trade will soon be in our favor, and.
with the repeal bill out Of the way. the
present decline should not run far without
attracting considerable buying both for
speculative and investment account
Outside of the small circle Of professional
pessimists the belief In a continuation Of the
upward movement prevails.
In the regular list Western Union was
weak at decline Of Is per cent to s.. Mis-
souri, Pacific declined 2 3-S per cent to Is;
Manhattan sold down 2 per cent to l3l:
Reading declined 2 3-S to 10 7-s. and Burling-
ton and Nashville each lost 1-2 per cent to
IS IL and 1912. respectively. Chicago Gas
was very active at a loss Of 41-2 per cent
to 63 3-4 and Distillers lost 2 per cent to
alt
natural consequence of the rise resulting
from the probabilities Of repeal and which
was discounted before absolutely assured.
The interests which inaugurated the rise
and the interests which took the initiative
In the decline are Identical and in both in
stances were aided by traders In the room.
London sold upward Of 10000 shares, fearing
an active money market as the result Of
Withdrawals for foreign account and the un-
certainty of Indian affairs.
Receiver King officially announced that
the interest on the first lien per cent bonds
Of the Erie company, due November 1,
would not be paid. The bonds of this
company have been unusually active OF
late In anticipation Of this result
The loan committee Of the clearing house
reduced the amount of outstanding certif-
tcates to 100000. Money was in good sup
ply at l IL per cent on call and and 6 on
time.
Prices rallied during the last hour and
closed at an advance Of to per cent
from the lowest.
The London Market.
LONDON, Oct. 3l.-Fourteen thousand
sovereigns went out to Holland today The
repeal Of the Sherman act knocked silver to
81 1-2,and depressed eastern exchanges Ru-
pee paper is 65 SIS: bar gold was in a trine
less demand. There were immense realiz-
tngs here on American shares but operators
were inclined to buy again, seeing New
York taking stock freely.