The evening world., 1893-11-02
BEARS STILL HAMMERIAG.
Slight Success This Morning in
Reducing Prices.
By Arrangement. Reading Defaults
on $4,000 Gold Bonds.

There was a reverse movement in the
stock market this morning. In place Of
the light offerings of stocks and the adj
vance in prices yesterday, the supply
was in excess of the demand, and a
general reaction of IL to 3 3-8 per cent.
The bears seem determined to prevent
the public from obtaining any favorable
impression in regard to the repeal of
the Sherman law. The only way they
can keep outsiders away is by hammer
ing prices until small holders become
shares overheard. Whether the scheme
will work is another thing.
II Is evident that there are two sides
- the market, and that the bulls will
not give up without n struggle.
with funds. and borrowers can secure
accommodations on cheap terms. This
will enable those who are bulls to carry
their stocks. besides inviting invest
ments.
Capitalists are not going to seek n 2
per cent. loan market so long as good
securities can be obtained that will net
them 4 or s per cent.
In a majority OF instances opening
quotations were generally above last
night, but the first prices were the best,
and later Louisville q Nashville declined
1913 to A ~, American Sugar IA to
S25-s,,' Chicago Gas rs to CO IS, Rock
Island ! to So is, Distillers lis to 80 IS.
General Electric l to AZ Ia, New Eng
land 81 az to S2l-4 and Western Union
Bar silver in London is I'D. higher at
42d. per ounce.
Stocks continued dull and heavy as
confined almost entirely to the room
traders. and the speculation taken al
together was a sort of d~og-eat-dog
affair. The bears were persistent, and
selected one stock after another as a
target.
Money, lent at 11-2 a 2 per cent. on
call, and no change from the present
condition of ease into which the market
has drifted need be looked for for some
time to come. The demand for specu-
the currency movement Is still in favor
of the city banks.
The S~ub-Treasury was debtor 1896, 24s
at the clearinghouse this morning and
settled in gold.
Foreign exchange was frmer,. and
posted rates advanced to 4.S2 and Ass.
Bankers long sterling sold at 4.s1 a
inquiry Is stimulated at the moment by
remittances on account of interest and
dividends due to foreign holders of our
The Reading yesterday defaulted OH
$1,000 Car Trust, series d. 8 per cent
gold bonds. The receivers have ar
ranged with the holders for an indefinite
extension, giving them an additional l
per cent. per annum for so doing.
The original issue was for $4,000
d1lu was HldUe III 1851, 10 continue 1OT
ten years. Their redemption, therefore,
was at the rate of $31 900 every year,
and until yesterday. they have been re-
tired promptly. They are amply Sc
cured by the rolling stock Of the Com
pany
The Bank OF England rate of discount
p re%a,nf n=n OF rase9ve at TO 3 RI sTb Hsnt' is i Tbs ss
per cent. against 1923 per cent. last
year. Bullion in the Bank OF England
during the week decreased f5S5, 600, and
reserve decreased fS40. 900.
n break of six points in Cotton OIL
on the unfavorable annual statement OF
the Company and the continued pound
ing of burlington e. Quincy, which sold
below 81. had an adverse influence on
the general stock market in the late
dealings.
,Ihe bears are very pronounced in their
views regarding Burlington, and predict
a big decline in the stock. They assert
that the earnings of the ompany will,
from this time on, show an enormous
decrease. partly on account OF dulness
In general trade and partly because of
poor crops along the line OF the road.
one firm alone sold about 5000 shares.
The Continental Trust Co. OF the city
or New York announces that ST, 500. 900
In amount of the 50, 900. 900 first mort
gage bonds, have signed the bond
holders agreement of the Havemeyer-
Armour Committee Of the Toledo, st.
Louis & Kansas City RR. &c. Fore
closure Will be pressed.
The sales of stocks were 30G, 400 sha res.
In the unlisted department &c, 500 shares
OF Sugar and 40 Lead were traded in.