The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-10-31
BEARS SQUEEZE 1T
STOCK MARKET UEDERGOES PRES
SURE AND LIQUIDATION.

London b . Heavy Seller of Interuationals
Foreign Exchange Further Bardsns-
Larger Volume of Business ard Values
Steadily Deciine-ReadinE 10 Thrown
Away on the Reorganization Rumors
Being Taken seriousIy-Other Receiver
ship Properties Sympathetic Readings
the Feature In the Bond Market.
New York. Oct 30-The stock market
today was subjected TO heavq bear pres
sure and to liquidations by actual hol-
ders and owners oc shares London
continued a heavy seller. its opera
tons including ali of the international
list The volume OF business was the
largest recorded for some time past
and the course of prices was steadily
downward except when relieved by the
covering operations of the bears. Read
ing securities Were thrown over
on the assumption by the street, OF the
reported unofficial outlines OF the i'm
pending plan for reorganization OF the
property. Members OF the reorgani-
cation committee who were interviswcd
on the subject by reporter of the As
ISOLATED Press declared that the plan
had not been formally ratified by the
committee and that notifications of
the various provisions might yet be
made They are unwilling 20 confirm
or deny the details that have obtained
credence in financial circles. Later In
the day 5ne banking interests pro1ni-
nently associated with the rehabilita-
ton OF the Reading property were re-
ported heavy buyers of the securities
at the lower points. All the shares OF
the receivership companies sympa thet-
icaHy declined. The continued harden
ing tendency Of the foreign exchange
market was the subject OF unfavorable
comment. The same influences that
nave been operative against mos, OF
the industrials were exercised today
and do not cali for reiteration. In ex-
tent OF dealings the railroad shares
took first place. The leaders were
Burlington, Reading. st. Paul and
Atchison. In the industrials, Sugar,
Tobacco, and General Electric were the
most conspicuous. The last named I'M
der special pressure by the bears. scor-
ed an exceptional decline of 81 per
cent.
The opening was weak, with the coal
ers and induStrials under the ham
mer. A brief recovery occurred early
and was succeeded by irregularity at
the end OF the first hour. running into
general heaviness by midday, when
the lowest prices of the day were made.
In the recessdons, the grangers, coalers
industrials and southwestern shares
were most conspicuous. The extreme
loss was in General Electric, as noted
elsewhere. About 1:30 the market rail-
lied on large covering transactions. and
recoveries from the low points were es-
roh lob
Tobacco. Colorado Fuel and Sugar. Del
aware and Hudson rose Ia per cent
and Pacific Mail rs per cent. In the
specialties. Erie Telegraph advanced
TO 81 per cent as against 571s per cent
yesterday, making a complete recovery
from the IL per cent decline manipulat-
ed earlier in the day. In the last hour
reports Of declines in prices of secur- !
tiles at the leading European bourses
to apprehension OF acute po-
litical disturbances and partly 10 the
ed losses in the first, extending to l per
cent in several leading shares. The
market closed irregularly weak. with
net declines ranging up to per cent
in General Electric.
The total sales OF stocks today were |
3S4. 9e1 shares. including: American Su- |
gar 40, 800; American Tobacco IA 400; |
Atchison $500; Burlington So. 500: Ches-
apeake and Ohio 3.400; Chicago Gas 81 |
400; Denver and Rio Grande preferred. !
81, 400; Distillers and Cattle Feedrs T. |
600; General Electric 10000; Kansas and !
Texas preferred 100; Louisville and |
Nashville 5,400; Missouri Pacific 400; |
New Jersey Central 100: Northern Pa |
cific preferred $500: Northwestern 1000 1
Pacific Mail 5000; Reading IS. 300: Rock I
Island $500; ST Paul 81, 400: Southern /
Railway $500; Southern railway pre- /
ferred 1900; Tennessee Coal and Iron I
10. 800; United States Leather preferred |
I. 100; Wabash preferred 800; Western 1
Union $500.
There was a substantial increase In !
the volume of business in railway and I
securities today, the dea- /
lings aggrega ting 1870. 900. The Read !
ing bonds were the features of the /
speculation. These issues broke sharp /
ly in the early operations on the as 4
sumed accuracy of the reported details 4
Of the impending plan OF the reorganiZ- /
a ion Of the property. These reports 4
lack official authority. A sharp rally /
in the bonds later IN the day was at I
tributed to support from powerful in ,
terests identified with the reorganiza- (
ton. The market in general was weak .
in the early dealings but responded .
quickly in the late trading 10 the i'm ,
proved tone of the share speculation.
The net results Of the days opera
tons were generally losses extending /
10 per cent in St. Louis and San Fran
cisco, general market, and Ann Arbor 4
hrsts. New York and Rockaway Beach
hrsts were conspicuous for a gain Of |
5la per cent.
Governments were dealt in to the i
extent OF $4,000.
In state bonds $1,000 North Carolina
changed hands.