The herald., 1896-06-28
on 'CHANGE
Business Transacted and Prices Paid at Home
and Abroad

and Abroad
NEW YORK, June 27.-The stock mar
ket today developed pronounced weakness
under a renewal Of liquidation and heavy
short offerings. There appeared to be a
widespread distribution of stop orders, and
IN the street generally degree Of nervous
tension prevailed that was not satisfac-
torily explained as due to specific reports
or rumors. A prominent operator who is
generally identified with efforts on the
bull side of the market was today consid-
cred mainly responsible for the attacks on
several of the leading railway properties.
One factor in the depression was the gra-
tu1tous assumption of some of the bear
traders that the traffic returns of number
OF the leading, properties to be submitted
next week will be unfavorable. The mar
ket was indifferent to improvement, in
London prices of American securities based
ON the more reassuring turn in the Vene-
Zuela controversy and the more important
concession in the railway list was scored in
the international stocks. The bear con-
tingent redoubled It's efforts on the discov-
cry of the attempts to unload1ong stocks.
The first appearance of weakness occurred
In the industrial shares. with Sugar the
main point of attack. The market as a
yielded ready to to presure pr Bearings IN
Sugar We're on smaller scale than recent
~, but a decline Of 2B per cent occurred
closed weak at about the lowest points
generally, although in a few instances
sharp fractional rallies from the extreme
tons there was decided irregularity of
movement with. however, a dropping ten
dency we'll defined. The predominant fac
trials were the leaders of the speculation,
with Sugar in the foremost position in
point OF activity and extent Of fluctuation.
The ostensible cause of the slump in this
speciality was the collapse of over-extend-
ed speculation In the product by European
dealers. This condition resulted in break
imnOrt in
lines OF long stock were thrown on the
market by insiders who usually are not sat-
isfied with narrow range after the chang
ing or their market positions. 1t would
not be surprising, however, in any event.
Il the shorts were compelled to cover their
Lines. Lines The extreme decline was ~ per
foreign product and a renewal Of inside
support caused by rally to 116N. From
cession to within fraction Of the lowest
point. The movement in the stock ap-
peared to dominate the course Of the spec,i-
was especially general and material losses
were scored despite occasional purchases
for foreign account, The grangers and
and closed with the week about the lowest
points. The market was decidedly nervous
throughout. The aggregate sales were
held fairly steady until near the close,
when values yielded in sympathy with the
heaviness Of the stock market. The sales
irregularity with prices tending toward
lower level There were few features of
interest aside. from acute weakness in a
few issues. which were depressed by spe-
cial causes. Oregon Improvement firsts
fell off ~ to SS1h, mainly on the opposi-
tion to the REORGANIZATION plan. The tran
sactions were $3.S9O.OOO Silver certificates
were prominent In the weeks dealings and
rose IL per cent to 10. with subsequent
reaction to es1s The animation was large,
ly attributed to speculative purchases. The
dealings were 81 1866. 900. Government bonds
were quiet, with an easier tendency. es-
pecialy to the new fours, which yielded 2
per cent to 116X. Sales were $S5.000.