The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-10
STOCKS AND BONDS.

New York, Aug. 9.-Cguite violent IL
quotation set in in the stock market in
the last hour and a half of trading to-
day, and prices came tumbling from their
high places. the difference from the high
point being in many cases very wide.
What the professional traders have
been predicting for some time came to
pass, namely. a sufficient decline in many
stocks to uncover stop loss orders by
weak holders Of stocks. The dealers.
have been aware of the 'pyramiding" of
orders on a large scale, that is to say,
| the REIMBURSEMENT of earnings as fast as
made by weak holders, which threatened
what occurred to-day. 1t looked for a
/ time as though the market was going to
pieces under the weight Of heavy offer
ings TO realize. But after it was over, a
taking account OF the day revealed that
| the net changes OF Importance were
confined to a comparatively few stocks.
1t was the stocks that had employed SEN
sational advances in the morning, nota-
/ bly, the grangers, that suffered most Sc
Yerely in the afternoon.
| The selling to realize started in the
grangers and as the market is more sem
sitive to the influence Of this group than
any other, the selling movement soon
broadened by sympathy until it included
pretty much the whole list. 1t was no
ticeable that the grangers steadied and
rallied even while other prices were still
falling, Burlington recovering over a
point from the lowest, and there were
exceptions all through the list to the
weakness, some prominent stocks hold
ing firm in the midst of the heaviest sell
| inO9 of othar ctockc Tho buuinr, of +I,o
morning ON the rise was of enormous
proportions, exceeding in volume that for
a whole day of ordinary trading. There
was large falling off in the early per-
iod of the decline which was a hOpeful
indication that prices would resist the
pressure and resume the advance But
faint heartedness took increasing hold
on the minds of holders and the selling
movement developed into something like
a throwing overheard Of securities. Sales
for the day exceeded $4,000 shares.
The erractic movement of Manhattan
was an unsettling factor in the market
The short interest in the stock continued
in manifest distress and covered heavily
at rising prices. The short interests in
this and other stocks is believed to have
been largely eliminated during the early
buying thus Withdrawing an important
sustaining factor. and the stock fell ac-
cordingly toward its normal level. The
same condition OF affairs was present in
the case of other stocks and the first
decline uncovered stop orders, which of
course accelerated the declines. There
was no news of the general situation to
account for the decline, all factors con-
tinuing favorable, London buying as
well as selling stocks, the price of ster-
ling exchange registering q still further
decline, and crop news all continuing
favorable. The early advance carried
many stocks up over points, notably
burlington, Rock Island, Chicago Great
Western, Tobacco, Colorado Fuel, Lack
awanna, Western Union and New Jer-
sey Central. A large number of other
active shares showed gains of over a
point. But the slump in the market
wiped out all but small fraction of the
advance In nearly all classes, and car
ried some below last nights close, Rock
Island and Leather preferred each losing
| IA net.
The total sales Of stocks to-day were
| 1868 shares, including Atchison pro-
ferred 3S,S0O; Chicago and Alton, TO-
| 500; Chicago and East Illinois, $500.
Lake Erie and western, l2,200; l.. and
N, 30,100; Manhattan L., 25,O2O; Mis-
souri, Pacific, $4,000; New Jersey Cen
trail, 14,200; New York Central, 10000:
Northern Paeifc, 5000 Northern Pa
cifc preferred, 3S,720; Reading, 1920;
Rock Island, 26,500; st. Paul, $500;
Southern Railway, $500; do preferred.
$4,000; Union Pacific, 1890; Ameri-
can Spirits, 1900; American Tobacco.
21,000; Bay State Gas, 6,1OO; Chicago
Gas, 1920; General Electric, 5000;
Lead, $500; Pacific Mail, 5000; Sugar,
$500; L. @. and l., $500; United States
Leather preferred, 1920; Western I'm
ion, 2S,82O; Chicago Great Western, At
500.
The bond market sympathized with
the share speculation in general tenden-
cy, but the variations were exceedingly
narrow The trans otionc xuara in apor