The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-11-06
STOCKS AND BONDS
LIQUIDATION rs THE WHOLE STORY
IN TIE STOCK MAAKET.

L3sses-Spanish Situation ID the Main
| Influence, the War Scare Being Pre-.
cipitated by q High source-Americans
Demoralized in London.
New York, Nov 5-The stock market
underwent a course Of very drastic Ii
quidation today. as a result Of which
prices are from one to four points lower
than they were last night. That this
fessiopal bear pressure was made mani
fest by the very urgent covering move
nent which developed in the final half
hour of trading and which rallied the
prices Of great many stocks over a
| point from the lowest point touched, re-
ducing by so much the losses which
would otherwise be shown by the days
| trading. But this recovery at the close
| was on a greatly diminished volume OF
| business and was apparently affected by
! the temporary withholding Of hquidating
! offerings, as was done once or twice pre-
viously during the day, only to be sue
ceeded by renewed liquidation and de-
cline. There Is no doubt that the motive
of large part OF the selling was the be-
| lief that relation between the United
States and Spain were drifting toward
an open rupture. This has been bear
! argument for some time in the stock
market and has been quite effective in
depressing prices whenever anything
| that could be construed as corroborative
evidence was offered. Apprehensions on
this score received a potential Stimulus
from the action of the New York Cham
Der OF Commerce yesterday in appealing
tor al increase IN the artillery force OF
the United States army as necessary for
the adequate protection of New York
and the proper operation Of its haIbor
defenses. The published expressions
from the late United States minister to
Spain. disclosing the character OF the
diplomatic relations between the two
countries, and his qutspoken advocacy
OF ;nterven zion by the United States in
Cuban affairs, INTENSIFIED the sentiment
of apprehension among security holders
The nearer approach OF the converting Of
congress and the belief that this event
icy toward Spain made the prospect
more vivid 10 traders eyes. Some con-
cinued apprehension regarding the health
or the president OF the Sugar company
made that stock. with its powerful infiu-
ence on the whole market, particularly
weak. This combination of factors Was
conclusive in inducing many large hold
ers of securities to unload under the con-
viction that no immediate recovery in
prices of any large dimensions is likely
TO occur. There was a food OF selling or
ders and very little disposition in any
quarter to buy AS a result enormous
blocks Of stocks were allowed to go for
almost any price they would bring. In
the first rush Of liquidation, prices were
offered down very widely before eliciting
any buying. The extreme decline in Con
solidated Gas reached points, in Sugar
5 3-S, in Lake Erie and Western prefer
red 5 1-2. common 4, and in Manhattan
lis There was scarcely an active stock
on the list that did not recede at least
two points below last nights level. There
losses of between 1 and 2 points were
frequent all through the list. The fact
that the liquidation was not precipitat-
ed in the opening was due to the fact
that London prices Of American secur.-
ties advanced slightly. The enormous
interests at that money center are usu-
ally 50 well informed in international af-
fairs that the absence of apprehension
there Had the effect Of steadying prices
here momentaruy. The fact was not lost
sight of either that there was buying for
London account in this market at almost
all stages of the decline. After the open
ing here. prices fell in London 10 the
New York parity. There was nothing to
account for the hardening at the close
but covering OF the shorts.
The total sales OF stocks today were
500 shares.
BONDS.
Aside from the general weakness in
bonds the feature of that market was the
strength Of the Kansas Pacific consols,
which recovered 1-2 per ctnt from yes
terday's price. The days sales were
s., e75, 900.
United States bonds declined IA TO 3-s
per cent for all issues.
FOREIGN STOCK MARKETS.
New York, Nov. 5-The Evening Posts
London financial oablegram says:
The stock markets were idle but
steady today, except Americans. which
were fiat and demoralized at the open
ing. Dealers took the fall quite calmly.
Indeed, many bought, believing that the
relapse mad gone far enough. Then New
York selling orders came pouring IN,
with reports Of Democratic gains and
OF Hanna's vacation Of a senate seat, OF
firm note from Washington to Spain,
etc. Consequently there was a further
slump. and the Close was near the lowest.
The o,.ler markets were featureless
The Paris bourse was firm, and the
Berlin market was steady.
London. Nov. 5.-Consols for money.
112 Is; account IL 5-16.
New York, Nov. 5.-Noney on call Ia
az per cent; prime mercantile paper
3-4G41-9 per cent. Sterling exchange
steady with actual business IN bankers
bile at s4S5I-2 for demand and at
Si.S2 1-2a4.s3 81 for sixty days. Posted
rates s4SS 1-2 and s4.s6 1-2 Commercial
bills S4sl S-4. Silver certificates 576
IS L. Bar silver 81 L.; Mexican dol
lars "A ID.
BRADSTREET'S REVIEW.
New York, Nov. 5.-In its review OF
the stock market Bradstree,'s loInorrow
viii say:
AT the beginning OF the week an idea
prevailed in Wall street that more act
i've and better market would develop af-
ter the election On last Monday there
was some purchasing OF stocks by the