The Saint Paul globe., 1897-11-06
BIG BLOCKS OBJ STOCK ALLOWED
TO GO FOR ALMOST ANY
PRICE.
WALL STREET IN A PANIC.
FEAR OF SPANISH COMPLICATIONS
THENOHIINAL CAUSE OF THE
SLUMP.
NET LOSSES EXPRESSED IN POINTS.
Close n Little Above the Worst b.
Reason of Late Movement
to Cover.

NEW YORK, Nov. 5.-The stock market
underwent q course of very drastic hquida-
tion today, as a result of which prices are
from 1 to points lower than they were
last night. That this course Of things was
helped along by professional bear pressure
was made evident by the very urgent cover
ing movement which developed in the final
half hour Of trading and which rallied the
prices of a great many stocks over a point
from the lowest point touched, reducing by
SO much the losses which would otherwise
be shown by the days trading. But the re-
covery at the close was on a greatly dimin-
ished volume of business and was apparent
ly affected by the temporary Withholding
OF ltqudating offerings, as was done once
or twice previously during the day, only to
be succeeded by renewed liquidation and de-
cline. There is no doubt that the motive
of large part of the selling was the be-
lief that the relations between the United
States and Spain are drifting towards an open
rupture. This has been bear argument
for some time in the stock market and has
been quite effective in depressing prices when
anything that could be construed as corrobor-
ative evidence was offered. Apprehensions
on this score received a potential stimulus
from the action of the New York chamber
of commerce yesterday in appealing for
increase in the artillery force of the United
States army as necessary for the adequate
protection of New York and the proper opera
tion of it's harbor defenses. The published
expressions from the late United States min
lister to Spain, disclosing the character of
the diplomatic relations between the two
countries, and his outspoken advocacy of in.
tervention by the United States in Cuban
affairs intensified the sentiment of appre-
henson amongst security holders. The near
IL Il
the belief that this event was to crystaliZe the
governments policy towards Spain, made the
prospect more vivid to traders eyes.
Some continued apprehension regarding
the health Of the president of the Sugar COM
pany made that stock, with It's powerful in
f1uence on the whole market, particularly
weak. This combination of factors was con-
elusive in inducing many large holders of Sc
curities to unload under the conviction that
no immediate recovery in prices of any large
dimensions is likely to occur. There was
flood of selling orders and very little dis
position in any quarter to buy. AS 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 Consolidated
Gas reached points, in Sugar 53s, in Lake
mon A, and in Manhattan AS, There was
scarcely an active stock in the list that
did not recede at least points below last
nights level. There was a rush to sell
bonds as we'll, and losses of between 1 and
2 points were frequent all through the list.
The fact that the liquidation was not more
generally participated in at the opening was
due to the fact that London prices of Amer
lean securities advanced slightly. The enor-
nous interests at that money center are so
well informed usually in international af
fairs that the absence of apprehension there
had the effect of steadying prices here mo-
mentarily. The fact was not lost sight Of,
either, that there was buying for London ac,
count in this market at almost all stages
of the decline. After the opening here prices
fell in London to the New York parity. There
was nothing to account for the hardening
at the close but covering of the shorts
Total sales of stocks today were 596 500
shares, including: Atchson preferred, Il, 1876;
c. & o., 1851; Burlington, 1850; Illinois
Central, $3.50; l.. & NJ, 1920; Manhattan,
13 110; Missouri Pacific, 1920; NJ, X q I.
Central, 10, 40; Northern Pacific, $685. North
ern Pacific preferred 24,420; Northwestern,
1868: Ontario & W.. 4,510; Reading, II, 715;
Rock Island 1900; st. Paul, 54650 Southern
preferred $40; Texas & Pacific, $40; Union
Pacific, 12,745 Wabash preferred, 74S0; Bay
Electric. 4, ,4S5; Laclede Gas, 300; Lead,
5,10O: Pacific Mail, 54O0; Pullman. 2,165;
Sugar, $500; Leather preferred, 1920; w.
u. II 696; Chicago Great Western, 1920.
The following were the fluctuations OF the
leading railway and industrial shares, fur
nshed by C. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: