The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-06
Stocks Were Sent Begging on Wall
Street Yesterday.
OUR SPANISH RELATIONS
CONTRIBUTED GREATLY TO
DRASTIC LIQUIDATION.
Appeal of Chamber of Commerce For
Stronger Notifications to Protect
New York Intensified the Feeling
Chicago Wheat Weakens In
Sympathy-Western Markets.

New 0rk, y OV. Dime SIOch liId4
ket underwenSa course of very dras-
tic liquidation today, as result OF
which prices are l to points lower
than they were last night. That this
course of things is helped along by
professional bear pressure was made
evident by the urgent covering move
ment which developed in II. l. al half
hour of trading and VIII rail-
the prices of a great many st.tks owe
a. point from the lowest point tOucheL,
reducing by so much the losses when
would otherwise be shown by the day
trading. But this recovery at the close
was on a greatly diminished volume OF
business and was apparently affected
by the temporary Withholding OF
Houidating offerings, as was done once
or twice previously during the day,
only to be succeeded by renewed liqui-
dation and decline.
OUR SPANISH RELATIONS.
There is no doubt that the motive
of a large part of the selling was the
belief that relations between the United
States and Spain were drifting toward
an open rupture. This has been a bear
argument for some time in the stock
market and has been quite effective in
depressing prices whenever anything
that could be construed as corrCbor-
atiVe evidence was offered. Apprehen-
sions on this score received a potential
stimulus from the action of the New
York chamber of commerce yesterday
in appealing for an 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 harbor defenses. The
published expressions from the late
United States minister to Spain, dis
closing the character OF the diplomatic
relations between the two countries,
and his outspOken advocacy of inter
vention by the United States in Cuban
affairs, intensified the
SENTIMENT OF Apprehension
among security holders. The nearer
approach of the convening of congress
and the belief that this event will
crystalline the governments policy
toward. Spain made the prospect more
vivid to the eyes of traders. Some
continued apprehension regarding the
health of the president OF the sugar
company made that stock particularly
weak. This combination of factors was
conclusive in inducing many large
! holders of securities to unload under
the conviction that 10 immediate re-
cOvery in prices of any large dimen-
food of selling orders and very l1ttle
disposition in any quarter to buy.
WENT AT AMY PRICE.
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 9 points, In
Sugar SIS, in Lake Erie & Western
preferred 51b, ditto common 4, and in
Manhattan AS. There was scarcely an
active stock on 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 he
tween l and points we're frequent all
through the list. The fact that liGui-
dalton was not precipitated at the
| opening was due TO the fact that Lon
| don prices of American securities adj
vanced slightly. The enormous inter
ests at that money center are usually
j SO we'll informed in international aft
| fairs that the absence of apprehension
there had the effect of steadying prices
here momentarily. 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 opening, prices
fell in London to the New York par
ity. There was nothing to account fol
the hardening but the covering OF
shorts.
Aside from the general weakness ir
bonds, the feature of that market was
the strength of Kansas Pacific consols
which recovered ~ per cent from yes
terday's price. The days sales, were
$2,075,0 eco.
United States bonds declined H0%
for all issues.
MONEY MARKET.
Money on call easy at 1902 per cent
last loan. 2 per cent, closed 11b@2
Prime mercantile paper, 81 @415 PEE
cent.
Sterling exchange firm, with actua
business in bankers bills at 1853
1852 for demand, and at 4.8215 04.S2&
for so days.
Posted rates, 4.s8@48S1s and 4866
4S61a
Commercial bills, 4.S1A; silver Ger
tif1cates, 57A @59.
Bar silver, SIS.
Mexican dollars, 441a.
Government bonds weak, state bond
dull, railroad bonds weak.
SALES OF STOCKS.
1Oldl safes OIL SIOchS COudy were 0SO,
800 shares, including: Atchison pre-
ferred, 1856; Chesapeake & Ohio, 10,
ST.; Burlington, G4.050; Illinois Central
$3.50; L. & N, IS, 720; Manhattan, 49,,
10; Missouri Pacific, II ,290; NJ. K. & 7
preferred, $3.50; n. J. c., 500; n. Y. c.
10, 145; Northern Pacific, 3,025; Northern
Pacific preferred, 24.42O; Northwes
Terminal, 4,6S5; Ontario & Western
4,150; Reading, u us; Rock Island, II,
800; ST. Paul, $3.50; Southern railwa,
preferred, $40; Texas & Pacific, :I270
Union Pacific, second assessment PAID
y, 545: Wabash, second assessment paio
preferred, 7,4S0; American spirits, 3,493
American Tobacco, 1IO45; Bay Stat
Gas 6,O15; Chicago Gas, 1910; Genera
Lead. 500; Pacific Mail. $3.50; Pullma
Palace, 2,165; Sugar. $500; T. C. & I
H. 57 Leather preferred, 1920; West
ern Union, 11,69G; Chicago G. W., L,
go
BOND QUOTATIONS.
U S new As reg. .1271kN Gent lists. lis
Do coup. :. ..12l1e n ] Cent S.. .112
U S 4s..... .112$. N P lists lib
Do COUP. liza Do Ss.... 49,. 81;
Do 2nds. -. 9S12 Do 4s. - 90
U S 5s reg. .... HE Nor &, " IS. .12O
DO IS coup. .11415 n w Consols 146
Can So 5s - .107 Do deb 5s.. lis
d & C lists. los Q Nav lists. iii
d & r G As. :. So Q Nay As. =. . %
II & r 5s.. lilo Q S l. 6s r.. .119
Do con 6s.. JOB 0 5 l. 5S t r.. :. So
K p Con t r.. 50 O Imp lists 7. .102
: x p l ID ID rio DO Ds r. -. IS
, La new Con As SO Reading As 49, SO
l. & n Uni As. 81 r G w lists. -. 81
F Nj X & T ends. 59% U P lists. :. =. .102