The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-10-26
MARKET DEMORALIzED
Alternate Periods Of Active Liquidation and
Fast Falling Prices.
THERE WAS SHARP RALLYIa CHICAGO GAS
The Opening showed sharp Decline.
iU international stocks and Spe
ci"ities aud by Room Losses Of ~
Point or over Hnd spread TO Prac.
itcniiy Every Aotivc sioch in List.

New York, Oct. 25.-The conviction
that rupture in our relations with
Spain will ultimately result from the
Cuban question, the danger that the
Union Pacific reorganization plan Will
he upset ICY 'the governments desire TO
postpone the sale and the weakness in
New York Central, due to yesterdays
disaster on It's line, combined to break
afae stock market to-day and dcmoralize
prices throughout the list. The low
prices for American securities in Lon
don and the decline in the price of Span
tsh As there Of * per cent. to SOS
were accepted as measure of the APP
prehension felt there as to the harm
that would be done to values by the
threatened rupture. The opening show
ed sharp declines in the international
stocks and the specialties, and by noon
losses of point or over had spread to
practically every active stock in the
list. There was q lull in the activity
of the liquidation at that time and a
steadying of prices based on a hope that
the Supreme Court would hand down a
favorable decision In the Nebraska
maximum freight rate case and that
prices OF railway property would tend
TO Improve as a result A sharp rally
In CHI go Gas on the announcement
OF the declaration Of the regular divl-
NSAiN tAStPSu " Skeiuy 1Hc isl. the
afternoon was given to alternate Pc
RODS OF active liquidation and fast fall
ing prices and of staenation and slight
rallies. The announcement Of the gov
ernment's decision to apply for post
ponement Of the foreclosure sale of the
Union Pacific and Kansas Pacific prop
critics brought out enormous liquidation
or Union Paclflc's stock. There was no
check apparent In the liquidation or In
n Of Il.
announcement Of the reorganization
committee that it intended to bid in tbs
Union Pacific main line If need be for
the full amount Of the governments
claim. This would involve an increase
OF 100000 over the latest upset price
which the syndicate agreed to insure
The government, and OF over S12, 600. 900
oVor the price fixed at the time the pres
ent reorganization was agreed upon.
The purpose of the reorganization com
mittee to divide the reorganization OF
the Union Pacific main line, and the
Kansas Pacific into two operations
failed to quiet the doubts OF those who
have speculated in Union Pacific on the
basis or the present reorganization plan.
The apparent intention OF the govern
ment to releEate the whole matter TO
Congress awakens fears amongst hold
ers of the shares that delay will attend
completion OF the reorganization, The
government second mortgage on the
Kansas Pacific for about $1,000 600 IS
unprovided for, and the reorganization
committee take the stand that the gov
eminent will be allowed to bid the
property In II is not willing to take the
bid OF the committee. The fear that
this would endanger the plan of re-
organization evidently augmented the
selling. The sales Of the stock con-
stituted one-eIghth of the total trans
actions OF the day. To-day's net de-
cline in all the active stocks ran from
] per cent to over per cent. and in
Consolidated Gas reached 5la per cent
The. Vanderbilts were conspicuously
weak. A sharp advance of Is in the
actual rates for demand sterling ex-
change was a feature of the day. End
was n reflection OF the rising rate of
discount in London and of the dis
counting Of accommodating sterling bills
here.
Railroad bends were in sympathy
with stocks Total sales were S1.Gl0 600
United States new As and the SIS
registered were advanced Il bid
CHASING IiIlS