The herald., 1897-11-06
ON CHANGE
What Was Done Yesterday on Wall
Street

0IACSL
NEW YORK, Nov. 5.-The stock market
underwent course of very drastic liquida-
ton today as the result of which prices
are from one to four 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 covering movement which de-
veloped in the final hour Of trading, and
which rallied the prices of 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 this recovery at the
close was apparently affected by the tenn
porary Withholding of liquidation offerings
as was done once or twice previously dur
ing the day, only to be succeeded by re-
newed liquidation and decline. 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 had
been bear argument for some time in
the stock market and has been quite eff
fective in depressing prices whenever any,
thing that could be construed as corrobo-
rative evidence was offered. Apprehen-
sions on this score received a potential
stimulus from the action Of the New York
chamber of commerce yesterday in ap-
pealing for an increase in the artillery
force of the United States army, as nee
essary for the adequate protection of New
York and the proper operation of it's har-
Dor defenses. The published expressions
of the late United States minister to Spain
disclosing the character of the diplomatic
relations between the two countries, and
his outspoken advocacy of intervention
by the United States in Cuban affairs, in
tensified the sentiment represented among
security holders. The nearer approach of
the convening congress and the belief that
this event will crystalline the govern
ment's policy toward Spain made the pros
pect more vivid in the traders eyes. Some
continued apprehension regarding the
health Of the president of the sugar COM
pany made that stock, with it's powerful
influence on the whole market. particular
ly weak. This combination of factors was
conclusive in inducing many large holders
of securities to unload, under the convic-
ton that no immediate recovery in prices
Of any large dimensions is likely to occur
There was a flood of selling orders, 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 Consolidated Gas
reached points, in sugar 5ss. in Lake Erie
and Western preferred 51a; ditto common
ly an active stock on the list that did not
recede at least 2 points below last nights,
and there was rush to sell bonds as we'll,
and losses of between and points were
frequent all through the list. The fact
that the liquidation was not precipitated
at the opening was due to the fact that
London prices of American securities ad-
vanced slightly. The enormous interests
at that money center are usually so we'll
informed in international affairs that the
absence of apprehension there had che
effect of steadying prices here momentar-
lily. 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 parity. There
was nothing to account for the hardening
but the covering Of shorts.
Aside from the general weakness in
bonds, the feature of that market was the
strength of Kansas Pacific consols, which
recovered IN per cent from yesterday 8
price. The days sales were 81. .O750OO.
United States bonds declined Il to ss for
all issues.