The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-06
lArrsr rnnnor ouorAr1ora

Ohcsapeake& Ohio 22hlontario = Wesh'''. 10
Erie con. . APP. lb IPennayivania ...... b6h
~ i''pt''"."... 36hI Reading luep'''' 1oh
Illinois Central. .... lO3l,lst Paul ............ o2a
kansas Texaa..., ia Isouth Railway. 9A
Lake Shore ..,....l 7A1l south Railway pf.. 2ea
Louisville q Mash. bda Union Pacific. ...... 22e
ne" YORK Central. loeh wabash pf'."....'. ID
- FRIDAY, Nov. 5.
The susceptibility Of the speculative element
In Wall street to unsubstantial developments
was demonstrated afresh to-day. Were 1t not
ior the serious declines In prices that TOOK
placo. tho ostensible causes for 1t might
DO regarded as ridiculous. Az q matter Of
tact' tho market appears to have been
ripe Tor further liquidation by weak and
timid holders, and aggressive operators on
tho short side were alive 10 that fact, and
utilized such inconsequontial events as the
action Of the Chamber of yes-
terday and the published utterances of q for.
NOR employee Of tho State Department to
their own advantage. Tho most trustworthy
information from Washington is that tho pol
Icy OF tho Administration 10 to avoid a
quarrel with Spain regarding Cuba. For OBJ
vtous reasons the Spanish Government
10 reluctant to antaRoniEo tho United
States. The Spanish Government cannot,
however. absolutely control all Of its igno-
rant and naturally bellicose citizens. On tho
other hand. the profession of diplomacy In the
United States is 80 comparatively new that
q discreet silence oven from ex-employ-
ees OF the State Department is hard
ly to DO expected. spain's only hope
Of relinquishing Cuba without humiliating
herself before the other nations Of Europe rests
upon the possibility that the United States,
either directly or indirectly. may compel her to
do 30. Pending tho solution of tho problem
which involves the ultimate disposition of Cuba,
the business Of this country is held in check,
and from time to time tho prices for securities
are marked down.
The recognition of the belligerency Of tho
Cuban insurgents last winter would have saved
the business and investment interests Of this
country many million dollars. Tho decision in
that respect will apparently be left to Congress
after Its perusal of tho correspondence between
the two countries. Pending that event, the
market for securities appears to be at the mercy
Of any and every rumor monger who can find
room for his views in sensational newspapers.
1t must now be plain to every disinter-
ested observer of financial affairs and
international relations that the investment
and commercial interests Of tho United States
would be very much better on had tho bolliger-
oncy Of the Cuban insurgents been recognized
many months ago. The spasmodic alarms that
have repressed business and depressed the
market for securities during the last twelve
months or more have undoubtedly re-
suited in greater losses than would
have resulted from the recognition Of
the belligerents when it became apparent
that the inhuman campaign against them was
likely to be unsuccessful. 1t is certainly a great
pity that the rising tide of prosperity in the
United States should be continually checked by
the possibility of q severance of diplomatic re-
lations between this country and q degeperated
and bankrupt European power which is unable
to control Its colonies either by peaceful methods
or by force Of arms.
Foreign operators in securities showed that
they did not share the childish apprehension
INDUCED in here by making fairly largo
purchases Of securities In this market. Those
purchases were Offset. however, in the early
dealings by the liquidation Of what appeared
to BIO lightly marEined speculative accounts.
Besides, thcre was persistent and effective sell.
ing by operators, who. temporarily, at least,
favor the short side Of the market. That a bear
campaign was we'll under way was plainly
demonstrated In tho late trading whom the
street was flooded with any number of dis
turbing rumors, many of them absurd. They
had comparatively little effect, for after tho
carly decline in prices the market encountered
a degree of resistance that was reflected in quick
rallies after each drive. The most pronounced
movement Of this character was at the close,
and was Influenced to an extent by the publica.
tion locally of a despatch from Washington that
the Cuban situation WAS not discussed at to-
days Cabinet meeting.
The dealings In stocks werc tho largest re-
corded for some time past and were fairly well
distributed. Tho heaviest transactions were in
Sugar Refining. which. at a recovery OF III . cent.
from the lowest price, closed more than 4 points
lower than yesterday. The noteworthy dealings
in other stocks. in the order named, wore in c.,
B. and Quincy. st. Paul. Chicago Gas. Northern
Pacific preferred, Rock Island. Louisville and
Nashville, Missouri Pacific, and Atchison pre-.
ferred. In a number Of others the transac-
tions exceeded 10000 shares. The average
net decline in tho stocks named and re-
ferred to was fully 2 y cent. OF the com.
paratively less active shares Consolidated Gas
was most conspicuous at q net decline of z
points. 1t is significant that tho sentiment of
tho Street has become as strongly and gen.
orally bearish as 1t was bullish two months
aRo; hence 1t would not be surprising II
the market should soon become as much
oversold as 1t was overbouRht two months
ago. 1t Is true that general business is
somewhat less active; at the Same time railway
earnings In the main compare favorably with
the returns of a year ago. The transportation
situation is improved by cooler weather at tho
South, Which mas resulted In tho removal
Of quarantine restrictions at many impor-
tant points, thus permitting a freer move
mont Of cotton to market and out of the
country. This development is certain to
be reflected in the trafio returns OF Southern
railroads. 1t is also to DO noted that the NOR
bid interest of The speculative community in tho
Cuban situation has temporarily belittled tho
Importance of the unusual demand that will DO
made upon this country for breadsturs before
tho end of tho present crop year. The closing
of the stock market was, in the main, steady, at
a recovery of a point or more from tho lowest
prices
Final sales compare with those Of yesterday 40
follows:
Not. 4. Nop. g.. Nov. Z. Eov. 8.
A.TGsFe. 9 l2ia Nat Lead pfl al 1922
A,T&sFep 7 267s Nor Amer. do a.
Am Cot OIL. o 49, Eorf 4 WE dls s3eLo
Am S Ref 1857 l3ltE " eom...l2oa 1851
Ans Ref p. Il ITO N Pao com. l7s lea