The San Francisco call., 1897-11-06
NEW YORK STOCK MARKET.

NEW YORK, Nov. 5.-The stock market under
wen, course of very dTastric liquidation to-day
a result OF which prices are from one to four
points lower than they were last night. That this
course of things helped along by professional al
bear pressure was made evident by the very ur.
gent covering movement which developed in the
n nal half hour of trading and which rallied the
prices of a great many stocks over point from
the lowest p iuts tCuchedI reducing by much
the losses which would otherwise be shown by the
day's trading. But this recovery a. the close was
on d greatly diminished volume of husin SIS and
was apparently affected by the TEMPORARY with
holding OF Iiquida-ing offerings done once
OF wce previously during tae day, only to be sue
ceeded by renewed q idauon and de line.
here is no doubt hat he motive of a large
par, OF the selling was ths brliei that relations
be; ;wren the United States and spain drift ing
I. ward an open rup ule: This hai been 4 bear
gument fof some time in the stock market and
has been quite effective in depressing prices whe
ever anything that could b. construed as corrCb-
oratIve evidence was Offered. ApprehensionS on
this score received potential stimulus from the
action of the New York Chamber of Commerce
YESTERDAY IN APP aling for an Increase in the
artillery force of the United States army neces-
6nry for he adequate protection of \ ew York
and III proper operation of its harbor defenses.
The published expressions from the late United
States Minister to rpaln disclosing the charac-
ter of the diplomatic relations between the two
countries and outspoken advo, acy of interveti-
II q oy the Cnted 81 ates IN Cuban affairs intensi-
ned the sentiment OF apprehension among secur-
fiy oilers he nearer approach of the conveninG
OF Con greSs and the belief that this event will
crystaze the Governments policy toward Snain
made The prospect more vivid in the traders eyes
Some continued apprehension regarding the healI h
or the president of the sugar company made tha
stock, with iis powerful influence on the hole
market particularly weak. This com bination of
factors was conclusive in inducing maay large
holders OF SECURITIES to unload unde er the convic-
Ion that no Immediate recovery Ia prices of any
large dimensions Is likely 10 occur
There was food of selling orders and very lit
tie disposition IN any quarter to buy. Asa result
enormous blocks of stocks wer- allowed to 60 for
almost any Price they wou d bring In The first
rush of Liquidation prices offered down verv
widely before eliciting any buying The extreme
decline in Conso lated Gas reached points In
sugar 53s, in Lake Erie and Western preferred
512 do. common and in Manhattan Ala There
was scarcely an active stock on the lis that did
not recede az least points below last night s.
and there was Q rush 10 sell bonds as well, and
losses OF between ! ana points were frequent all
throug n the Inst. The fact that the LIQUID alton
was not precipitstt at the opening was due To the
fact that Lonton prices of a merican securities ad
vanced slightly.
The enormous interests at that money center
fairs hat the absence OF apprehension there hac
the effect of steadying prices here momentarily
The fact not lost sight OF cit her that there
buying for LGndon account in this market al al
n o>t al stages ott7 e decline Ate tHe oprnn:
prices fe.l III London to the New York parI y
I here was nothing 10 account for the hardening
but the covering Of shorts.
Aside from the general weakness In bonds thI
feature OF that market the strength of Kan
sas Pacific consols, which recovered ia pef cen