The age-herald., 1897-11-06
In w all Street.

New York, Nov 1.-The stock market underwent a c0ur1a of very drastic liqui- dation today, as a result of which prices ara from one to four points lower than they were last night. That this course of things was helped along by profess sioIal bear pressure was made evident by the very urgent covering nov sment which developed in the final half hour of trading, and which rose the prices of great many stocks to a point over the lowest point touched. reducing by so much tn, lossss which would otherwise be shown by the days trading. But this recovery at the close was on a. great diminished volume of business and was apparently affected by the temporary withholding of liquidation orders, as was done onca 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>s Hing was the belief that rela- tions between the United States and Spain were Gnlfting towards an open rupture. This has been bear argumIant for some time in tha stock market, and has been quite effective in depressing prices whenever anything that could be construed as corroboratiye eYidsnce was offered. Apprehensions on this score re- ceived potential stimulus from the ac- tion of the New York chamber of com- merce yesterday appealing fer an in- crease in the artillery force of the Urited States army as necessary for the ade- quate protection of New York and th+ proper operation of its haTbor defens s. The published expressions of the late United States minister to Spain, dis closing tha character of the diplomatic relations between the two countries, and his outspoken advocacy of intervention by the United. States in Cuban affairs intensified the sentiment of appr5 mansion amongst security holders The nearer approach of the convening of congress and the belief that this evsnt was to crystalize the governments policy to- wards Spain, made the prospect more vivid to traders everywhere. Som- con- tinusd apprehension regarding the con- dition of the president of the Sugar conl- pany, made that stock, with it's power- ful infiuencs on the whole market, par ticulally weak. This combination of factors was conclusive in inducing many large holders of securities to unload un- dsr the conviction that no immediate recovery in prices of any large dinen- sions is likely to occur. Thsre was a flood of selling orders and very little dis position in any quarter to buy. As a result enormous blocks of stocks Were allowed to go for almost any price they would bftng. In the first rush of iquida- tion prices were offsred down very wide Iy before eliciting any buying.
 The extreme decline in Consolidated Gas reached 9 points. in Sugar 5Ss, in Lake Erie and Western preferred 51a; do common 4, and in Manhattan AS There was scarcely an active stock on the list that did not recede at least ? points be- low last nights level. There was rush to sell bonds as we'll, and losses of between 1 and 2 points were frequent all through the list. The fact that the liquidation was not precipitatsd imme- dately at the opening was due to the fact that London prices of American se- curities advanced slightly. The numer- ous interests at that money center are usually so we'll informed on interna- tional affairs that absence of apprehen- sion there had the effect of steadying prices here nnomentarily. The fact was not lost sight of either that there was buying for London account in this mar ket at almost all stages of the decline. After the opening here, prices fell in London to New York parity. There was nothing to account for the harden ing at the close but covering of the shorts.
 Aside from a general weakness in bonds the feature of that market was the strength of Kansas Pacific consols, which recovered 1A per cent from yes 1erday's prices. The days sales were S2,O07 ,0O0
 United States bonds declined N. or Bs for all issues.
 The total sales of stocks today were 596,s00 shares including the following: Atchison preferred, 17,796; Chicago, Bur- i.ngton and Quincy 64.0O5; Louisville and Nashville. 1S.720; Missouri Pacific, 1T, 200, New Jersey Central, 6,700; New York Central 10.415, Northern Pacific preferred, 24,420; Reading, 12,715; Rock Jslard, 19,030; St. Paul, A.650; Southern railway. 8.11Q; Union Pacific. T. R. sec