The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-10-07
LONG STOCK ITO SELL.
And The Bears Have Thus Been Encouraged
to Continue their Efforts. #
SHARP DECLINES IN SPECIAL STOCKS
Sugar, rhicnEo Gns. Manhattan, Bay
state Gas "nd the Gr"ngcrs Were
tho Objects Of Most AEsressive At
fncks-A Sharp Rise In PcnnsyIyn-
MIA stock. ~

New York. Oct G.--The bulls main
tanned waiting attitude for the most
part In to-day's market. and the bears
were successful tc1 shaking out further
STOP loss orders and depressing the
general level of the market a further
sharp fraction. There seems to be long
STOCK to sell and the bears are thus en-
couraged to continue their efforts.
Where there Is evidence OF realizing
they apply pressure by short selling and
80 percipitate the decline to a point
where stop loss orders are added to the
weight on the market. The consequence
Oh th1s policy was some very sharp de-
ciines in special stocks during the day,
sugar chicago Gas. Manhattan, Bay
state Gas and the GrNlgers being the
OBJECTS or most aggressive attacks. The
lowest prices of the day were made
early In the final hour, but the last
mar hour OF the trading saw a steady
haroenlnE or prices, which materially
reduced the net losses. All the factors
In The general situation indicated a
continued decline, except the exagger-
9teu level OF prices, which has been
attained. One of the features of the day
was the large buying in Pennsylvania
ana sharp rise In the price OF the
STOCK. The announcement of the with
orawai from the Bank of England OF
S5OO,00O In American eagles for shin
tary effect in steadylng prices. This
was the more notable, as the movement
Is considered to be the beginning of a
steady import of gold Sterling ex-
Grange sold at 4.S4A to-day. that price
oeins offered at sellers option for the
rest OF the month. The ample supply of
GOD at present in the country must he
accepted as accounting for tho snail
erect produced by the Impending gold
movement. The New York Clearing
mouse banks now hold 500 365, 100 in spe-
c.e compared with s55.S0I leo a year ago
Inc last of the first lot or gold engaged
IN Europe for import two weeks aro
mas arrived from Genoa and been de-
posted to the account or importers, Hl-
.houHh the New York banks have lost
IN the last two weeks s16605, 300 of their
deposits. the specie IN the cash reserve
mas SHOWN an actual Increase In the
same Time. The United Suites Trea-
Sury gold reserve has also been fncreas-
ing at The rate OF q quarter Of a million
dollars day for several days past
The rates for money i'm the New YorI,
market show no further tendency to
harden. If all these CIRCUMSTANCES are
taken. into account 1t will not seem
surprising that small importance at
thches TO the movement Of gold hther.
London was buyer of stocks in This
market to-day and statements Of ra-
toi" earnings all continued to show in
crcases. Nevertheless the result of the
oay irregular trading is the showing
| OF net losses extending from fraction
10 oyer n point throughout the list.
The dealings in bends were somewba I
larger than those OF yesterday and
prices declined in sympathy with stocks,
Total sales. s1.665 900.
United States old As regular and the
| new is both registered and coupon
to
were sales OF the old a. at 11211l2H and
OF the SIS coupon at lis.
Inc total sales of stocks to-day were
335.5G0 shares.