The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-06
han they were last night. That this

professional bear pressure, was made
evident by the very Urgent covering
movement which developed in the final
half hour of trading and which rallied
the prices Of a great many stocks oven
a point from the lowest point touched,
reducing by so much the losses which
would otherwise be shown by the days
trading. but this rally at the close was
on a greatly diminished volume of bust
ness and was apparently affected by the
temporary Withholding of liquidatng
offerings, as was done once or twice pre-
viously during the day, only to be sue
ceeded by renewed liquidation and de-
cline There is no doubt that the motive
of a large part of the selling was the be-
lief that relations between the United
States and Spain were drifting towards
an open rupture. This has been bear
argument for some time in the stock
market and has been quite effective in
depressing prices whenever anything
that could be construed as corroborative
evidence was offered. Apprehensions
on this score received a potentional
stimulus from the action of the New
York Chamber Of Commerce yesterday
lin appealing for an increase in the ar
tillery force of the United States army
as necessary for the adequate protec-
ton Of New York and the proper opera
ton of its harbor defenses. The pub.
lished expressions from the late United
States Minister to Spain, disclosing the
character Of the diplomatic relations be-
tween the two cuntries and his out
spoken advocacy of intervention by the
United States in Cuban affairs intensi-
fed the sentiment of apprehension
amongst security holders. The nearer
approach of the converting of Congress
and the belief that this event was to
crystalize the governments policy to-
ward Spain made the prospect more
vivid to the traders. Some continued
apprehension regarding the health of
the President Of the Sugar Company
made that stock, with its powerful in
fluence on the whole market, particu-
Ilarly weak. This combination of factors
was conclusive in inducing many large
holders of securities to unload under the
conviction that no immediate recovery
in prices of any large dimensions is
likely to occur. There was a flood of sell
ling orders and very little disposition in
any quarter to buy. As result enor-
nous blocks Of stocks were allowed to
go for almost any price they would
prices were offered down very widely be-
| fore eliciting any buying. The extreme
decline in Consolidated Gas reached 9
points, in Sugar 53s, in Lake Erie and
| Western preferred 5R. do common 4
and in Manhattan AS. There was
lscharcely an active stock on the list that
did not recede at least 2 points below
last nights level. There was rush
| to sell bonds as well as losses between
u and points were frequent all through
the list. The fact that the liquidation
was not precipitated Immediately at the
opening was due to the fact that Lon
don prices Of American securities adj
yanced slightly. The enormous interest
lat that money centre are usually so well
informed on international affairs that
the absence Of apprehension there had
the effect of steadying prices here mo-
lmentarially. The fact was not lost sight
of either that there was buying for Lon
don account in this market at almost
all stages of the decline. After the open
ing here prices fell in London to the
New York parity. There was nothing
to account for the hardening at the close,
but covering Of the shorts. Aside from
the general weakness in bonds, the feat
ure Of that market was the strength of
Kansas Pacific consols which recovered
~ per cent from yesterdays price. The
days sales were S2,075, 900.
The total sales of stocks today were
SOC, 800 shares, including Atchison pre-
ferred 1876; Burlington 64.050; Louis
vile and Nashville 1920: Missouri Pa
cifc 1920; N. J. Central 600; New
York Central 10,145; Northern Pacific
preferred 24,420; Reading 12,715; Rock
Island 1900; st. Paul 54,650; South
ern Railway preferred S,110; Union Pa
cifc t. T., 12,745; Wabash preferred T.,
4S0; American Tobacco 1908; Chicago
Gas 36.170; Lead 800; Pacific Mail
5.4O0; Sugar $500; T. G. and Iron H.
357; Western 11,696; Chicago Great
Western 1920.
LONDON MARKET.
New York, Nov. 5.-Evening Posts
London financial cablegram:
The stock markets were idle but
steady to-day, except Americans, which