The age-herald., 1897-08-10
In Wnli street.

New York, Aug. 9.-QuTte violent IL quidasfon sst in in the stock market in the las. hour and half of trading today, and prices came tunlbling from fheir high points. the declines from the high points being in many cases very wide. Whats the professional traders have been pie dieting for some time came to pass, name ly, sufficient decline in many stocks 10, uncover stop loss orders by weak hoidefsa of stocks. The q salers have been aware of The 'ipyramiding" of orders on a large scale. that is to say, the reinvestment or earnings as fast as made by weak hoid- CTS. which threatened what occurred to- day. It looked for a tim= as though tne market was going to pieces under me wesht of heavy offerings ito realize, but q after 1t was over a Iaking account of the day revealed that the nst changes of l per cant were confin=d 70 a compalat " " few socks. It was the stocks that hao enjoyed senea tIond1 advances III aAe nrornbne ncilably the grangs rs, that SUI 3fered most severely in the afternoon "A selling to realize darted in the grangers' and as the markeS is more sensitive |o 1he influerce of this group than to any other, the selling movement soon pfoau- ened by sympathy until it included pretty much lIhe whole list. 1t was notable that the grangers steadied and rallied even while other prices were S-ll talllIig, Dur lingiaon recovering over point rom the lowest, and there were excepuots aul through the list to the weakness, some prominent stocks holding firm in une midst eff the heavies. sellhngs of the other ieatocks. The buying in the morning on the rise was on enormous proportions, ex- ceeding in volume that for a whole oay of ordinary trading. There was large falling of fuy the early period of the de- cline, walisSga was hopeful indication that prices would rssigt the pressure and resume the advance. BW fatnthearted- ness Hook increasing hold on the minds of hodt1airs and the selling movement devel- oped sfyto sem; thing like a throwing over- board of securities. Sales for the day ex- ceeded 757, ,000 shares. The cratic move mert of Manhattan was an unsettHng . factor in ghs market. The short interest in the stock continued in manifest dis tress and covered heavily at rising prices. The short interest," in this and other stocks is believed to have been largely elfm msled during the early buying thus withdrew ing an important sustaining factor and the, stock feM accordingly towards its normal level. The same condition of af- fairs was present in the case of other stocks, and Ihe first decline uncovered sop orders, which, of course, accelerated tr1e declines. There was no news of the general situation to account for the de- cline, all factors continuing favorable, London buying as well as selling stock, the price of sterling exchange regis aer- ing a still further decline, and crop news >ran continuing favorable. The early ad vance carried many stocks up over 2 points, notably Burlington, Rock Island, '. Chicago Great Western, Tobacco, Colo- rado Fuel, Lackawanna, Western Union and New Jersey Central. A large mum ] lber of other active shares showed gains of over a point. Butt ne sl1pnnp in the market wiped all but a small fraction of the. advance in nearly all cases and ear ried some below last nights close, Rock Island and Leather preferred each losing IA net
 The sales of stock today were 756, 800 shores, including Atchison preferred 3S,- 800 Chicago and Alton, 10,5O0 Chicago and Eastern Illinois 49S20; Lake Erie and Western 12,200; Louisville and Nash vile, 4,100; Manhattan 25,O52; Missouri Pacific, 1S,4000; Jersey Central, IA. .20oO; New York Central 10500; Northern Pa- cific 6,900 New York Central 3S7 2 Reading 17,OO0; Rock Island 96, 800; St. Paul 55,S00; Southern Railway 9.20o; Southern Railway preferred 15,0O0; Un- ion Pacific 17,900; American Spirits 1900: American Tobacco 21,000; Bay State Gas 6,100; Chicago Gas 14200: General Flee tric S,200; Lead 9.900; Pacific Mail 5000; Sugar 26,620 Chicago Great Western A. 800; Tennessee Coal and Iron $500; Unit ed States Leather, preferred, 12 200: Western Union 2S,820.
 The bond market sympathized with the share speculation in general tenden- cy but the variations were exceedingly marrow The transactions were in enor- q nous volume with the demand very keen in lower grade liens. The aggre- gate sales were $4,515,0O0 sis
 Governments were very dull, but firm. Transactions were &, ,000
 Money on call easy at 1@11k per cent; last loan 1R per cent; closed offered at l per cent.
 Prime mercantile paper 4D41a per cent Sterling exchange weak with actiial : business in bankers bills at s4S5M O $4.S6 for demand and at $4S4A@s4841s for sixty days.
 Posted rates s4S5@s4.S7 and s4.ssh@ SASS.
 Commercial bills $4S4
 ;, Silver certificates 56657c. : Bar silver 55Ac.
 z Mexican dollars 42%c.
 Goverrment bonds firm.
 State bonds dull.
 Railroad bonds strong.
 Petroleum Penusylyania cri1de m