The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-06
SHARP UREAK IN STOCKS.
O2S. 900. 900 Knocked on tho Price or Q
securiies-War Runners and Other Rumors.

O28. o 900 Knocked or the Price or go
securities-War Runners and Other Rumors.
Serious declines were registered in the stock
market yesterday because Of the circulation of
various unfounded absurd rumors. A coinoi.
dence In the publication of several matters
bearing moro or less directly upon tho posi-.
bility Of o rupture between this country and
Spain afforded an opportunity which the pro-
fessional bears seized to shake down prices.
They attacked the market vigorously at the
opening of business, and their selling resulted
in declines that reached stop orders and threw
stocks ON tho market In large blocks.
Tho Chamber of Commerce resolution call
ing for an increase in the artillery force of tho
army to man the seacoast defences was utilized
as a bear weapon. though the subject has been
pending in the Chamber since September.
Some published utterances of Hannis Taylor,
formerly Minister to Spain. were also made to
help the bears. Cabled advices from Madrid
that tho latest note Of the Spanish Government
to this Government declares that Spain will do
what she may deem advisable about granting
autonomy to. Cuba added to tho Spanish war
talk.
False rumors of the death Of President Mo
Kinley, Of tho death Of Richard Croker, and of
the death of Henry o. H%avemeyer were 'cirou.
lated. Another rumor was to the effect that
tho OnltCu OIdLOo hihiS,o O OUCH IcCalloQ
from Spain. The crop of rumors would not
have been complete without reports of i'm
pending failures. SO those were circulated.
It was calculated by an expert that thore had
been q hecline in twenty-three railroad stocks
and in three industrials, averaging about two
points each, which. on a basis Of an aggregate
capitalization epproxtmating Q1,279,00 900,
represented . depreciation OF Y26, $50, 900 In
this comparatively small list. To this should
be added the depreciation In other stocks and
the bonds Of various companies
Trading throughout tho day was Of a feverish
were recorded ranging from l point TO 0 points.
In the final dealings there was Q sharp rally on
adyfces from Washington that there was no In
formation there c~onhrmatory Of tho warliko
reports that had been circulated in Wall street.
Closing prices were at O partial recovery, though
allowing net losses for the day. The net de-
clines for some OF the active stocks were:
American Sugar Refining, 40 points; Ameri-
Oan Tobacco, M; AtShison pTeterEsd Il Chica-
u; General Electric. IA; Louisville and Nash.
Vile, lA; Manhattan Consolidated, "a; Mis-
souri, Pacific. 19s; New York Central. III; North
ern Pacific preferred, 1H; Chicago and North
West, 2; Heading. 1H; Rock Island, "a; 81.
Paul. III; Tennessee Coal and Iron, III; Onion
P9cihc, Il; Western Union. lSS Consolidated
Gas, which. at the lowest q the day. showed a
Thursday OF o points, closed at a net decline
Of 2 points. This was the heaviest decline for
any one stock. Next to 1t was Lake Erie and
Western preferred, 81 points.
Several OF tho members OF tho Chamber OF
Commerce who attended the meeting at which
ths coast: defence resolution was adopted ens
pressed great AStoniSAmsAt yesterday aStASs0.