The Providence news. (Providence [R.I.]) 1891-1906, 1899-11-04
BULLS AND BEARS.
Leather Common Stock Had a Sen
satIunal Smash Today.
Broke IS Points, Then Recovered Eleven.
Whole Market Shaken.

what riotous week the market was not
unuaturally duh at the closing session
| with sunday. a holiday on Tuesday
| election day. and the coming bank
statement. which is regularly due at
/ 1880 a. mn.
The bank statemenC, however, was
/ DELAYED and transactions ceased al
most entirely IL was not reported un-
/ til quarter before II.
When IL came IL was "A surprise in
! decreased reserves and the blow affect
! cd the market as no news from South
/ Africa ana no uncertainty regarding
/ the elections next week has been able
To- do for the last two weeks.
The most important effect OF the
bank statement was the pricking of the
Leather bubble.
Leather common rose TO 40 this
morning.
When the bank statement came 1t
thrashed down around %. Perhaps
there were sales even lower than that.
Some said it was traded I'm unbr 20.
Whatever it's low figure was, how
ever. it was low enough.
The market was full of Leather stop
orders on pyram.ded long stock.
The stop orders were we'll wiped out.
Thousands of shares were exchanged
The slaughter of late coming lambs
was ccmplete.
The stock rallied ten points as quick
~ as Il had fallen of the fifteen that
everybody agrees IL did fall.
1t jumped back from % to 80 in the
twinkling Of an eye and closed around
SO.
The whole market was naturally af-
fected. but there was no such Wlplng
out of long stock as Leather enjoyed
| and no especial pressure 10 sell deNei-
! oped anywhere.
| Leather has been the most heavily
! traded i'm of any OF the stocks all the
! week and the Leather trading mas
grown steadily from day 20 day 10 =
corresponding exclusion OF interest ~
| other issues.
Beginning with about $4,000 shares OF
! leather common last Monday the
| transactions steadily rose until fhey
reached nearly 100000 yesterday
As was indicated in this correspond
ence last evening Leather looked IKE
| "A blown up bag all ready TO pop.
IL popped this morning at ll:4o.
The crash was tremendous, although
nothing but the echo was left when the
| market closed.
I Leather fransa cTT5ns UP 70 t7s7tt tfft'tft
were 344 600 FOR the week Probably
! 100000 more were recorded today on
| the shake out.
Last week Leather common did more
| than 425 600 transactions.
| u has been "A fine game and IS PROD
ably not finished vet
| Activity successes Leather common
has enjoyed doesn't usually culmlnate
with one movement Of only single
months duration.
For all the smash. however Leather
| 4 r,Ofntg hollow IFS
hioh of this morning and less than )
points below hast nights closing price.
The weeks business i'm the market
! has been vFr-y--frrF-- and prices nave
continued their ascendency, which
started ON the 18th Of october.
" to- Thursday night, when total
Of more than 10000 transactions was
recorded the gains all through the list
were decidedly encouraging, ana
| comparison with the figure OF the close
| Of last week would have shown marked
| advances in all classes CT stock up 10
so late as last night
| The break i'm Leather today. however.
| swept most of the weeks gains away
| and in many instances turned them IN
| t. losses by comparison with the hgure
| Of week ago.
] In most GASES high prices were made
| I'm the middle of the week. Then
Leather began its monopoly of the
| trading and the balance of the list
! tended TO sag, while Leather SCARED.
| The market being ruled by Leather
| was sensitive 10 it's influence when the
| crash came and although there are no
| great losses. not even in Leather the
| profits OF the six DAYS operations nave
! I'm most cases been wiped out.
The advance OF Leather has natuf-
ally attracted attention In others or
| the low priced and heretofore little
traded i'm stocks 50 that many of these
have come to the front. while the old
reliables. like the Changers, have been
let pretty much alone. Rope ana
Irvine. southern Pacific. Southern
Railway. Chesapeake and Ohio, TO say
nothing Of the Steel stocks. have Deem
gaining favor with traders all the week
and tending To better prices according
~
The following figures show the COM
parative prices Of standard stocks ana
the speciakies witch have been active
during the week q the close today ana
the close one week ago.
Az occurs frequently i'm this weekly
comparison the range Of prices for the
six DAYS Is not fairly shown and as
before indicated the gains have been
greater from last Saturday 10 the mid
die of the week and the losses greater /
from the middle Of the week 10 today /
than the subioined comparison for the |
whole period makes clear.
sat SAT.
Nov g. oct. 2S. Gain. Loss |