The Washington times., 1901-10-08

Much Pressure Evident in the Days
snIes-A Reaction After the First
Decline. But Another Brcai> Fol
NEW YORK. Oct Stock mark, t
prices yielded further this morning with
heavy and pressing liquidation appearing
In nearly every quarter OF the market
As has been the case for some time, sell
ing of this character was most urgent in
Sugar Refining Amalgamated Copper.
and Brooklyn Rapid Transit, but there
were few quarters of the market in which
1t was not evident TO a greater or lesser
degree. The standing of these three
stocks, or, at any rate, the present public
conception Of their merits, has now per
haps been sufficiently thrashed out in thu
daily verbal and printed discussion Of
stock market affairs. As is ordinarily
the case. the tremendous declines they
have all scored appear to count for moth
ing at ali in speculative calculations. The
temper Of Wall Street has become SO
pessimistic that it is indisposed to see
much sood in anything and can find nC
end Of evil in every direction.
Today's heavy declines ensued with
nothing whatever having developed over
Sunday. There was. indeed, rather more
general discussion Of the admittedly du-
bious monetary outlook but that phase
of the situation has for several weeks oc-
cupied the attention of thoughtful OBJ
servers. Saturdays somewhat disap-
pointing bank statement and the further
absorption of funds by the local Sub
Treasury appeared to explain the more
general concern felt as to immediate de-
velopHaents in the money market. Today's
money market furnished some indications
that more active monetary conditions
must be looked for hereafter, but not
withstanding this fact sterling exchange
was decidedly firmer
The tendency of the latter market was
furthered somewhat today by renewed
selling of stocks here for foreign account
which in the aggregate amounted to about
10000 shares. This total was somewhat
reduced, however, by moderate buying for
foreign account in Atchison common,
Southern Railway. and, to a smaller ex-
tent, in some other issues.
London sent in a much lower range of
prices for our stocks, the declines there
in a number of cases being in excess of
] per cent The local market opened be-
low parity even with the declines in Lon
don, circumstance which reduced, of
course, 1ondonS sales here. After the
opening there was common and mate
rial recovery in prices, which was not.
however, long maintained. Prices soon
broke badly again, and on this occasion
the market was wanting in the support
that was furnished by the early covering
OF short contracts by the floor traders.
Notwithstanding the general weakness,
support was not wholly wanting. There
was fairly heavy buying of the Southern
Railway issues and on the decline the
appearance of good support in the junior
Nanderbilts led to rapid advances in Can
ada Southern. Lake Erie and Western,
stocks.
1t was not easy to assign any special
reasons for the marked weakness in St
Paul and Missouri Pacific, although, of
course, the professional element of the
street, was able to draw its own conclu-
sions from the course of those stocks. |
Among the lower priced issues. the Chi
caso Terminals, Missouri Kansas and
Texas. anG ST. Louis and San Francisco
were particularly weak. AS was to be
expected in such a market, the so-called
specialties showed extensive declines
conspicuous examples being Tennessee
Coal. and Iron. Colorado Coal and Fuel
Consolidated Gasss and General Electric.
Trading was iIfSiarger volume than for
a long time. particularly in the earlier
part Of the day, and, will be seen, the
dealings were very generally diversified
throughout the list. Occasionally ii would
appear as IL the bulk of liquidation had
temporarily run its course, and when Il
subSided. quick rallies ensued but
throughout the day market movements
continued exceedingly feverish and un-
certain.