Daily Kennebec journal., 1904-10-28
BAD BREAK.
Fear Of the War Scares
Stock Market.
Acute Crisis Between Britain
and Russia Responsible.
Show Most Conspicuous
Weakness.

New York, Oct. 27.-The acute crisis
in the relations between Great Britain
ard Russia was responsible for a bad
break in tie prices of stocks, today.
Very heavy blocks We're thrown upon
the market of all the prominent issues.
the opening transactions running from
1000 to 1000 shares, the latter in Rock
Island. The weakness extended to the
whole market, but the leading Interna-
tionally listed stocks We're most con-
spicuouS owing to the added pressure
of selling for foreign account
Few of the prominent stocks escaped
an opening loss of point and in some
cases the decline extended to or over.
Pressed Steel Car was forced down
Az with the added weight of disap-
pointment over the passing of the divi-
dend. Long strings of a thousand
share blocks and upwards were dealt in
in many stocks after the opening and
the opening losses We're considerably
extended. The market caused consider
able disorder and excitement
Banking houses with continual con-
nections were in frequent communica-
tion with their correspondents. Be
yond the practically unanimous opin-
ion that the gravity of the situation
had increased no definite news was OBJ
taina BILE. A member of a banking house
which has at times represented the
French government here said:
I'VE have no knowledge that France
has offered to mediate in the trouble
between England and Russia, but we
think it very probable France is seri-
ously concerned in the situation and
she is for peace. All her efforts we are
assured will be bent in that direction.
London sold heavily in this market,
| unloading fully $4,000 shares in the first
| half hour according to reports. Much of
| this was doubtless for account of other
I European centerS such as Berlin,
! Frankfort and Amsterdam. West and
| III fact all sections of this country sold
| the list at the outset. Commission
| houses aid a flood of selling orders and
reports have it that some weekly mar
sined accounts We're sold out without
| previous warning to holders. The
market bore evidence of good support
! stantial rallies in various stocks Buy
! ing of a high class during the decline
was reported.
| A leading international banking
house received cable mesSa ge from
London shortly before noon today stat
/ ing that the Anglo situation
! was growing less complicated. Another
prominent firm received no cables from
London today. which they accepted
as an indIca ton that the acute stage
! in the situation mad passed. Several
| other financial firms were in receipt of
their usual cables from London and no
reference was made to the possibility
of the increased trouble.
Wall Street was more acutely effecet-
ed by the war-like outlook than any
other market in the world and stocks
We're shoveled out practically without
cessation during the whole of the morn
/ ing. The strength of the wheat market,
the sharp advance in foreign exchange
and further engagements of good for
/ export were accepted as alarming ad-
vices Of threatened outbreak of hos
tiltes.
During the morning practically all
| of the active hign-priced speculative
and 8 points. The ieassuring private
, advices received by great internation-
al banking houses were ignored for a
! ment ultimately.
! A steady recovery in prices of stocks
| then set in and early in the afternoon
| only fractional remnants We're left Of
! the extreme losses Of the morning The
market settled into quietness and dull
ness not far below .ast nights level.