Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-27
BAD BREAK IN STOCKS.
Acute Crisis in North Sea Incident At
fects Wall Street.

NEW YORK, October 27.-The acute crisis
in the relations between Great Britain and
Russia was responsible for bad break
in the prices of stocks today. Very heavy
blocks were thrown upon the market of all
the prominent issues, the opening trans
actions running from one thousand to seven
thousand shares, the latter in Rock Is
land.
The weakness extended to the whole mar
ket, but the leading internationally listed
stocks were most conspicuous, owing to the
added pressure of selling for foreign ac-
count. Few of the prominent stocks es-
capped an opening loss of point, and in
some cases the decline extended to two or
over Pressed Steel Car was forced down
Az, with the added weight of disappoint-
ment over the passing of the dividend.
Long strings of thousandshare blocks
and upward were dealt in in many stocks
after the opening, and the opening losses
were considerably extended. The market
showed considerable disorder and excite
ment.
Banking houses with continental connec-
tons were in frequent communication with
their correspondents. Beyond the prac-
tically unanimous opinion that the gravity
of the situation had increased no definite
news was obtainable. A member of a bank
ing house which has at times represented
the French government here said: I'VE
fered to mediate in the troubles between
England and Russia, but we think it very
probable. France is seriously concerned in
the si<lation and she is for peace. All her
efforts we are assured. will be bent in that
direction
London sold heavily in this market.
loading fully $4,000 shares in the first half
hour, according to reports. Much OF this
was doubtless for account of other Europ-
can centers such as Berlin. Frankfort and
Amsterdam. The west. and in fact all sec
lions of this country, sold the list at the
outset. Commission houses had a flood of
selling orders. and reports have 1t that
some weakly-margined accounts were sold
out without previous warning to holders.
The market bore evidence of good support
not long after the opening and made sub
stantial rallies in various stocks. Buying
of high class during the decline was re-
ported.
A leading international banking house re-
ceiyed a cable message from London short
ly before noon today stating that the Anglo
Russian situation was growing less COM
plicated Another prominent nrm received
no cables from London today. winch they
accepted as an indication that the acute
stage in the situation had passed. Several
other financial firms were In receipt OF
their usual cables from London. ana no
reference was made to the possibility Of In
creased trouble.
Wall street was more acutely affected by
the warlike outlook than any other marxet
in the world and stocks were shoveied
ont practically without any cessation dur
inc the whole of the morning. The strength
in the wheat market, the sharp advance
In foreign exchange and further engage
ments of gold for export were accepted
as confederation of the alarming adyices
~ the threatened outbreak of hostilities.
During the morning practically all Of
the active high priced speculative stocks
were forced down between 2 and points.
The reassuring private advices received by
great International banking houses were
IGNORED for a time, but they served to re-
assure sentiment ultimately. A steady re-
coyery in prices of stocks then set in
and early In the afternoon only fractional
remnants were left of the extreme losses
of the morning The market settled into
auietness and dullness not far below last
nights level.