The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-21
STOCKS SHAKEN DOWN AGAIN.
BANK or ENGLAND SAID TO SEEK
loan IRON BANK OF FRANCE.
London Has thrown over 90 O shares
at Americans IU Two Days. Presumably
Because u wants Cash -~s;eneraI Bear
ishneSs Here. with IArHe Dealings.

ot Americans In Two Days, Presumably
Because u wants Fash Bear
ishnPSs Here. with Large Dealings.
IN the two hours trading yesterday there
were transactions in 1896, $50 shares, and
in twenty active railroad stocks, usually
selected for comparison, there was an
average decline OF 2il points. In the
same stocks on the previous day there was
an average decline Of LA points, so that
since the Bank Of England raised it's dis
count rare the average loss on these twenty
standard securities has been aga points.
There has been no break so sharp since the
da"s closely following the San Francisco
earthquake.
Before the opening yesterday traders
knew that the rally in the afternoon Of the
previous day had spent its force and that
bv no means all of the damaging effect OF
the Bank of England's action had been ex-
ertpd upon the market. London prices
were down again. the losses being almost
a. heavy in most stocks "a on the preceding
day. There was extensive liquidation in
London and a certainty that there would
he heavy liquidation in this market for
London account.
Practically all the brokerage houses in
the Street were strongly bearish and under
the urgent advice Of brokers hundreds Of
customers closed out their long accounts
and either kept away from the market or
shifted their position. Commission houses
in particular put out big lines Of stocks
and the professional traders were practi-
callv unanimous in hammering the market.
The opening almost repeated the history
Of the previous days opening in excite
aZ.NnI TDn-
uer was of 81; SHELTERS, ~; Anaconda,
~; Baltimore and Ohio, y; Canadian Pa
ciic, 20; st. Paul, ~; Consolidated Gas,
l; Erie, =; Great Northern, 81; Louisville
and Nashville, .; Central, y; Northern
Pacific, =; Pennsylvania, y; Reading, ~;
Southern Pacific, a; Union Pacific, IA;
Steel m =, and Steel preferred. q.
There was more Of the heavy selling after
the rush to unload at the opening had SUBJ
sided. The market differed significantly
from that OF the previous day in that there
was no strong rally during the entire ses-
sion. Prices kept falling gradually up to
the publication of the bank statement, and
when il was found that the statement con-
veyed no bullish implication there was
another rush to put stocks on the market.
Prices generally closed at the lowest point
of the day, for in the last half hour nearly
every transaction registered a new low
record for the movement.
Altogether, il was estimated, rs 900 shares
were sold for London account on top OF
I25, 900 shares absorbed from London the
previous day. Yet London's large Offering
and extensive liquidation for American
account were both absorbed without an APP
proach 20 panicky conditions. While yes
terday's decline was greater than Fridays
it was also steadier and more gradual. On
Friday breaks of from \ point to a point
between sales were frequent. Yesterday
declines of more than 4 between sales
were very rare.
Reading, which lost 4 points, more than
any of the other active railroad stocks,
on Friday, again led the market downward.
In transactions of 1855 400 shares there was
a net loss of 81 points for the day and 1917
for the two days. Atchison broke below
par for the first time since the talk began OF
increasing the dividend from 4 per cent.
and sold a dozen points below the price
recorded on the day the dividend was made
8 per cent. Copper made a net loss Of 3
points, and these figures tell the story OF
some Of the others: Anaconda, off 1914;
Brooklyn Rapid Transit, "a; Baltimore and;
Ohio, 81; st Paul, AZ; Great Northern, g.;
Union Pacific, go; Southern Pacific, ~;
Pennsylvania, 2; Colorado Fuel, 81; Sugar,
2%: Steel common ~; Steel preferred. ~.
Newa from London added nothing to
explanations made the previous Gay as 70
reasons for the Bank OF England's increase
in the discount rate. There was an inter
esting report from Paris to the effect that
the Hank of France would go to the relief
of the Bank Of England with a large loan
Three million pounds sterling was specified
in the report. BY an odd coincidence the
amount is the same as that advanced to
the Bank OF England by the Bank Of France
after the Barring failure in November
1900, which again was the last time prior
10 Yesterday that the Bank OF England
raised its minimum discou rate to 8 per
cent.
Some Of the largest International bank
ing houses with peculiar facilities for Sc:
curing news from Paris said that they had
not heard of the Bank OF France contem-
plating a repetition OF it's action Of 1900,
There was one house, however. which had
heard that negotiations for a loan were
under way and this firm considered il al
least a possibility that a loan would be
negotiated tomorrow.