The Birmingham age-herald., 1902-11-11
LIQUIDATION IN
 STOCK MARKET Large Amount of Excited Sen-
 timent is Worked Off PRICES HAVE BEENTO0 HIGH Saturdays Sharp Drop In Prices Had the Result of Spreading Wave
 of Doubt All Over the Country.
PRICES HAVE BtENTO0 HIGH

New York, November 10.-Today's stock liquidation and worked off a large amount of excited sentiment. As net result the closing tone was quiet and steady, with many wide brooches in values complete iy restored, and all of them much reduc- ed. The days business ran over mill lion shares for the first time in many weeks and there were times during the mornings precipitate decline when the de- cline was furiously active. The selling was mostly of a general character. sueh as has been at work for some time, to- ward crystalizing sentiment that prices were too high and credits too greatly expanded for financial health. Satur- days sharp drop in prices had the re- suit of spreading a wave of doubt all over the country, so that the wires brought into commission houses a large accumulation of selling orders to be thrown upon the market. Many commits sion houses also had sent out notices to customers that they must widen their margins or sell their holdings. The bears were also active in raiding the market to uncover stop-loss orders. The dissem- ination of a rumor of J. P. Morgan's Illness was traceable to the bear element and was promptly denied and followed later by MT. Morgan's appearance at his office The troubles of one of the newer trust companies over it's holdings of secu- rities of one of the newly formed combi- nations ventilated on Saturday, seemed to be quite seriously as an object lesson,
 ,rtra In themselves The fact that 1t was found necessary to underwrite an underwriting syndicate, was regarded as a rather typi- cal example. The refusal of foreign sub scribers to pay their subscriptions to the syndicate was advanced as the cause or the condition. Nobody has any doubt that a large part of the enormous expan- sion of bank credits has gone towards the underwriting of new securities.
 With this large transfer of credits into fixed capital, has come the growing ap- preciation that there Is a slow market for these new securities at home, while foreigners show no disposition to take over the new securities even where they have lent money to the syndicate promote ing them. The issues of new bonds on the [ security of sotck, both railroads and in hustrial, which have been purchased Tor control at very high rates, runs into the hundreds or millions. The Salurudy Spl- sode is evidence that not all the ventures have prospered The fact that large loans have been made on many of these new se- curities while their prices have received artificial support in the market, some times with the proceeds or these loans, is making a growing impression on pub. lie sentiment. The process which went on in today's stock market goes to cure the evils in the situation, both in reduc- ing the volume of credits and by bring ing the price level to substantial basis It is felt that the year-end demand for money, the world over, must be prepared for It is evident that only sustained money rates in New York will prevent the heavy outgo of gold. Sterling ex- change was omewhat lower today, but was offset by sharp drop sterling at Paris. Money here was also frmer. The sub-treasury is again taking large sums from the banks The most impor- tant development in the money situation was rise to ten cents premium of New York exchange at Chicago. indicating turn in the tide of money from to over ( points below last weeks close. The last mors that settlement had been secured of the demands of the Chicago freight handlers.
 Bonds were not so much affected by weakness as stocks, but their recovery was also less market. Total sales, par value, $41S0,000.
 U. S. 2s and old As declined 4 per cent Dn the last call.