The Birmingham age-herald., 1902-11-15
VIOLENT DRIVES
 BY BEAR PARTY
Renewal of Heavy Liquidation
 in Stock Market
DlSORDERlY SLUMPSNOTED
Some Selling Was by the Largest Holders and Involved Speculative Losses-Marglns Wiped Out
 DsIodged Securities.

New York, November IA renewal of heavy liquidation in the stock market this afternoon and a violent drive by an organized bear party caused disorder ly slump to the lowest prices of the week Even at the final rally, due to the eeramble among bears to cover their short contracts, which lifted prices to 5 points above the lowest for the week and the active stocks, the prices of not lew important stocks arc lower than before for the week. At the extreme declines, which were made early in the final hour' losses of from to points were shown by the stocks. which Dore the brunt of the bear attack St. Paul led with "a point decline from yesterday, Rock Is- land 6h, the preferred | Baltimore and Ono and Louisville and Nashville O1a, Ca nadian Pacific 5, Northwestern 43s, Colo rado Fuel AZ. Reading 4, Pennsylvania Bss and a number of the Pacifics, coalers and other stocks 3 points or over The fierceness and suddenness of the raid came as & surprise, owing to the charac- ter of the support given to the market at the opening decline and the eagerness
 
 terday, to cover and take their profits. The rapid tumbling of prices gave rise to the usual crop of rumors of financial difficulties and probable failures, which gave active employment to some of those pointed at in the making of denials. The wiping out of margins and the uncover ing of stop-loss orders dislodged a great mass of securities, which have been over hanging the market. No doubt very heavy speculative losses has been 1n- Nolved in some of this selling. The knoWi- edge of the precarious situation of some very extensive long accounts doubtless figured in the formation of the powerful bear party ~elich broke the market. Some of the sIs.ng today was alleged to be by large 19lders of stocks who have main taine6 their holdings for a long time and through all the period of the late ad- vances. These holders have seen immense paper profits melt away with the d1sin- tegration of prices, and were driven to sell out today to avoid losses.
 There was no immediate news on which to base the attack upon values beyond the prospect of a poor bank return tomor- row. Even this prospect was rather fa- vorably modified today by the disclosure of return flow of currency from the in- terior of the regular express movement of over million dollars. New York ex- change at Chicago also rose to 1Oc premi- um. The loss on sub-treasury account of S4, 409,0 coo is therefore modified to the amount of over a million dollars. Sterling exchange was also lower and there seemed to be offerings of loan bills In the market. But the general sentiment in Wan street was one of depression ow- ing to apprehension that stringent money may recur before the end of the year. The recent succession of pessimistic ut terances by leading banking authorities on the subject of bank credits and the currency has had notable influence on the Wall street sentiment. Yesterday s announcement by the Pennsylvania com pany of 10 per cent increase in wages, which would be equivalent to large proportion of the amount at present pald in dividends, was a disturbing factor, In view of the recent discussion of this very subject Pennsylvania and its affiliated stocks were the first in the market to show acute weakness The announce ment of a bank suspension in Boston was also taken advantage of by the bears, and spectators at that center were sup posed to be aimed at by the raiding tac- ties in some stocks.
 Bonds were weak in sympathy with stocks. Total sales, par value, 4665,OOO. United States 2s and old As declined A per cent on the last call.