The Montgomery advertiser., 1902-11-12
WALL STREET REVIEW
OUTBREAK OF DEMukALizATiuN
 IN THE AFTERNOON.
Followed a Substantial Recovery of Prices Which Occurred at the Morning Session-Liquidation
 in Amalgamatcd Copper.

NEW YORK. Nov. lI.-There wsa a serious outbreak of demoralization the Stock Ex- recovery had been achieved this morning. The manner in which the market acted at the re- covery was such as to give some preparation for the renewal of heavy liquidation. It Is 8 maxim of professional traders. after a day of such violent declines as those of yesterday to buy stocks and cover short contracts. This the course pursued in this mornings market. resulting in advances of from l to 2 points in the majority of leading active stocks on the list, but the absorptive power of the market showed a steady decrease the advance in price rrcceeded. Commission houses orttrs were being received from outside sources. The market wavered uncertainty through the monday period and even stood with apparent eqauimity the early stages of the violent liquidation in Amalgamated Cop per. The seemingly endless outpouring of this stock eventually undermined the market. The Identity of capitalists In control of this corpo- ration with those controlling the Standard oil Company and the enormous prestige carried by this group in financial afr airs caused deep significance to be attached to the unloading in Amalgamated Copper. As a consequence cnor- nous liquidation was renewed throughout the ilst some of the stocks which took leading place in the mornings recovery were the most acute sufferers in the late weakness. Just at the close St. Paul made a spectacular tum- night This m JNement was accepted add tional corroboration of the unfavorable view Of market values taken by the financial group above referred to. There development to account for the weakness and it was consd- treu 10 pc que simply to the GeS1re on the part of the speculative holders to tighten their load further, pending the exigencies upon the money market which must be met between now and the first of the year. There evil dence of heavy liquidation in Southern Pa cifc In Northwestern there a break of g points. Lackawanna 9a. Tennessee Coal 5 and United States Realty, cne of the newly launched specaties, 4M The demoralization of the market set afoat various rumors of financial difficulties. The rally in the late deal ings which reached point in few active stocks. indicated a considerable part played by the bears in the early selling. But this de- mand was freely fed and the market broke at the last under overwhelming flood of selling orders making the closeing very weak. Many stocks ended lower than the lowest price of yesterday. Amalgamated Copper broke through yesterday and placed its record 3 points lower, closing only + above that point. The indica- tion afforded by the government crop report Of bumper corn yield in excess of previous estimates helped the recovery m the morning. There was a feeling also that gold exports would be deferred beyond this week. An cess of over a million dollars in the govern day following smaller excess yesterday. was regarded hopefully, although the loctl sub treasury continues its heavy demand unon the market for customs collections. New York exchange at Chicago dropped back 20c today to 10 cents discount and yesterday gnall premiums attributed to remittances to take advantage of the break in the stock mar ket for the purpose of stocks.
 The bond market was more mildly affected than stocks. Total sales. par value, $3. 2l5.- 900. United States bonds were all unchanged the last call.
 New York Stock List