The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-11-12
Financial.
Yesterdays STOCK MARKET.

Fresh Outbreak Of Decentralization In
the Afternoon.
New York, Nov. 11.-There was
fresh outbreak of Generalization on
the stock exchange this afternoon after
quite substantial recovery had been
achieved this morning. The manner in
which the market acted at the recovery
was such as to give some preparation
for the renewal of heavy liquidation. 1t
is a maxim of professional traders, af-
ter day Of such violent declines as
those Of yesterday. to buy stocks and
cover short contracts. This was 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 alb
sorptive power of the market showed a
steady decrease as the advance in price
proceeded. Commission houses were
practically idle and reported that no
orders were being received for the out
side sources. The market wavered I'M
certainly through the noon day period
and even stood with apparent equani-
nifty the early stages of the violent
| liquidation in Amalgamated Copper.
The seemingly endless outpouring of
this stock eventually undermined the
market. The identity of the capitalists
in control of this corporation with those
controlling the Standard Oil company
and the enormous prestige carried by
this group in financial affairs caused
deep significance to be attaehedsto the
unloading in Amalgamated Copper. As
e consequence enormous liquidation
was renewed throughout the list. Some
of the stocks which took leading place
in the morning recovery were the most
acute sufferers in the late weakness.
Just at the close St.. Paul made spec
tacular tumble to 176 making a loss of
5zs from last night This movement
was accepted as additional corrobora-
ton Of the unfavorable view of market
values taken by the financial group
above referred to. There was no new
development to account for the weak
ness and it was considered to be due
simply to the desire on the part of spec
ulative holders to tighten their load fur
Their pending the exigencies upon the
money market which must be met be-
tween now and the first of the year.
There was evidence of particularly
heavy liquidation in Southern Pacific
In Northwestern there was break of
nine points, Lackawanna OK, Tennessee
Coal 5, and United States Realty, one
of the newly launched specialties Az.
, The demoralized tone of the market set
| afioat various rumors of financial diff
| culties. The rally in the late dealings
! which reached point in few active
stocks, indicated considerable part
played by the bears in the early selling.
But this demand was freely fed, and the
market broke at the last under an over
| whelming flood of selling orders, maxi
ing the closing very weak. Many
stocks ended lower than the lowest
price of yesterday. Amalgamated Cop
per broke through it's previous low rec
| ord of 58R, established yesterday and
| placed it's record three points lower,
| closing only half above that point. The
| indication afforded by the government
crop report of a bumper corn crop in
| excess of previous establishments help
| ed the recovery in the morning. There
| was, a feeling also that gold exports
would be deferred beyond this week.
An excess of over million dollars in
the governments disbursements over
| collection for the day, following a
smaller excess yesterday, was regarded
hopefully, although the local sub treas
ury continues its heavy demand upon
the market for customs collections. New
York exchange at Chicago dropped back
| twenty cents to-day to ten cents dis
count and yesterdays small premium
was attributed to remittances TO take
advantage of the break in the stock
market for the purchase of stocksk.
The bond market was more mildly
affected than stocks. Total sales par
value, $3,215,000.
United States bonds were all I'M
| changed on the last call.