The Birmingham age-herald., 1902-11-14
iiiHi00TT HER BREAK
 IN STOCK MARKET Violent Advances al Opening Soon Melted Away NET LOSS AT THE CLOSE High Level of Prices at the Opening Proved Inviting to the Traders
 Who Have Bought at the
 Declines.
NET LOSS AT THE CLOSE

New York, November 1S.-Quite violent Advances at the opening os today's stock hfarket, which ws~e somewhat exe eeded by a rally from a subsequent reaction, en- trely melted away before the close, which was weak and at net losses reaching a point for some of the leading speculative stocks. After the heavy declines of the last two days, reassuring reports this morning as to the adjustment of the troubles affecting some speculative ac- counts and the absence of pressure In the ta-ney market, the refusal of the market tc stay up was something of surprise. After 90 considerable a reaction, involv- ing tho creation as matter of course of D large short interest, rally is to be cx- pected if only from technica causes. It was tho short interest which caused the opening squirt. The development of growing demand to borrow stocks in the large crowd last night revealed growth of the short interest and his morning reponts of large transfers of certain etocks at private sales which served 10 sxtend over long interests caused fear hmong shorts that they were becoming over extended.
 The high level of prices at the oponin proved inviting to the traders who have bought at the decline It became evil dent also that the substantial buying which was a feature yesterday was lost to the market at the higher range of prices. For the rest of the day in conse- nuepce there was a tumoling process, which ended at the last with quite a eharp break. It Is a notable fact that fhe heavy transfers of various stocks which are going on give rise to no further fumors of possible change of control such hs affected nearly every prominent stock R few months ago. Nevertheless, as IS obvious for all the selling of stocks that ls going on, there are purchasers
 This condition is in strong contrast with that which set the financial powers to work to devise methods to avoid dan ger of leaving railroad out over night as was picturesquely said by the most prominent financier in the country. Al that time competitive buying or the fear of it, pushed prices up to unheard oi figures. Where there was no such actual buying, insiders bid up the prices to dis courage such buying. No more striking evidence could be found than the present
 
 extended conditions of holdings ana opH- gations. Capitalists embarked in new fotations have all they can to care for without making .encroachments upon the control of other properties. As a con sequence, insiders view with eauanimity the decline in prices of their properties an fact, it is strongly suspected that IT more than one case the insiders conniVf at such declines as their would-be rivals for control are believed to be trying tt sell out their holdings. A falling marker is calculated to precipitate such pro cess, affording the controlling interests onnortunity to consolidate their control 10 fear of such measures of retaliation of diseinlinn tet-"eef'
 taa outgrowth of former eneroachments 1fpon their property, is an effort to wrest control, has not a little to do with the +imidity of operators about coming into the market again and taking on new long lines. There was no actual news develop ment of importance to account for the movements in the days market beyond the shifting of speculative sentiment.
 Bonds Were .t L.
 and retained a part of their gains. Total sales. par value, $2,56O,0OO. United States 2s and new As declined F and the 3s and old As and 5s, A per cent on the last call.