Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-08
FINANCE AND TRADE
Urgent and Well Distributed
Liquidation
FEATURE OF MARKET
TOTAL VOLUME OF GAG, zoo
SHARES WAS RECORDED.
Two Hundred Shares Lackawanna
Sold at Decline of Nineteen
Per Cent.
FEATURE OF MARKET
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, November S-Urgent and
well-dstributed liquidation marked the
course Of prices in todays stock market.
Representatives of the larger speculative
interests sold stocks freely throughout the
session, and a total volume of GO 200 shares
was recorded. Defines averaged from III
to per cent while numerous losses of
and per cent were recorded. A sale OF
200 shares of Lackawanna was made at a
decline of 10 per cent.
No opportunity for depressing prices was
passed over, and the market but narrowly
escaped Generalization. The steel stocks
were made the center of the early attack,
and with more success. than usual. During
the strike led by the ANA gamated Associ-
alton year ago, coupled with all the I'M
certainties of that period. the steel stocks
showed more resistance than they did to-
day.
The announcement that the company
would cut rates on certain of its products
an action forced by increasing competition,
and the fact that supply has overtaken, IL
not outrun demand, was the excuse for to-
days attack AS a matter of sentiment, no
demonstration could have better served tne
purposes of the bear party than this weak
ness in the steel shares. Pools might with
draw support elsewhere, but the pride OF
the Morgan firm, its money, its experience
and its reputation were thought TO hedge
about the steel issues and keep them safe
from western marauders and their eastern
allies.
When the steel shares yielded the rest OF
the attack was an easy matter. The coal
stocks, Reading and Delaware and Hudson
leading, crumbled before the attack Keene
brokers sold vigorously, and the Gates fol-
lowing worked industriously with them.
The best of the streets talent was COM
mitted to lowering prices, and the commits
sion houses lacked the business necessary
to turn the tide. Union Pacific and South
ern Pacific were heavy.
Nashville and Illinois Central lacked sup
port, and even Canadian Pacific was forced
into sympathetic weakness. Last nights
market closed with vague but disturbing ru-
mors afioat and intimations were not lack
ing that concerted drive would be made
against the entire list today. The rumors
failed to take definite form, but the program
was carried out nevertheless. The stocks
sold were by no means exclusively for the
short account; genuine speculative liquida-
ton, forced for some reasons not specifically
named, and adroit professional hammering
accomplished the shaking down.
There can be no doubt but that the banks
nave made enemies of some clien1s who
until recently made prices in the market.
Tight money and the one-sided arguments
of the banks when brought face to face
with dangerous situation for which they
alone were primarily responsible led to
summary treatment of some of the largest
borrowers in the street.
These borrowers consider none of the
facts leading up to such treatment but If
the banks will not assist in putting prices
up they will be given a. chance to protect
them for the western party is in resentful
mood.
The condition of the country is almost all
that could be desired, but prosperity has
been drained of it's significance in Wall
street. We owe too much to Europe our
own loans are expanded and there Is not
sufficient money in sight to pay such obli-
cations. The bank statement today shows
reduction of $3029, 100 in loans and loss
of s., AGA 900 in lawful money. The reserve
on all deposits is decreased So, 4S6, $50, leav-
ing a total of S1S $50, 800.