Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-11-12
Bank Conservatism Sends Stock
Tumbling Despite Great.
General Prosperity
THE WEST HAS QUIT BUYING
Speculation in Wall Street Is Settling
Back by Heavy Drops From the
Heights of Imitation 1t Had Reached
During the Last Year or More-other
News.

L
| days stock market opened with another
selling movement, during which prices
were lowered materially. More weak
accounts were thrown overheard at the
opening today and calls by brokers to
their customers for extra margins were
numerous. 1t was regarded as signifi-
cant that much of the early selling came
from houses with western connections,
which suggested that the speculative
contingent in that section had let go of
long stocks.
Amalgamated Copper, Tennessee
Coal, Erie common, Southern Pacif1c,
Texas & Pacific and Manhattan Steel
stocks sold off sharply one to three
points.
louisville & Nashville and Missouri
Pacific were the strongest issues IN the
entire list, making only small fractionai
declines. Extensive covering by shorts,
together with buying here ana there py
strong interests, helped to RAINY the
market before the end of the hrst nan
hour All thru the early session tue
market was so active at times tnal ..ie
ticker was fully ten minutes behlnd the
actual operations.
New York, Nov. 12.-Prfces on Waii
street crumbled away yesterday IN the
last quarter of an hour OF business
leaving the market badly demorallzed
and bordering on panic Inc break
came after morning of comparative
s+aasiness. Some issues had advanced
q noint or more after the opening, put
toward noon the market became heaVy
and finally broke sharply in sympathy
with nine point drop in Northwest ana
a six point drop in st. Paul.
This was the third day of heavy SELL
ing, and possibly there will be more. Ii
marks the termination of great pull
movement that came out or the west
and flourished nightly until banking
interests here stopped the enterprise.
From point of volume of business this
western crowd made a highly credltaple
showing. Turnout the summer months
It was the maker of high prices, which
now result in such collapse. How
nuch money has been lost or whether
particular boom is over and there is
kind of quiet satisfaction going about
the street that securities, which for
some time have been hanging over the
market, are fairly well disposed of.
Tuesdays losses in representative
stocks extended from to points, with
an extreme break of IL points recorded
in Westinghouse Manufacturing first
preferred stock.
There was absolutely no news to ex-
plain the selling, but of runors there
were many. One of these had II phat
the Standard Oil interests were gun
ming" for the Moore brothers and their
following, and it was pointed to, as per-
haps bearing out this theory, that the
Standard Oil stocks, notably copper
and st. Paul, were conspicuously weak.
Another rumor had it that it was John
w. Gates and his friends who were ne
ing forced out. The Standard OH IN
terests figure in this report also. A
third story had several trust companies
in trouble, while fourth had Mr.
Keene selling right and left.
The selling down of United States
Realty shares was peculiarly calculated
to excite misgiving among traders, and
this effect some observers thought was
willfully intended. Inside interests were
at a loss to account for the selling, I'M
less came from weak followers of the
underwriting syndicate or from some
members of the syndicate who had ta-
ken on outside lines of the stock and
were unable longer to carry them. Inc
selling they asserted, was not from the
inside, nor had there been the slightest
hitch anywhere that could possibly give
rise to alarm. The company is said to
have abundant cash in its treasury and
to be in strong position generally.
Apropos Of the Standard Oil gossip,
a leading interest in the National City
bank said last night: "The story is all
moonshine There is nothing in it. The
selling has been liquidation, and it looks
as if 1t had pretty well run its course"
Concerning the Moore brothers, a
banking interest with which they are
closely identified said: "If anybody is
cunning for the Moores they may as
well give it up. Those interests, as we
happen to know, are in an impregnable
position"
AT the office of Harris, Gates & Co.,
the following was given out:
'The situation is a perplexing one
The country is prosperous and disturb
ing features are disappearing. The out
look is for continuance of good times,
vet largely on account of this over
whelming general prosperity the specu-
lative markets are forced to rest and
recession"