The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-15
Low POINT OF THE WEEK
TOUCHED BY MOST OF THE LEADING
ACTIVE STOCK ISSUES.
Bear Raid, Added to General Condi-
tions, Causes the SIump-WOrry
Over Monetary Conditions.

NEW YORK. Nov. IA renewal of
heavy liquidation in the stock market this
afternoon and violent drive by an organ
lied bear party, caused disorderly slump
to the lowest prices OF the week. Even at
the final rally, due to the scramble among
bears to cover their short contracts, which
lifted prices i to 3 points above the lowest
for the week in the active stocks, the prices
OF not a few important stocks are lower
than before for the week. At the extreme
declines, which were made early in the final
hour. losses from TO IA points were shown
by the stocks which bore the brunt of the
bear attack. st. Paul led with 7A-point
decline from yesterday; Rock Island, 615.
the preferred, z; Baltimore & Ohio and L.
& N, 51z; Canadian Pacific, 5; Northwest
ern, 47s; Colorado Fuel, AZ; Reading, 4;
Pennsylvania, 3H, and a number of the
Pacifics, coalers and other stocks 3 points
or over
The fierceness and suddenness of the raid
came a surprise, owing to the character
of the support given to the market at the
opening decline and the eagerness shown
by the bears, who sold short yesterday to
cover and take their profits. The rapid
tumbling of prices gave rise to the usual
crop of rumors of financial diculties and
probable failures, which gave active en-
ployment to some Of those pointed at, in
the making of denials. The wiping out of
margins and the uncovering of stop-loss
orders dtslodged a great mass of securi-
Ties which have been overhanging the mar
ket NJ doubt very heavy speculative losses
nave been involved in some OF this selling.
The knowledge of the precarious situation
OF some very extensive long accounts doubt
IesS Inquired in the formation of the power
which
some or the selling to-day was alleged to
De by large holders of stocks who have
maintained their holdings for a long time
ana through all the period of late advances.
These holders have seen immense paper
prohts melt away with the disintegration
OF prices, and were driven to sell out to-
day to avoid losses
Ihere was no immediate news on which
10 base the attack on values, beyond the
prospect OF poor bank return tomorrow.
Even TINS prospect was rather favorably
modlned to-day by the disclosure of a re-
TURN now OF currency from the interior.
on the regular express movement. of over
S,WV,UO New York exchange at Chicago
also rose to 10c premium. The loss on sub
treasury account of 100000 is therefore
mouined 10 the amount OF over 100000
STERLING exchange was also lower. and
there seemed to be offerings OF loan bills
In the market. But the general sentiment
IN wall street was one Of depression, owing
10 apprehension that stringent money may
recur before the end OF the year. The re-
cent succession or pessimistic utteranceS
by leading banking authorities on the sub
lect OF bank credits and the currency has
mad notable influence on Wall street senti-
ment. Yesterdays announcement by the
pennsylvania Company of a 10 per cent.
increase in wages, which would be equiva-
lent 10 large proportion OF the amount
at present paid in dividends was a disturb
ing factor. in view of the recent discussion
OF this very subject. Pennsylvania and its
affillated stocks were the first in the market
TO show acute weakness. The announcement
OF pank suspension In Boston was also
taken advantage of by the bears.
Bonds were weak. in sympathy with
STOCKS. total sales, at par value, were $4,-
$4,000. United States twos and old fours
declined u per cent. on the last call
Following are the days share sales and
the recorded price changes: