Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-11-08
GENERAL LIST
BROKE BADLY.
Pressure to Sell Stocks Outwelghed
The Demand,
LONG HOLDERS DISTURBED.
Absence OF support ia a. \. steel
Caused Them 60 Throw Things
Overheard Closing Active.

New York, Nov S-The opening
pressure to sell stocks outwelghed the
demand aud there were varying de-
clines all through the list The stocks
which have led the speculation re-
Gently fell from y TO a point Heavy
| liquidation In the general market fol-
lowed Il rapid decline in the United
States Steel stocks, The absence of
support to these stocks disturbed hold
crs of long stocks who threw them
over and also stimulated large short
sales by the professionals. General
losses ran well over point and
reached In Brooklyn Union Gas, 51s
In Anaconda, In Delaware & Hudson,
3h In General Electric and to In ST.
Fuel and Tennessee Coal. Lackawan-
Paul, New Haven, Western, Southern
ma slumped 10 points to 2Sl on one
transaction. Supportin orders appeared
later In U. $. Steel pfd., rallylng II 10
Sc. The general list continued TO break
badly. Rumors were current of forced
liquidation by an important speculative
operator
There Gus liquidation Of a sim
lister character during the first
hour after temporary and in
significant rally. The selling
pressure was aggravated by the ap
pearance OF the bank statement which
was weaker than expected. Heavy
blocks Of various stocks were thrown
over with some appearance of disorder,
giving rise 10 rumors of financial am
culties. The break In Reading reached
SIS, st. Paul 3ia and many important
standard stocks from to g. Delaware
& Hudson dropped 7R and Hooking
Valley 4. The selling was renewed at
the recovery and the closing was active
and weak
Stocks broke sharply at the opening
Of the market today under the lead or
American sugar refining and U. 5. Steel
and also influenced by declines OF y 20
q for some American shares In London
before the local opening, soon the en-
tire list gave way on heavy selling.
Two news reports aid much to unsettlc
prices-the advIces from Chicago that
the yardmen In the switching terminals
of that city had refused 10 accept
offer Of rs companies in reply 20 their
demands for an Increase Of five cents
an hour In wages-the officials being
willing TO make an increase OF half that
amount Tho other report was that
Secy. Shaw had decided not TO make
further deposits with national banks at
present On top of this came an APP
parenuy authentic statement that the
big banks had come to the decision not
20 make any more time loans for less
than per cent and that they intended
to discriminate sharply In regard TO the
character Of the collateral on which
they would extend such accommoda-
lions A fall Of 2b In United States
Steel preferred attracted attention in
view Of the fact that today's low price.
SAG was the lowest ever touched by
the stock except on the panic day, May
8. 1901, when II broke violently from 9S
20 50, recovering most of the lost before
the close.
Declines Of 9 points or more were
scored In some issues with sharp losses
In some Of the specalties Lacka-
wanna, In which the last previous sale
had been made at $50 on Thursday,
dropped 10 points without an interyen-
ing sale, $50 shares being transferred
In single block at 23l.
Various rumors Of n disQueting ma
ture were In circulation all day but
were not confirmed.