Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-14
FINANCE AND TRADE
Attempt to Force Down Prices
Was Successful.
DISTURBING RU MORS
LOWEST BID OF THE SEASON
RECORDED TODAY.
Bringing the Average Decline Down to
Something Over Is
Per Cent.
DISTURBING RU NOR
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, November 14.-The presence
OF a powerful and experienced bear party
in Wall street was emphatcally demon
strated in today's stock market. A de-
liberate attempt at forcing down prices
was successfully executed and the rally
ing power of the market almost wholly
disappeared during the noon hour. Rumors
of a most disturbing character were circu-
lated and stop-orders were uncovered in
almost all classes of securities. The low
est level of the season was recorded today,
bringing the average decline down to
something over Is per cent.
The suddenness of the selling this AFTER
noon took the street entirely by surprise,
and its success was measurably due to that
fact. Prices crumbled in almost panicky
fashion, and after certain of the larger
houses had yentured the opinion that the
turning point of the decline had been
reached Early In the day an important
interest was credited with large sales of
st. Paul, and the room Immediately Joined
in the attack on this property.
A decline OF over Z per cent was recorded
in spite of the fact that of the best
commission houses was credited with big
buying orders every half point down. Union
Pacific and Southern Pacific were forced
down sharply, and the character of the
support was not impressive. The former
stock was freely sold under par, and the
latter lost all of the benefit of a years
manipulation.
A rumor, semi-official in character, cred
tied Union Pacific with having bought the
amount of stock necessary to insure abso-
Lutte control of Southern Pacific The street
construed this to mean that the pool had
sold round block of it's holdings at private
sale Such transactions are usually profit
able only to the purchaser.
rumor that prominent Boston mil
Eonare trader, whose name Is associated
with spectacular movements in Amalga-
mated Copper and American Sugar. had
been uncOmfortably long of stocks at
higher prices was made excuse for
further drive at the general list.
The Gates party sold Baltimore and
Ohio, Norfolk and Western, Nashville and
Illinois Central in round amounts breaking
prices rather badly.
The coal stocks came in for a share of
the vigorous hammerfng, and sold off in
spite of perfunctory support. The Gould
stocks were weak, but the character of
accorded some of the best of the eastern
trunk lines. The latter group may need
support less but from the standpoint of
the traders watching margins disappear
there was something commendable in the
action of Missouri Pacific.
The failure of a Boston bank announced
early in the day was offset by the action of
the Pennsylvania railroad in advancing
wages at extra cost of s. 900 900 a year
to that property. The conservatism of the
management of this great trunk line justi-
t1es the conclusion that the financial de-
partment of the road sees more than fleet
ing prosperity ahead.
Money ruled around per cent and there
was less talk of gold shipments. Wall street
Is uncomfortable, but its own follies are to
blame and dividends are not endangered
by the early stages of remorse