The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-11-12
WALL STREET
DEMORALIZED
Suspense Caused by Liquida-
ton of Copper.
ALL BROKERS STOOD IDLE
No Outside Orders for Any of
the Stocks.
ALL BROKERS STOOD IDLE

New YORK. Nov u-Lhere was fresh
outbreak OF Decentralization on the stock
exchange this afternoon after quite a
substantial recovery had been made this
morning. The manner in which the mar
ket acted al the recovery was such as
10 give some preparation for the renewal
Of heavy liquidation. It is a maxim OF
professional traders. after a day OF SUCH
violent declines as those OF yesterday TO
buy stocks and cover short contracts.
This was the course pursued in this
mornings market. resulting n advances
Of from I 70 points n the majority OF
leading active stocks on the list. bat The
absorptrve power Of the market showed
a steady decrease as the advance il price
proeee 6ed-
Commission houses were practically
idle ana reported thar no orders were be-
market wavered uncertainty through the
MONDAY period and even stood with ap-
parent equaninity The early stages OF
the violent liquidation OF Amalagamatsd
copper. The seemingly endless outpour-
ing q this stock eventually undermined
The market The identity OF capitalists
in control Of this corporation with those
controlling the Standard OIL company
and the enormous prestige carried By
this group IN financial Affairs caused a
deep significance 20 be attached 10 the
unloading in Amalgamated Copper As
a consequence. enormous liquidation was
renewed throughout the list. SoEae OF
the stocks which took a leading place n
the none yrecovery were the most acute
sufferers in the late weakness. Just az
the close ST. Paul made a spectacular
tumble 70 =. making q loss OF -. from
last night This was accepted as add
tional confederation OF the un1avorable
view OF market values taken BY the fnan-
cial group above referred 10. There was
no new development 70 account for the
weakness and considered 70 be due
simply TO the desire on the part Of the
speculative holders 70 tighten their load
further pending the exigencies upon the
money market, which must be net be-
tween now and the first OF the year.
There was evidence OF particularly
heavy liquidation in Southern Pacific.
In Northwestern there was a break OF
: points. Lackawarna %. Tennessee Coal
and United States Realty. one OF the
newly launched specialties. -
The demoralized tone % the market
set adoat various runOrs Of financial
difficulties The rally in the late zeal
ings which reached a point In a few
active stocks. indicated a considerable
part played by the bears IN early selling.
g.
market oroke at the last under Al over
whelming Hood OF selling orders. making
the closing very weak Many stocks
ended lower than yesterday. Analga-
mated Copper broke through its previous
low record OF 5siz. established yesterday.
and placed TIE record points lower.
closing only = above that point.
The Indication afforded by the govern
ment crop report OF bumper corn yield
in excess q previous estinates-helped
the recovery in the morning. There vas
a feeling also that gold exports would
b deferred beyond this Eeek. An excess
Of over million dollars IN the govern
merits disbursements over collection for
the day. following a smaller excess yes
terday, was regarded hopefully. although
the local sub-treasury continues It's
heavy demand upon. the market FOR Gus
toms collections
New York exchange at Chicago dropped
back 2oc today today. 70 lec discount
and yesterdays small premium was at
tributed 10 remittances 10 take advantage
u the break IN the stock market for
the purchase 4 stocks.
The bond market was more mildly AZ
fected than stocks Total sales. par
value. U.2l5-eo United States bonds
we're all unchanged OF the last call
Closing stock quotations were as fol-