The Birmingham age-herald., 1902-10-08
MANY CHANGES IN
 THE STOCK MARKET
All Gave Way to Acute Depres-
 sion at the Close
HEAVY SELLING ON BREAK
Southern Pacific Was Very conspiou- ous In the Dealing and Recent De-
 oisIon Concerning Big Bond Is-
 sue Caused Much Speculation.

New York. October 7-There were many shades of sentiment reflected in the stock market today, but they all gave way to acute depression in the late dealings and the day shows substantial losses through out the list Very large pool liquidation was accomplished during the day, under cover of the earlier strength, and in the heavy selling on the break. The charac- ter of the manipulation and the special stocks which were most affected by that and by the liquidation pointed to the in- dividuality of the best known operator In the street. who has espoused the long side since recent return from Europe, ana who has been supposed to be entrusted with the market interests of some or the larger financial powers, including the United States steel stocks. Southern Pa .iic was very conspicuous in the oeal- ngs.
 recent decision publicly announced to Issue $2500O,00o of a bond issue with view to provide funds for betterments and allow the inauguration of dividends out of earnings. was the occasion of large speculative commitments in the stock. The directors have caused the announce ment to be made this week that the time IS now considered propitious for the Southern Pacific bond issue. This Is be- lieved to be not in accord with the view of the large speculative holder or the stock who liquidateed his holdings today. Pennsylvania was also heavily sold, pre- sumably by the same large operator. The early advance in prices offered excellent opportunity for this liquidation. The upward rush of prices at the opening was supposed to point to the forced liquidation which the local money situation makes necessary and there was considerable de- mand from shorts and from bargain nun ters who have been watching for bottom prices Much was made of the orders by the governor of Pennsylvania to place the entire militia of the state in the field. A strong influence was exerted by the announcement from Washington to the secretaries of the treasury would buy government bonds if any were offered at satisfactory prices.
 It is believed that preparations are be- ing made to offer a block of bonds to the treasury is designed to test the official idea of prices. rather than with the hope of effecting an advantageous rate. When the market opened, lenders of funds were demanding F per cent for call loans anu the market promptly took a doWnWaru course. It was not until after midday, however, that the selling pressure saiileo great force. The drop from the top to the bottom level covered wide range but the days net declines are much dl- unfinished by reason of, the early advances and the final rally which made the clos ing steady. Money became easier durlng the day, both by reason of the relief ar forded by liquidation of loans and by the renorted announcement of the arrival or &. 100000 of Australian gold at San Fran cisco, which can be made available Tn New York by telegraphic transfer through the treasury department. It IS argued that the more liquidation has been accomplished the nearer the end or the decliro ',, prices must be at hand. Money was both III Loiiuon anu ,1ana ,.aa tod sterling exchange reacted here wth eparture of fast steamer Tor ri,ropc and a relaxation In the urgent demand for remittance. .,
 Bonds were weak in company with with stocks. Total sales par value s2'slooVo, 1tuitad states 3s, registered advanced 1b' the new As sl, and the old is and 6s 1 per cent on the last call.