New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-11
STOCKS DROP AND RALLY.
LARGEST DAYS SALES IN MANY
MONTHS.

BIG BLOCKS OF UNITED STATES STEEL
THROWN ovERBoARD-FALsE RUMoR
SPREAD THAT J. P. MORGAN WAS ILL.
The sharp and sudden break in the stock
market on Saturday was followed yesterday by
u further serious decline, as had been generally
expected but toward noon a rally set in which
sn large measure offset the days losses. and il
was believed at the close that the bottom had
been reached" far the present move
uaent was concerned. The sales were the largest
in many months. exceeding 100000 shares.
The dispirting occurrences Of Saturday brought
in a mass of iquidating orders for execution at
the opening yesterday, and the brokers offices
were thronged with customers anxious over
the outlook
The opening irregular a few stocks
showing a slight advance over Saturdays final
prices Within the first five minutes. however,
the market began a rapid and general decline,
which was led by the United States Steel stocks
large blocks OF which were thrown overheard
London sold fifty thousand shares OF various
stocks on this market. and bought only nom
inal quantity a circumstance which added TO
the downward impetus. one Of the most eff
fective bear strokes of the morning a
widely spread rumor that Mr. Morgan was
seriously III. This report which affected the
whole list. but particularly the Steel stocks was
promptly denied by Mt. MOrgan's partners. and
conclusively proved a little after noon by the
arrival OF Mr.. Morgan at his office. where he
remained until late hour. Another report
was that Mr.. Keene had changed his position
and was actively bearing the market but Mr..
Keene later gave an interview in which he
affirmed himself still bullish in sentiment
The bears made much, too. in the early hours.
CT the threatened strike OF railroad switchmen
IN Chicago, but the afternoon advices from that
city made il increasingly probable that the diff
ferences between the switchmen and the en-
ploying roads would be satisfactorily adjusted.
The had impression created by the news
Saturday Of the hitch in the underwriting
rlngements for the United States Shipbuilding
Company still a depressing factor yester-
day, although a better feeling induced late
in the day by the definite announcement that
the new syndicate had taken off the hands of
the underwriting managers. the Trust Company
% the Republic. the entire amount OF the
derwriting which the French subscribers had
declined to assume
Time money was in moderate demand at G per
cent for sixty days, and a trifie less for longer
periods Call money ruled between and > per
cent. closing at per cent. Large loans were
made at around olz per cent. The most i'm
rise 10 10 cents premium Of New-York ex-
change AT Chicago indicating turn In the tide
Of money from the interior. 1t was the prevail
ing belief that much of the liquidation for
the account OF a group Of Western 'plungers,"
whose speculative methods have not been looked
on with favor by great local banking interests.
Amalgamated Copper yesterday touched a new
low level. ssh. Rock Island. on sales Of 200
decline Of the last two days may be had from
the following table,