Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-10
| FINANCE AND TRADE
Trading Nervous and More
or Less Demoralized.
OVER MILLION SHARES
EXCHANGED ON A STEADILY DE-
Ginning MARKET. F.s
Selling Carried Down All Glasses Of
Securities-High-Pri Shares
Were Also Weak. IS
OVER MILLION SHARES
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, November 1e.-Trading In
todays stock market was nervous and
more less demoralized as the result of
the shaking up in prices Saturday.
Liquidation was resumed on an extensive
scale. more than 100000 shares being
traded in on a steadily declining market.
During the forenoon there was almost no
rallying power noted, even though support
ing orders were sent in from the pools and
speculative banking interests.
The disclosure of the narrow escape made
by one of the younger trust companies in
undertaking to finance a part of Mr.. Nor
gans combine disturbed confidence and
forced out thousands of shares of long
| stock. The episode suggested that perhaps
in the recent effort to curry favor with the
so-called big men other overambitious In
situations may have been guilty of similar
folly.
There Is nothing new in this condition
and no OCCASION for surprise exists. Wall
street plungers would soon be an extinct
breed without the existence of banking
institution willing to supply the incentive.
Recent warnings as to the dangers of the
stock market came from sources which
had fallen far below the accepted standard
for conservatism.
The doubt In the present situation is not
as to how far ambition has outrun safety.
penalty. The selling today carried down I'll
classes of securities and while the decline
was In measure orderly and void of scare
symptoms, commission houses and pools
sold whatever the market would take.
Sentiment was pessimistic and the good
buying in the specialties had no lasting
effect.
The undoing OF prices is always an ex-
peditious matter, and the fury of the de-
cline will force the reaction, but II Is diff
cult to find In surface Indications any argu-
ment for Immediately higher prices. Ad-
vances will be awaited only as an excuse
for more selling. Union Pacific and South
ern Pacific sold down under pressure which
the pools could not resist.
The Gould group was sold to protect
other issues and gave way after an early
show of resistance.
the issues having no dividend record to
sustain them. The coal stocks made big
losses under constant selling by pools and
the soft coal group was kept under pressure
throughout the day. The pool in Norfolk
and Western staggered under its load of
long stock but never abandoned the prop
erty.
Copper was sold along with large lots of
st. Paul, and the impression thus created
that the Standard Oil party were selling
The City Bank loaned 81 100000 at current
rates. but the street, through interests iden-
titled with the bank, were selling the mar
kot.
The steel stocks were heavy at substan-
tial declines and failed to rally materially.
A rumor that Mr.. Morgan was i'll, although
promptly denied. intensified the weakness.
The industrial list was sold literally but
In few instances was well bought
Covering and mixed demand rallied
prices during the last hour, but the street
was clearly not over its fear of lower prices
before materially higher ones.