Omaha daily bee., 1902-11-15
CHICAGO LIVE STOCK MARKET.
Heavy Liquidation and Disorderly
slump Bring Low Price of Week.

NEW YORK, Nov. IA renewal of
heavy liquidation in the stock market this
afternoon and a violent drive oX an or
slump TO the lowest price of the week.
Even a final rally due to a scramble among
bears to cover their short CONTRACTS, which
lifted prices 1d3 points above the lowest
for the week and the active stocks, the
prices Of not a few important stocks are
treme declines which were made early in
the final hour losses of from 3 to IA were
shown by the stocks which bore the brunt
OF the bear attack. st. Paul led with a IA
decline from yesterday, Rock Island Ga, the
preferred Z. Baltimore & Ohio and Louis
Vile 81, Canadian Pacific 5, Northwestern
~, Colorado Fuel "a, Reading 4, Pennsyl-
vania 3% and a number of the Pacihcs,
coalers and other stocks 8 points or over.
came as a surprise, owing to the character
of the support given to rne market at the
opening decline and the eagerness shown
by the bears, who sold short yesterday to
cover and take their profits. The rapid
tumbling Of prices gave a distastef9l crop
able failures. which gave active employ
ment to some of those pointed at in the
making Of denials. The wiping out of mar
dislodged a great mass of securities which
have been exchanging the market. No
involved in some Of this selling. The knowl-
edge of the precarious situation OF some
very extensive long ACCOUNTS doubtless hg.
party which broke the market. Some OF the
selling today was alleged to be holders of
stock who have maintained their hearings
for q long time and through all the period
of the late advances. These holders have
seen immense paper profits melt away with
the disintegration of prices and were driven
to sell out to avoid losses. There was no
immediate news on which to base the at
tack upon values beyond the prospect OF a
poor bank return tomorrow. Even this
prospect was rather favorably modified to-
day by the disclosure of a return flow OF
currency from the interior on the regular
express movement of over $l,OOO,OO0. New
York's exchange at Chicago also rose to lOc
premium on subtreasury account on a large
amount and Is therefore modified to the
amount of over $1,000 900. Sterling exchange
was also lower, and there seemed to be
offerings of loan bills in the market, but
The general sentiment in Wall street was
one Of depression, owing to the apprehen-
sion that a stringency of money may recur
before the end Of the year. The recent cir
oulation of pessimistic ~utterances by lead
ing banking authorities on the subject of
bank credits and the currency has had a
notable Influence on Wall street sentiment.
Yesterdays announcement OF the Pennsyl-
Vania company of a 10 per cent increase In
wages, which would be equivalent to a large
proportion Of the amount at present paid
In dividends, was a disturbing factor, in
view of the recent discussion of this very
subject, which caused Pennsylvania and Its
a1lliated stocks in the market to show acute
weakness. The announcement OF a bank
suspension In Boston was also taken advan-
tage of by the bears and spectators at that
center were supposed to be ctuated by the
ralding tactics in some stocks.
Bonds were weak In sympathy with
stocks. Total sales, par value, A,66o,OOO.
United States old IS declined 4 per cent on
the last call.
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