The evening times. [volume] (Washington, D.C.) 1895-1902, 1902-11-08
UyaH Street ThrO1US O1ier Sc
eHrzheS, Frightened By 4Kr.
,5ha5V'S ARRONncemenE Re
garaiRg DEPOSITS III Banks.
Weakness OF 'AmerzcaHs" III
L0nd0R also a Factor.
Bank Statement SkO1Us
Hragy Cash Losses.
Close Near tie Bottom Le9eI
WIkALitklS Support ShoaOH.
Breaks Worst IN C0akeYs
Sheeh Under Pressure.

NEW YORK. Nov. s-The Stock Mar
ket to-day was the weakest for many
weeks Liquidation broke out afresh
and in large volume and Il resulted in
many very rapid and extensive declines
Wall Street became the center OF
storm OF excitement Brokers Offices
quickly filed with spectators who have
been carrying long stock since the cuI-
minatiOn Of the bull movement. and in
many cases this stock was thrown over
board at heavy losses. Others we're re-
quired 10 put up more margins.
The higher priced stocks suffered par
ticulariy, the early transactions showing
breaks OF > points in Delaware and
Hudson and OF no less than 19 points in
Delaware. Lackawanna ard Western.
Apparently the most urgent selling OF
stocks vas not so much by commission
houses as by one or two large operators.
Who had apparently given up hope Of
any immediate Improvement in market
conditions.
The Treasury Announcement.
The new outbreak OF liquidation was
apparently melted BY number OF
causes The chief OF these seemed TO he
the announcement from Washington
yesterday afternoon that the Secretary
OF the Treasury had ordered the cessa-
tion Of the deposit OF Government reve-
nues in the national banks and the fur
ther intimation and fesr that he might
withdraw some portion OF the Govern
nent funds already on deposit with the
banks.
IN addition. the preliminary esstrna,.-
OF tiie weeks movements in nonav
pointed 10 heavy reduction in the
banks. reserves, and yet again American
stocks in London showed pronounced
weakness.
There was very little actual news
bearing upon any OF the particular
movements IN the. market. Announce.
ment was made this morning thar tSa
American sugar Refining Company had
met the reduction in selling prices in
stituted BY its competitors. but thar
stock was actually no weaker than tba
remainder OF the market.
The Steel Securities.
The United States Steel shares rsloc.
ed heavy pressure. particularly The mr.
ierred, but there. too. there was notb-
ing novel 20 be cited in connection ,-i,h
their course
In the railway list. aside fror, n.
higher priced anthracite coal sroots a
ready mentioned, the most severe de-
clines were in St Paul. Southern Pacific
Reading. Union Pacific, Missouri Pa
sifiC. and Canadian Pacific
The execution OF stop loss orders was
reported in many directions. and IN
doubtedly served 10 accentuate the ra-
pidity Of the declines While the deal
ings afforded profitable opportunities for
hearish operations. II was. on the other
hand, the common report Of observers
OF the trading that The most effective
support the market enjoyed was fur
nished by the scattering covering Of
short contracts on the quick declines
which took place Trading fell away in
volume somewhat after The first hour OF
business. hut the market showed very
little rallying power and closed near the
bottom level
Bank Statement Shows Cash Losses.
Chiefly because the loss in actual cash
reported by the banks to-day was about
s2c00. 600 in excess Of the preliminary
estimates. the statement made quite a
weak showing. The loss in actual cash
was reported az 5.46S. 900 and the loan
account decreased SS.O29. 600. The two
items we're approximately reflected in
the deposit account. which fell away
s. 909. .00o. In consequence. surplus re-
serves on all deposits decreased Sc.
600 which reduces the banks excess cash
holdings as computed under the old sys-