The Birmingham age-herald., 1902-11-09
HEAVY SELLING
 OF ALL STOCKS
Rumors of an Alarming Nature
 Were Circulated Freely
BEAR TRADERS ACTIVE
Financial Troubles Are IntImatsd, and the Mysterious Pressure Being Felt Creates No End of UneasIness.
 Bonds Neglected and Weak.

New York, November s.-yery heavy selling of stocks. the source of which was mysterious developed on the stock ex- change today. Possible for this reason the selling gave rise to many rumors of a somewhat alarming character, pointing to financial troubles Reports were also current of large forced liquidation by one of the leading speculative operators An other rumor was to the effect that the United States Steel corporation had in contemplation sweeping reduction Tn selling prices all along the line. Still an- other was to the effect that the secre- tary of the treasury was about to make heavy drafts upon the government de- posits with the national banks in order to replenish the governments own work Ing balance. The opinion found some packers, but the whole movement was well planned bear raid, the supposeo leaders being the very leaders alleged 10 be under pressure by creditors ana forced to liquidate long stocks. Ihe proved unIruth of some of the rumors circulated pointed to the activity or bear traders. but it is customary oe- vice of the professional operator, oeslr-
 
 pression of short selling In order to ln- vite support from the stocks he Is sell ing.
 There was not much evidence of sup porting orders in today's market and the demand from shorts to cover at the last was not sufficient to overcome the con tinued pressure to sell, so that the close was weak and in some cases at the low est. Declines reached to points In considerable list of active stocks. A slump of 19 points in Delaware, Lacka- wanna and Western on the sale Of 25O shares attracted considerable attention. The bank statement showed decrease in cash of $5, ASA, 900, which was s2'OoO'oOO more than expected. The small loan contraction of $3,029,100 lost some signin- canoe from the known fact that new loans have been secured abroad during the week. The sustained strength Of sterling exchange also kept alive the question of remittances abroad by gold shipments. This situation would account . for some degree of renewed pressure up- on speculative borrowers
 The movement of prices of securities in the stock market this week has re- flected doubt and uncertainty over tho future The movement in this direction has never been long maintained, and the net results have not been important The expectation that the decisions of the elections would remove some uncertaln- ties and clear the way for renewal of speculative activity, was disappointed, and after a temporary spurt on Wednes- day morning prices ran off again, and the see-saw tendency was continued dur ing the rest of the week. Evidently the factors of depression, which have been in force for some time past are balanced against the consideration of rather ex- tensive declines that have occurred in prices, and the promise of favorable factor, which have recently been ignored in the trading. The actual condition of the money market has changed but lit- tie during the week. The fear that gold exports would be inaugurated immedi- ately after election proved unfounded and conditions have moved away from the gold export point
 Bonds, have shown the same irregular tendency as stocks on a small volume of business.
 United States 2s and old As declined A per cent. and the Ss advanced < per cent as compared with last weeks clos ing call.