The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-11-15
STOCKS AND BONDS.

New York. Nov ia renewal OF heavy
liquidation in the stock market this after
noon and q violent drive by an organized
bear party. caused a diso-derly slump 10
the lowest prices OF the week. Even at
the final rally. que 10 the scramble among
bears 70 cover their short contracts.
which lifted prices I to points above
the lowest for the weakest active stocks.
the prices OF not few important stocks
are mower than before the week. At the
extreme declines. which were made early
IL the hour. losses or from ; 10 II
were shown by the stocks which bore the
brunt eff the bear attack. ST. Paul led
with q Ia point decline rom yesterday.
Rock Island 6ls. the preferred :; Balti-
more and Ohio and Louisville, 81, Cana
dian Pacific, .. Northwestern I S-S Colo
RADIO Fuel, "A, Reading 4. Pennsylvania.
> SIS and a number OF the Pacifics. coal
ers and other stocks 3 points or over
The nerceress and suddenness Of the raid
came as a surprise, owing TO the char
acter OF the support given TO the mar
let at the opening decline and the eager
ness shown by the bears who sold short
yesterday. 70 cover and take their profits
The rapid tunbhng OF prices gave rise
To the usual crop Of rumOrs OF fnan-
cial difficulties and probable failures
which gave active employment 70 some of
those pointed at in the making OF denials.
The wiping out OF margins and the un-
covering of stop loss orders dislodged
q great mass OF securities which have
been overhanging the market No doubt
very heavy speculative losses were in
VOWED in some of this selling. The
knowledge Of the preoarious situation Of
some very extensive long accounts doubt
less figured in the formation Of the pow
erful bear party which broke the mar
ket. Some of the selling today was
alleged 10 be by large holders OF stotc--
who have maintained their holdings for
4 long time and through AL the period
of the advances. These holdings have
seen immense paper profits melt away
with the disintregration Of prices and
We're driven 70 sell out today 10 avoid
losses. There was no immediate news on
which 10 base the attack upon values
beyond the prospect OF a poor bank re-
turn tomorrow. Even this prospect was
rather favorab!y modified today by the
disclosure Of a return flow Of currency
from the interior on the regular express
movement Of over million dollars. New
York exchange at Chicago also rose 10
1oc premium. he loss on sub-treasury
account of Sf.409. 800 is therefore modified
TO the amount of over a million dollars.
Sterling exchange was also lower and
there seemed 10 be offerings of loan bills
in the market. But the general senti-
ment in Wall street was one of depres-
sion, and owing TO the apprehension that
strength money may recur before the
end of the year. The recent succession
of pessimistic utterances by leading bank
ins authorities on the subject OF bank
credits and the currency, has had a not
able influence on Wall street sentiment.
Yesterdays announcement by the Penn
sylvania company OF a 10 per cent in
crease in wages would be equivalent TO
a large proportion Of the amount at pres
ent paid in dividends was a disturbing
factor in view of the recent discussion
Of this very subject. Pennsylvania and
its affiliated stocks were the first in the
market 10 show acute weakness. The
announcement of bank suspension IN
Boston was also taken advantage Of by
the bears and spectators at that center
were supposed to be aimed at by the
raiding tactics in some stocks.
Bonds were weak in sympathy with
stocks Total sales. par value. S4,665,0o0
United States IS and old As declined II
per cent on the last call.
Closing quotations Of stocks were as
follows: