The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-12
BAD BREAK in STOCKS
DRASTIC LIQUIDATION CAUSES
HEAVY LOSSES In PRICES.
Amalsamated Copper Leads the De-
Record-The Monetary Outlook.

NEW YORK, Nov. 11.-There was a fresh
outbreak of Generalization on the Stock
Exchange this afternoon, after quite a sub
stantial recovery had been achieved this
morning. The manner in which the mar
ket acted after the recovery was such as
TO give some preparation for heavy liquida-
tion 1t is a maxim of professional traders,
after a day of such violent declines as
those of yesterday. to buy stocks and cover
short contracts. This was the course pur-
sued in this mornings market, resulting in
advances Of 1 to points in the majority
OF leading active stocks on the list, but
the absorptive power of the market
showed steady decrease as the advance
in price proceeded. Commission houses
were practically idle and reported that no
orders were being received from outside
sources. The market wavered uncertainty
through the MONDAY period, and even
stood, with apparent equanamity, the early
stages of the violent liquidation in Anal
gamateu Copper. The seemingly endless
outpouring of this stock eventually under
mined the market. The identity of the
capitalists in control of this corporation
with those controlling the Standard Oil
Company, and the enormous prestige car
ried by this group in financial affairs,
caused a deep significance to be attached
to the unloading in Amalgamated Copper.
AS consequence, enormous liquidation
was renewed throughout the list
Some stocks which took leading place In
the mornings recovery were the most
acute sufferers in the late weakness. Just
at the close st. Paul made a spectacular
tumble to 176, making a loss of SIS from
last night. This movement was accepted
as additional confederation of the unfavor-
able view of market values taken by the
financial group mentioned.
There was no new development to ac-
count for the weakness and it was con-
sidered to be due simply TO the desire
on the part of the speculative holders to
tighten their load further, pending the
exigencies OF the money market, which
must be met between now and the first
of the year. There was evidence of par
ticularly heavy liquidation in Southern Pa
cific. In Northwestern there was a break
of points; Lackawanna, go; Tennessee
Coal, 5, and United States Realty, one of
the newly-launched specialties. AIS. The
demoraliZed tone OF the market set afloat
various rumors of financial difficulties.
The rally in the late dealings. which
reached point in a few active stocks,
indicated considerable part played by the
bears in the early selling. But this de-
mand was freely fed and the market broke
at the last under an overwhelming flood of
SSlliu6 OIuerS, the Closing very
weak. Many stocks ended lower than the
lowest price of yesterday. Amalgamated
Copper broke to its previous low record
Of 5S1a. established yesterday, and placed
its record points lower, closing only y
above that point.
The indication afforded by the govern
ment crop report of bumper corn yield,
in excess of previous estimates, helped the
recovery in the morning. There was a
feeling also that gold exports would be de-
ferred beyond this week. An excess of
over H,O00.O00 in the governments disburse-
ments over collections for the day, follow
ing smaller excess yesterday, was re-
garded hopefully, although the local SUBJ
treasury continues its heavy demand on
the market for customs collections New
York exchange at Chicago dropped back
20 cents to-day. to 10 cents discount, and
yesterdays small premium was attributed
to remittances to take advantage of the
break in the stock market for the purchase
of stocks.
The bond market was more mildly affect
ed than stocks. Total sales, at par value,
were $3,215,O00. United States bonds were
all unchanged on the last call.
Following are the days share sales and
the recorded price changes: