The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-11-15
Eina,rria1.
Yesterdays STOCK MARKET.

A DisOrderIy slump In the Afternoon.
New York, Nov. IA renewal of
heavy liquidation in the stock market
this afternoon and violent drive by an
organized bear party caused a disorder
ly slump in the market to the lowest
prices of the week. Even at the final
rally, due to the schamble among bears
to cover their short contracts, which
lifted prices to points above the low
est for the weakest active stocks the
prices of few important stocks are
lower than before the week. At the
extreme declines, which were made
early in the final hour losses of from
3 10 IN were shown by the stocks
which bore the brunt of the bear attack
ST. Paul led with a ~ point decline
from yesterday Rock Island 6Ia, the
preferred Z, Baltimore and Ohio and
Louisville 5h, Canadian Pacific S,
Northwestern AS, Colorado Fuel Az,
Reading 4. Pennsylvania 3Fs, and
number of the Paciflcs, coalers and
other stocks 8 points or over. The
tierceness and suddenness of the raid
came as surprise. owing to the char
acter of the support given to the market
at the opening decline and the eagerness
shown by the bears, who sold short yes
terday, to cover and take their profits.
The wiping out of margin and the I'M
covering of stop loss orders dislodged a
great mass of securities. No doubt
very heavy speculative losses were in
volved in some OF this selling. The
knowledge of the precarious situation
of some very extensive long accounts
doubtless figured In the formation of
the powerful bear party which broke
the market. Some Of the selling. to-day
was alleged to be by large holders of
stocks who have maintained their hold.
ings for long time and through all the
period of the late advance. These hold
ers have seen immense paper profits
melt away with the disintegration of
prices, anw were driven TO sell out to-
day to avoid losses. Current rumors
continued to point to the so-called
western speculative party as very
heavy sellers of stocks in liquidation.
There was no immediate news on which
to base the attack upon values, beyond
the prospect Of a poor bank return to-
morrow. Even this prospect was rather
favorably modified to-day by the dis
closure 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 to ten cents premium. Sterling
exchange was also lower. But the gem
eral sentiment in Wall street was one
of depression, owing to apprehension
that stringent money may reeur before
the end of the year. Yesterdays an
nouncement by the Pennsylvania COM
pany Of 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 fac
| tor, and Pennsylvania and its affiliated
stocks were the first in the market to
show cute weakness. The announce
ment of bank suspension in Boston
also was 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.O00.
United States Is and old 4s declined u
per cent. on the last call.