The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-11-15
STOCKS AND BONDS.

New York. Nov. IA renewal of
heavy liquidation in the stock market
this afternoon, and a violent drive by
an organized party caused a disorderly
slump to the lowest prices of the week
Even at the final rally, due to the
scramble amongst bears to cover their
short contracts. which lifted prices
10 3 points above the lowest for the
weakest active stocks, the prices of not
few important stocks are lower than
before for the week. The extreme de-
clines, which were made early in the
final hour, losses of from to IN were
shown by the stocks which bore the
brunt of the bear attack.
st. Paul led with a 7A-point decline
from yesterday. Rock Island 81, the
preferred Z. Baltimore and Ohio and
Louisville 5h, Canadian Pacific s,
Northwestern AZ, Colorado Fuel Az,
Reading 4. Pennsylvania 3%, and a
number of the Pacifics. coalers and
other stocks 3 points or over. The
tierceness and suddenness of the raid
came as a surprise, owing to the char
acter of the support given to the mar
ket at the opening decline, and the
eagerness shown by the bears, who sold
short yesterday to cover and take their
profits.
The rapid tumbling of prices gave
rise to the usual crop of rumors of
financial difficulties, and probable fail
ures which gave active employment to
some of those pointed at in the making
of denials. The wiping out of margin
and the uncovering of stop loss orders
dislodged great mass of securities,
which have been overhanging the mar
ket. No doubt very heavy speculative
losses were involved in some of this
selling. The knowledge of the preca-
rious 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 main
tanned their holdings for a long time
and through all the period of the late
advances. These holders have seen
paper profits melt away with the disin-
tegration of prices, and were driven TO
sell out to-day to avoid losses.
There was no immediate news on
which to base the attack upon values
beyond the prospect of a poor bank re-
turn tomorrow. Even this prospect
was rather favorably modified to-day
by the disclosure of a return flow of
currency from the interior on the reg
ular express movement of over a mil
lion dollars. New York Exchange at
Chicago also rose to 10 cents premium
The loss on sub-treasury account of
4.409,0 900 is therefore modified to the
amount of over 81 .000, 900. Sterling ex-
change was also lower, and there SEEM
ed to be offerings of loan bills in the
market. But the general sentiment in
Wall street was one of depression, ow-
ing to apprehension that stringent
money may recur before the end of the
year.
The recent succession of pessimistic
| utterances by leading banking authori-
ties on the subject of bank credits, and
| the currency has had a notable influ-
| ence on Wall street sentiment. Yes
| terday's announcement by the Pennsyl-
vania Company of a 10 per cent. in
| crease in wages. which would be equiv
| alent to a large proportion of the
| amount at present 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 to show
acute weakness. The announcement of
| bank suspension in Boston was also
taken advantage of by the bears, and
speculators at that center were sup
| posed to be aimed at by the raiding
| tactics in some stocks.
| Bonds were weak in sympathy with
| stocks. Total sales, par value, 81, $685.
600. United States Eds and old As de-
| cl1ned u per cent. on the last call.
Total sales of stocks to-day were L.
| 379, 500 shares, including Atchison, 49,
| 900; do preferred, 10000; Baltimore and
| Ohio, $500; Canadian Pacific, 25,500;
Chesapeake and Ohio, 1850; Chicago
and Great Western, $500: Erie, q 500;
| Illinois Central, 300; Louisville and
| Nashville, 1890: Manhattan, $4,000:
| New York Central. 1856: Norfolk and
Western, 23.100: Missouri Pacific, 55.-
| 200: Ontario and Western, 5000: Penn
sylvania, $500; Reading, 1,50O St.
Louis and San Francisco $500; ST.
Paul. 141 100; Southern Pacific los. 800;
Southern Railway. 1900: Texas and
Pacific. 100; Union Pacific. 120, 400;
Copper. $500; Brooklyn Rapid Transit.
rs, 100: Colorado Fuel and Iron. IL 200;
Consolidated Gas. $500; Peoples Gas,
$500; Sugar. 1880; Tennessee Coal and
Iron, $780, United States Steel IS. 700:
United States Steel preferred, 49, 500:
Rock Island. 25,500; do preferred 1900
New York stock and Bond List.
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