The Birmingham age-herald., 1902-11-12
SERIOUS OUTBREAK
 IN STOCK MARKET
Generalization Came After Re- coyery Had Been Achieved
FEW ORDERS FROM OUTSIDE
Some of the stOoks Which Took a Leading Place In the Morning Re- covery Were the Most Acute suf-
 ferers In the Late Weakness.

New York, November 1.-There was a serious outbreak of demoralization on the stock exchange this afternoon, after quite a substantial recovery had been achieved this morning. The manner in which the market acted at the recovery was such as to give some preparation for the re- newal of heavy liquidation. It is max I'm of professional traders after day of such violent declines as those of yester- day, to buy stocks and cover short con- tracts. This was the course pursued in this mornings market, resulting in ad- vances of from 1 to ? points in the ma- iority of leading active stocks on the list, but the absorptive power of the market showed a steady decrease as the ad- vance in price proceeded. Commission houses were practically idle and reported that no orders were being received from outside sources. The market wavered un- certainly through the noon day period and even stood with apparent equanimity the early stages of the violent liquidation in Amalgamated copper. The seemingly endless outpouring of this stock eyentn- ally undermined the market. The identi- ty of capitalists In control of thls corpor- ation with those controlling the Stand ard oil company, and the enormous pres tige carried by this group in financial affairs, caused a deep significance to be attached to the unloading In Amalgamat- ed copper. As consequence enormous li- quidation was renewed throughout the list. Some of the stocks which took a leading place in the morning recovery were the most acute sufferers in the late rly,,1 Tt.e4 at hn made a spectacular tumble to 176 making a loss of 55s from last night. This move ment was accepted as additional corrob- oration of the unfavorable view of mar ket values.
 There was no development to account for the weakness and it was considered to be due simply to the desire on the part of the speculative holders to tighten their load further, pending the exigencies upon the money market, which mush be met between now and the first of the year. There was evidence of very heavy liquida- tion in Southern Pacific. In Northwest ern there was a break of points; Lack awanna 9%, Tennessee coal 5, and United States Realty one of the newly launched specialties 47s. The demoralized tone Of the market set afloat various rumors or financial difficulties. The rally in the late dealings which reached a point in few
 
 part played by the bears in the early selling But this demand was freely fed and the market broke at the last under overwhelming flood of selling orders, making the closing very weak. Many stocks ended lower than the lowest price of yesterday Amalgamateo copper broke through it's previous low record of 5Sla cents established yesterday, and placed its record points lower, closing only half above that point The indications af- forded by the government crop report Of a bumper corn yield in excess of previous estimates helped the recovery in the morning. There was a feeling also that gold exports would be deferred beyond this week. An excess of over milton dollars ;n the governments disbursements over collection for the day following a smaller excess yesterday was regarded hopefully although the local st b-treasnry continues its heavy demand upon the market for customs collections. New York exchange at Chicago dropped back 2Oc today to 10c discount and yesterday s small premium was attributed to remit tance to take advantage of the break in the stock market for the purchase Of stocks.
 The bond market was more mildly af- fected than stocks. Total sales, par value s3. 215, 900. United States bonds were all unchanged on the last call.