The morning journal-courier., 1908-11-21
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WALL STREET NOTES Market Collapses, Precipitated by Professional Bear
 Attack.
STEEL BREAKS SHARPLY
strong support in Afternoon Ab- ruptly stems Dcclinc-lriCc
 Comparison,

rliptly stems DcCijuc-l'riCc
 Comparison.
 When Ngw York opened for business, prices were in several cases put up lraetioually on the first transaction, Southern Paclfc's opening price was A epove Thursdays closing; St Paul and 1malgamatea were up as each; Consol- iIatod Gas ,ii. Els where, changes at tbc opening were negligible, even Union l5dcih,' starting only s higher, and tco ronmou s lower There was no particular selling pressure during the opening hour auu thQ decline of the y,annd hour occurred on a moderate tn,ume of sale If was shortly before noon that thc entire market ullpsed. $ professional haal attack started the ylplcut downward moyCm mt but the mood oi thr speculating Commls lon house ,ontinccB; was to seli on the first sign o5 renewed demonstration fa" lower pricas Brokers explained tae ease as "cyegG1oiy Hing and noe lody huymg" which, of course, de- gribrd the appearance uf things, and not tho taet Tho outside public" was however, worry heavy seller; numerous stnp orders W rr uncovered, and more ytrounts closed oNt at, loss than has iaenhecn tho caso on any previous day since November & This forced liquda- ton continued unir.errptadly from d .sf .lt tor the numerous amt S-point breaks.
 II cl common a' nrsi refused to yield ta the heavy selling that was going on tn it Then fte effect of the talk ot q revision oGstarir on steol and stories that 1t urgh be placed on the free list, along with intimations that Carnegie favored this ldoa began Co tell and thc stork broke sharply As an offset to this t WAS said that Chairman Gary lad called q meeting of manufacturers fer December 10 to consider tho quos- tinu of restoring prices to tha orol oh. taining before tha commencement ot the business depression
 sFllilN'l NAN NlIh NIllfl NHtNtll M HdUN- ing the openlna advance, taking be- tween 10000 and l5.ooo shares Western houses wore tho principal sellers and their offerings caused an cicly reaction enc rr the ghos stories circulated ny the bears was that r. II Hartman had advised some of his intimatcs that iho market ia vlE likely Co eas scv- eral points further down the low levels reached Thursday
 support of a stronger character than has hoeu seen ou any day this week yamo into tbe market suddenly at 2:i5 r. n Primarily th buying orders which then abruptly stcmmed tue de- cline must hay" come from thc pro .psional short sellers of ila past three days They were well aware that their own position was doubtful sine, the powerful insiders had also "cloancd up' q th' expense of .ho outside public. l,oH much of the buying, on which the -apid recovery Of the las. hal hour on- 'nrol. came from theae larger nter- sts. was matter of uuro conjecture;
 all events some stocks recovered an Fol luss before the close To-day's sayko' should hc interesting usually. nfter suab a wlrkG ay yesterdays tl'ere ls a day mor oG "boar covering, then relapse after which the market gradually quiats down
 T''o roacionary tendency which has developed lately in the price of tha r1ofal found further reflection ycstcr. day in the torpors. Both Amalgamated ana Amcoula were wc1k, the former selling rciow Sf against &7, rosterlav, vl'llethe latter suffered loaa of near k points,
 Tn the recovery in the last hour the Wisconsin Central shares loomed into prominence, tho preferred selling no from SEA to 62 and the common from 2s7s to 3lia,
 Amalganated copper. since election day. has rscn & points, and roacted g. st. Paul has risen 63s and fallen back gb, Northern Pacific wont un t1% and down 6%. Of the four Tenders" Read ing advanced S5a and fcll back 5Ss sonthern Pacific rose II points and de- clined 37s Union Pacific was up 1oif and down 4% Steel roao 10Sa and TO, actnd dh It is worth mentioning that the extreme advances above enumerat. ed are much smaller than thosr achieved in tho stock exchange hul movement of last July and August or that occasion, such maximum advances over thc July opening prices were scored as 90 in Union Pacific, 24 t Southern Pacific. 15 in st. Paul, 2G il Reading, and IS in Amalgamatod,