Jasper County Democrat, Volume 5, Number 33, Rensselaer, Jasper County, 22 November 1902 — BIG TUMBLE IN STOCKS. [ARTICLE+ILLUSTRATION]

BIG TUMBLE IN STOCKS.

Heavy Selling- Causes Another Fevere Slump in Wall Street.

TOCKS took another big tumble Friday and a serious eruption in the New York security market was the result. Some of the losses were of a recordbreaking order. Tho failure of a bank in Boston and the fear that money would be inaccessible to stock brokers for

some time to come, induced a resumption of liquidations, particularly as several New York bunks continued to call loans. But it was not until a prominent brokerage firm in New York with extensive eastern connections began to disi>oso of holdings that the severity of the situation was gauged. This firm sold very heavily of St. Paul, breaking that stock over 7 points within an hour. Steel issues were also thrown overboard by this establishment. The effect was demoralizing throughout and the apprehension was intensified by minors of failures. It was said that a well-known Boston operntor identified with large operations in Copper, had been forced to ■ell all of liis values and the actlou of Amalgamated Copper shares, which broke to the lowest point in history, lent plausibility to tlie story. New Yorkers were not absolved from gossip of an unfavorable nature. A member of the eastern exchange, until recently a commanding figure in tlie street, was reported to have sold securities tenaciously held for three years. The selling attributed to him wns instrumental in breaking Rock Island common 5 points, Louisville and Nashville 6Vi points nnd other rnilwny issues from 3 to 4 points, Conditions were accentuated by th# fact that the government in its operations with the New York hunks has withdrawn nearly $5,000,000 from the subtreasury there this week, thereby emphasizing tbs money stringency. Not since the great panic of May B, 1901, when J. I*. Morgan cornered Northern Pacific, h:is there been so much excitement in the stock market. Thirteen prominent stocks broke moro than five points each from the low price* recorded, •s the result of n week of Standard Oil raiding. More than sixty issues broke over two points. Nearly a million and * half shares were, traded in. A stranger entered the Sultan’s private grounds, Constantinople, and siiouted: “Long Liv* Abdul!" A guard thought h* aimed to kill the Sultan and pounded him nearly to death.