The times. [volume] (Richmond, Va.) 1890-1903, 1898-11-16
STOCK MARKET
SHOWS REACTION.
There Were Periods Of Resistance,
But Prices Generally Went Down.
RAILWAY STOCKS WERE HEAVIER
Atchsson Issues Being the Only Rally
lag Point-Iron aud Steel Stocks
Showed the Same Tendency.
Movements Like a Slump.

NEW YORK, Nov. 1J.-Tho Fremont
Dry symptoms OF reaction which were
hoted yesterday in the STOCK market, ana
even more prominently In the bond mar
ket found their justification to-day.
There were periods OF resistance OF the
decline and IN several stocks the resist
ance was successful But the reaction
gained force as the day progressed, and
the closing was decidedly heavy In tone
and ri the low points, net declines being
the rule and reaching as much as a
point in few stocks. The specialties
were active all day. and the movements
in them were exceedingly various and
conflicting and Influenced by individual
feeling. The market for railway stocks
showed heavy tone from the opening
especially In internatioDals. which had
the burden of selling OF oreign account TO
carry The grangers and Pacihcs also
encountered obstacles 10 an advance.
The AtchisOn issues continued to be q
strong railying point for the bull fac
ton, preferred stocks rising 10 G}8s
Further effort was made to sustain the
railroad list by bidding up prices of the
lov-priccd stocks. especially those in the
Southwest. The mystery surrounding the
pending disposition OF the Chicago and
Alton also impaired strength 10 different
railroad stocks on rumors Of connection
with that transaction. Thus Kansas
CITY. Pittsburg and Gulf. the Lake Erie
and western stocks, and Chicago. Indian
apOls and Louisville preferred rose at
times from 10 points. There were I'M
explained advances Of 2M in Southern
Pacific and OF fun points In Chicago and
Northwestern preferred. In the spe-
cialties there was prevailing heaviness
on one hand in Sugar. Manhattan. Fed
eral Steel and Peoples Gas. while. on the
other hand. Tobacco. Metropolitan Street
railway and the paper stocks showed
marked strength. The Federal Steel
stocks have been dealt in heretofore as
deliverable when issued. "a transaction
which did not call for cash The certin-
Gates are now being issued. and the re-
sulting requirement for funds is assigned
as the reason for the weakness OF these
stocks. other iron and steel stocks were
heavy I'm sympathy. The presence IN the
city OF leading street railway magnates
Was n sentimental factor in the strength
Metropolitan Street railway
The hardening tendency OF the money
market was reflected IN the growing
heavlness Of bonds. the market for which
continued very active. Total sales, $500
coo United States new As and the IS
declined "a. and the 3s and the old as
\ In the bid price.
The sales of stocks were So POO shares.
including 1925 Atchison. 81. 335 do pre-
ferred. s577 Denver and Rio Grande pre-
ferred. 1856 Louisville and Nashville,
14111 Manhattan, 1850 Metropolitan
Street railway 5.605 North American
Company. 14.715 Northern Pacific. 25.551
Eock Island. 1906 Union Pacific, 2s.3i5
Missouri Pacific. 25.256 st. Paul, s,400
Southern Pacific. IL .3J7 Southern railway
preferred. $3.50 exas and Pacific 1913
Union Pacific. 56M international Paper.
1915 Federal Steel, 25OOO do. preferred,
IL 425 Peoples Gas. $3.50 Pacific Mail,
40 $40 Sugar. 12.4jO Chicago Great
western.
MONEY AND EXCHANGE Money on
call firm al 2n2h per cent: last loan at
per cent: prime mercantile paper, 3d4
per cent Sterling exchange frmer. with
actual business in bankers bills at AS5A
G4S5b for demand. and S4.S2Hf S2h for
sixty days; posted rates. 81 s3q4 SAY;
commercial bills, S4.S1q4S15. Silver GER
tiilcates. 6OG6p3: bar silver. COS; MeSi-
can dollars. 47k Government bonds
weak: State bonds strong; railroad bonds