The times. [volume] (Richmond, Va.) 1890-1903, 1899-11-21
STOCK MARKET
REACTI0NARY
Though Prices Had an Upward Move
ment for a Brief Period
BONDSGENERALLY WERE STRONG
The-Loan Rate Ranged From to q
Per Ccnt.-Weakness of Market
Explained by Unloading
OF Large Holdings.
BONDS GENERALLY WERE STRONG

NEW YORK, Nov. 2O.-The stock mar
lgt l0nlOuuaCu all the prophets To-Day by
turnius rcacuouary in tone All OF inc
fraternity cd professional spcculdtOIa came
down 90 Wall street this morning inclined
10 fne buii side Their operations, colh-
blutf with am outside demand through
c0mmissi On-h0uses, invited by last week :
course OF events. carried prices upward
Tor a brief period, Dut fcanzlhs pIOhpug
became manifest. and Manhattan deNel-
opcd such conspicuous weakness as 10 al
feet The whole ilst. By noon the weakness
had become marked IN NUMBER OF the
Industrial spcC.aiics. lhis Was ATTRIBUTED
10 the expectation OF a decision by the
United States supreme court IN case
barring on the validity of the new form
of Industrial combination, Whlch hds Dteh
$50 widely used in the last year. Inc IN
dustrigls rallied considerably When thc
news came from Washington that the de-
CisiOn had not been handed down to-day.
The rally Was due TO operations by room
traders. and the explanation OF the carry
weakness which came from the same
source was simply an enort TO interpret
the weakness of stocks. which was PAL
pable fact. The weakness after the rally
showed that the explanation hd0 Detu
rather wide OF The mark the suitlCent
explanation OF the downward course or
prices was that large holdings OF STOCKS
were thrown over last week TO take az
vantage of The strong market caused by
The bond redemption plan Of the treasury
last weeks buyers find no widespread
demand for stocks from the puplc az
large. and the market is consldeIaDly
overwcghcd with speculative noiulnsa
waiting 90 realize, and the outlook ih ihe
New York money market continued iaV-
orahlc although the Oering5 OF Govern
mcut bonds for redemption TO-DAY were
much smaller than on previous 9dyE,
The easier money rate caused by lhe re-
den,DfIOn money already realized ana tne
higher prices the Government bonds have
attained have encouraged bOndhoiders 70
hold Them TO-day's loan rate ranged
from Z 90 Is per cent, ana the movement
Of Tho Now York exchange AZ interior
poiufs continued i'm favor Of New YORK
promising relief from the pressure i9r
funds from that source. Inc propable
fuflire demands Of the Sub-Treasury are
more I'm doubt THE GOvernments surplus
tends TO increase again as the month pro-
crosses and the SuD-Ireasury oeoil bdi-
aucc at the clearinghouse TO-DAY WIS
small. iu spite OF the Government s. checks
for payments of the redeemed BONDS.
There was some prodt-talNng In specu-
13t,ve bonds but at other points IN the
list strength was shown. Total sales, par
value. S.7o5OOl United states new J.
advanced D. and old As registered Is IN
the bid price 80, ooo
The total sales Of stocks were Oh .so
shares. including AtchisOn, 6,yib. do. pre-
ferred. HOO. ChicagO. burlington and
Quincy. ox-div.. $3.50. Manhattan. $3.50;
Northern Pacific $50: Norfolk and West
eru. 10 g1o. ST. Paul. J.8}t; southern "a
cifc rs ~. Union Pacific. 1I22o' do; pre-
fcrrod 7Q0. Wabash preferred. 5.2i1
American Hoop. $50: American steel and
Wire 1O8Tl. American Tobacco 2025l:
Prookln Rapid Transit 1900; Cont
mental Tobacco $3.50. Federal steel -
90. pacific Mail 90. Peoples Gas.
q Cr0. Sugar of.CeO: United States Leather,
14S75. do preferred. 1000.
MONTY AND EXCIIANGE-Mone on
can frmcr az sac per cent; last loan m .
,,, cort =. ,-rirne mercantile PAPER 5iaNG
rer cent Sterling exchange heavy. WIN
actual business in bankers bills ~ e Sl'-
fo~ demand and az 81 0fS1'- for sixty
DAYS. posted rates. 4S2ia and &Sl: COM
,,,l-oi.1 buls slC1 silver certificates
o.0-oi.. bar silver. 49, Mexican dollars
1-it Government bonds strong; state
bonds inactive. railroad Irregular.