The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-24
TREND OF PRICES
WAS DOWN., ARD
Realizing Clearly outweighed the
Buying Demand.
MUCH BUSINESS DONE.
Selling Was Not at Al, prccipitate.
and Showed Tendency to De
crease as Prices isell-Enorts
for an Advance Futile.
Br Associated rressa

NEW YORK. Oct 23-The warning
contained in yesterdays Hurry in the cali
money Ta1e 10 per cent. was taken 10
heart by the speculative element to-day,
ind the rather Incorporate buying which
has Hooded the market since the latter
part OF last week was materially cur
tailed There was a great deal Ct puSi-
ness done in the nrst hour, but the selling
10 realize clearly outweighed the buying
demand, in spite OF some sharp inanipula-
tive advances in a few speciaiueS, ana
The average level of prices went oelo"
last night.
The selling was not at all precipitate,
and showed q tendency TO decrease as
prices went to the lower level, but when
efforts We're made TO bid up prices again
II was found that the selling orders were
waiting Ut the higher leyei in sufficient
volume 10 force prices back again. Late
IN the day a much heraided upward move
Ulent in Northern Pacific came into no
tee For several days past rumors nave
been heard OF a bull pool in this STOCK
based On the large short interest known
10 exist III this stock and the reduced
floating supply. owing to the recent BUY
ing of a substantial character, which APP
peared when The quotation got below %.
The price was 54l. today when the adj
vance began, and il carried the quotation
up through some very heavy selling with
out material setback to a shade over 5S
making the net gain 25s. Great Northern
preferred was advanced > points corela-
lively. 1t WAS alleged in behalf of the
movement that the impairment in the
earning power OF railroads in the North
west by the shortage of the spring wheat
crop had been greatly oYerStated.
The statement of the Northern Pacific
for the second week in October shows a
decrease in gross earnings OF SIT, 4J3, not
withStanding additional mileage, com
pared with last year Of nearly 400 miles
There was u notable Discrimination in the
rest OF the market TO respond to this
movement, and the recoverieS We're quite
Insignificant. The fall in the call-loan
rate TO So per cent. in the last half hour
was equally without effect in reawaken-
ing speculative interest, and the market
closed irregular at small net changes.
The earlier rates for call loans ruled from
4 to :, per cent, and it is not unlikely
that the late reaction was due to the
abstinence of SPECTATORS from further
encroachTnent on money resources. Banks
called loans TO the extent of several mil
lion dollars this morning, and The shift
ing OF loans which resulted caused quite
an active bidding for money
The events of the day had the effect Of
awakening some fresh uneaSineSS over
the money market conditions, and these
were not altogether allayed by the re-
newed weakness of exchange, especially
Paris cheques. The transfer of currency
TO New Orleans through the Snb-Treasury
was also renewed to-day
There was "A falling off in business in
bonds and prices reacted at various
points. Total sales. par value, 81 100000
United States bonds unchanged on last
call.