The age-herald., 1900-11-12
STOCK MARKET
 STOOD THE TEST The Bank Statement Caused a
 MOmentary Chill WAS FOLLUWED BYFEVER FIT Closed Wild and Unsettled on Vigor- ous Battle Between the Bulls
 and Bears-General Re-
 action Looked For
WAS FOLLOWED BYFEVER FIT

New York November 10.-Todays stock market was not materially changed in character from that prevailing since Mon day morning except that an opportunity was given to test it when the bank state ment made its appearance. Considering the kind of buying that has been going on during the latter part of the week and the extent and reasons for some of the ad vanceS made the market came through the test fairly well. The monetary chill which struck the market when the statement ap- peared seemed to pass but a fever fit was on when the market closed and fiuectua- tions were wild and unsettled under the conflicting influence of vigorous pressure by the bears and eager support by the powerful bull cliqueS; or frantic unloading by weak speculative holders and nervous covering for a quick turn by shorts
 The early market showed very mixed conditions but the eager demand for stocks overrode all other influences and prevent ed much effect on prices from the realiz- ing which was on very heavy scale.
 Pacific Mail jumped nearly 10 points by half point intervals on announcement of entry of the Union Pacific interests into the directory of the Union Pacific was also notably affected. The steel stocks showed wide and excited fluctuations on a continu- ance of heavy speculation In those securi- ties. American Hoop, Tin Plate and Ten nessee Coal were most conspicuous and
  market relapsed these stocks and other prominent industrials and specialties were most affected, losing in some places be- tween and points, partly recovering be- fore the close. The consternation mani festations manifested amongst speculators over the showing of the bank statement was due either to foolish blunderinR or reckless mistatements, as yesterdays pre- liminary figures from the back statement clearly indicated loss in cash though not as large as $4,015, 200 actually reported today. The extent of this decline will in- evitably lead to discussion as to whether cash was withdrawn and hoarded over elec- ton. The loan item seems also to reflect the precautionary loan contraction of Mon day rather than the later liberal policy re- flected in the money rates on the stock ex- change.
 In the hurly burly of speculative excite ment, it is inevitable that the advaiice~in prices affected all classes of stocks, good bad and indifferent, and speculators gain in reckleSSnesS on an advance when the very time is approaching to observe eau tion. The most reckless and uniformed buying comes from those with no other purpose than to sell at higher prices and who will be forced to sell in the event of a reaction to repay borrowed money. Hav- ing bought in one group of stocks, they employ the profit shown on paper by the advance in price to buy another group thus building an inverted pyramid. Buying of this character detracts from the equi- librium of the market, which grows more unstable with every new advance in price, inviting 10 sudden and violent collapse Frequent reaction and digestion of profits is the only safeguard against a catastrophe in such market, and the postponement of reaction is not for the health of the mar ket.
 The large demand for railroad bonds af- fords a better index for the substantial character of the buying than that for stocks. United States new As advanced 23s, the refunding 2s when issued, and pre- ferred B. and the 3s and 5s F per cent over the ruling call price of a week ago.
 New York Stock Market.
 (E2v Privafe UOira to Murnby a