The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-14
EtMauCral.
THE STOCK MARKET.
A Decline In Prices Which Was I'm
SUCCESSFULLY Contested.

| SUCCESSFULLY Contested.
| New York, Nov. 13.--To-day's decline
| in prices was quite vigorously contested
| by some powerful interests still long OF
stock, or which had fixed on a consd-
erably high price level as desirable tC
| unload old holding by specua tive pools
But the reaction was too closely in ac-
cord with skilled opinion and obserya-
ton to be opposed with hearty convic-
ton. The real question this morning
was not whether prices would decline,
but how far the decline would extend.
fine question still remained undecided
when the market closed, with specule-
tive liquidation still in force and prices
on the down grade, except where pro-
fessional shorts were taking hasty prof
its by covering their contracts
AS result Of the days trading prices
in a number of prominent industrials,
including Sugar, Tennessee Coal, Steel
and Wire and Peoples Gas, suffered de-
clines of from 3 to points and Metro
politan street Railway lost Az still
larger list of industrias fell between
and points, and in the railroad list
not few losses reached between / and
points. The more substantial COM
mission houses in the street have been
advising their customers for several
days past to take their profits and to
buy no more stock for the present. Pro-
fessional operators, except some power
full speculative pools, have sold out on
very extensive scale and taken their
profits UP to this time since the cleo
ton buyers outside the street have
been unheedful of their brokers' advice,
and have continued to buy stock with
out much discrimination.
Yesterdays late yielding Of prices,
however, had the inevitable effect Of
discouraging some Of the outside de-
mand The extent to which the adj
vance has gone made the market, as
matter of course, top-heayy, filed as 1t
was with many speculative accounts
on a light margin and backed by weak
ening in special holders. Professional
bear spectators, who have been alertly
looking for the moment of reaction ever
since last Wednesday, found that the
free selling to-day for the first time was
not effectually absorbed. Their efforts
were redoubled, and when prices began
to make wide declines stop-loss orders
were dislodged and the full thus pre-
cipitated. The bears were quick to
take profits, causing frequent rallies as
they covered their short contracts.
While outside demand continued during
the day, it was at no time resumed IN
force.
The resumption of selling for London
occnunf dissipatGd the hone of an ertpr-
NOUS short demand for that account to
be covered. If London is still shoot in
the New York market it is on contracts
due at some future settlement, and the
continued selling from there Indicates
an unchanged conviction that a reae-
ton in prices will intervene here before
that time The expectation OF another
large war loan to be floated in London
depressed that market and was a direct
influence in New York as well. 1t en-
phasized the apprehension hitherto felt
of a further German government issue
also.
IT is not to be supposed that, with the
huge indebtedness Of the foreign money
markets to the United States, the for
aign government authorities can hope
to successfully float these loans without
assistance from American money mar
kets. and experts believe that an out
ward movement of gold from New York
would probably be necessary. The NON
CIV which is used for speculative pur-
poses in the stock market Is money for
which no more substantial demand ey-
lists, and it is invariably the rule that