The times. [volume] (Richmond, Va.) 1890-1903, 1900-11-14
STOCK PRICES
on DOWN GRADE
I The Relapse Was Vigorously Con-
tested by Powerful interests.
REACTION, HOWEVER, cont InuED
REACTION, HOWEVER, con TINuED
The Question as to How Far Decline
WOULD Go Remained Unsettled
Whoa, Market Closed Bond
Market Closed Active.
(Ey Associated Press,

NEW YORK. Nov. 13-To-day's re-
lapse IN prices was cutie Vigorously con- i,
tested by some powerful interests sun
long OF stock. or which :lad HXeh on q
considerably higher level as deasirabit 10
unload old holdings by speculative pools.
Bat the reaction WAS too closely IN sic-
cord sTitii skilled opinion and observation
&c b~ opposed with hearty conviction
The real question this morning was not
whether or not prices would decline, eNt.
h9H far the decline would extend. \ ne
question stiii remained undecided when
Iile market closed, witli-spccuative !i9ul-
datlon still in force and prices eli ne
down grade, except where proieSsioiiai
Teoia shorts We're taking nasty profits ny
covering the contracts.
AS u result OF The days trading prices
IN q number Of prominent industtiais, m
ending Sugar, Tennessee Coal, Steel ana
Wire and Peoples Gas, suffered deciihes
Railway lost ~. still Larger LIST OF
iIpiiistriais fell between and ) points,
and IN The railroad list not q few losses
reached between 1 and points. The
tse Street have been advising their Gus
scfnef's for several days past to take their
i':oiits and 10 buy no mole stocks Tor the
li:'eseat- Professional operators, except
sseIae powerful speculative pools. have
sold out on d Very extensive scale and
zaken their profits.
The extent TO whicl, the advance has
gone made the market. rs n matter OF
course, Top heavy, filed as il was With
many Speculative accounts on light MAJ
GINS and backed by weak financial hold
e.es. Professional bear sIecnla tors, WIG
lave been looking for the moment of
reaction ever since last Wednesday.
round that the free selling to-day Tor the
9i1st time was not effectualiy absorbed.
Their efforts were redoubled, and when
l!lices began to make wide declines stop
1855 orders were dis4odged, and the fail
thus pTecipitated.
The bears were in Il reckless mood, and
asEa- .I-. -sTNgI-
contracts. While some outside demand
continued during the day, il was at no
time resumed in force.
The expectation OF another large war
iaan TO be flosted III L0ndan depressed
that market and was .. direct Influence
in New York as we'll IL emphasized the
apprehension hitherto felt OF Il further
pissed that with the huge Indebtedness
Of ire foreign money markets 10 the
United States the Government antirori-
ties can hope To successfully float their
loans Without assistance from American
money nlariies. Experts believe thai an
outward movement of gold from New
y erik Will probably be necessary.
The. money which is used Tor sIecua-
tive purposes III the stock market is
money for which 10 more substantial de-
lnand exists, ana it is invariably the rule
that Wien any disadvantaseous oppor-
annity is offered Tor investment OF CAPT
tai speculative borrowers are called upon
20 repay their credits With this pros
I,eci III the future call money in New
York advanced o u per cent to-day. not
7Nithstauding the considerable speculative
liquidation. An active demand sprang up
Tor short time loans. which forced the
I'ate up Tor sixty and ninety-day money
10 . per cent
Business in bonds was on 4 large scale.
and there WAS free profit-taliiug in some
of The speculative issues, while others
advanced strongly Total sales, par
,-s,l,I. II 20 ono ii, I-,7i+aa States i,on1S
declined J, per cent OH The last call eX-
caili the ncTv -. which advanced 4.
Total sales Of stocks to-day We're ill.,
.ie0 shares.