The Savannah morning news., 1900-11-14
STOCKS AND BONDS.
The Duration and Extent 90 the Pre-
sent Reaction Uncertain


New York. Nov. 13-To-days relapse
In prices was quite vigorously contested
by some powerful interests stin bong Of
stock or which had Fixed on a consider
able higher price level ns dcsirl bic 70 uu-
load old holdings by speculative pools
But the reaction was 600 closely in accord
with skilled opinion and observation 20 be
opposed with hearty conviction. The real
question this morning was not whether or
not prices would decline. but how far the
decline would extend. The question SIN
remained undecided when the market
closed with speculative liquidation sin in
force and prices on the down grade. except
where professional room shorts were TAX
Ing hasty profits by covering their con-
tracts
As a result Of the days trading prices
IN a number Of prominent industrlals. in
Guiding Sugar. Tennessee Coal, steel and
Wire and Peoples Gas. suffered declines
Of from 20 Z points and Metropolitan
Street Railway lost o.. A sim larger list
OF lndustrials zen between and points
and iu the railroad iist not a few losses
reached between ] and 2 points The more
substantial commission houses IN the
street have been advising their customers
'or several days past, 10 take their profits
and 70 buy no moro stock Tor the pres
ent. Professional operators. except some
powerful speculative pools. have sold out
on very extensive scale and taken their
profits The extent 20 which the advance
has gone made the market az q matter OF
course. topne1vy. hNed as IL was with
many speculative accounts on light
margins. and backed by weak financial
holders
Professional bear speculatorz 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 onectualy absorbed
Their efforts were rcdou1lcd and when
prices began 20 make wide declines stop.
Joss orders were ass edged aud the fall
thus prccipitatcd. The bears were IN
reckless mood ana were gllck 10 take
profits. clutiug frequent rallies as they
covered their short contracts. While some
outside demand continued during che day
lt was az no time resumed in force.
The expectation 81 another large war
loan 20 be hoated 90 London. depressed
that markes and was a direct influence 10
New York as web Il emphasized the ap-
prehensiou hitherto felt Of further Ger
man government issue also II Is not 10
bee supposed that. with the huge indebted
ness Of the foreign money market 90 The
United States. the foreign government au-
thorilcs can hope 20 successfully noft
their loans without assistance from Amer
lcau markets. and experts believe that an
outward movement, OF gold from New York
VIII probably be necessary. The money
which Is used for speculative purposes IN
the stock market ls money for which no
more substantial demand exists. and q IL
Invariably the rule that when any ad-
vansagcous opportunity for fixed invest
mcut o. capital speculative borrowers
are called upon 20 repay their credits.
with this prospect 900 the future. call
money in New York advanced 90 8 per
cent to-day. Notwithstanding the con-
siderable speculative liquidation An ac-
tive demand sprang up for short ume
loans which forced the rate up Tor sixty
and ninety-day money 10 8 per cent
Business in bonds was on large scale.
and there was free prodt-taking Ia some
OF the speculative issues while others adj
yanced strongly. Total sales par value 81
1000 Al United States bonds declined
4. per cent. on the last call except the new
rs which advanced q per cent
The total sales OF stocks to-day were
liza. 800 shares, including Atchison a.